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Glossary

Reporting Company

February 5, 2026

What a reporting company is under the Corporate Transparency Act and which entities must file beneficial ownership reports.

A reporting company is any entity required to file beneficial ownership information (BOI) reports with FinCEN under the Corporate Transparency Act.

Who Is a Reporting Company

Domestic Reporting Companies

  • Corporations
  • Limited liability companies (LLCs)
  • Any entity created by filing with a secretary of state or similar office

Foreign Reporting Companies

  • Entities formed under foreign law
  • Registered to do business in any US state

Exemptions

The CTA includes 23 exemptions for entities already subject to substantial regulation:

Regulated financial entities: Banks, credit unions, broker-dealers

Registered entities: SEC registrants, investment advisors

Insurance: Licensed insurance companies

Tax-exempt: 501(c) organizations

Large operating companies: >20 employees, >$5M revenue, US physical presence

Inactive entities: Existed before 2020, no assets, no business activity

Government entities: Federal, state, tribal, local governments

Reporting Company and KYB

For KYB, understanding reporting company status helps:

  • Verify compliance: Is the business meeting its CTA obligations?
  • Assess risk: Non-compliance may signal broader regulatory issues
  • Understand exemptions: Regulated entities may have stronger existing compliance

Related: CTA | BOI | FinCEN