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What is a Reporting Company?

According to the Corporate Transparency Act (CTA), there are two categories of companies that need to report beneficial owner information to the government:
  1. Domestic Reporting Companies – A corporation, limited liability company or any other entity created by the filing of a document with a secretary of state or similar office.
  2. Foreign Reporting Companies – A corporation, LLC or other entity formed under the law of a foreign country that is registered to do business in the U.S. by the filing of a document with a secretary of state or similar office.
Entities that are not created by filing with a secretary of state, like sole proprietorships or certain trusts, do not have to file a report. The government also has identified 23 types of companies (banks, credit unions, tax-exempt entities, public utilities, certain large companies, etc.) that are exempt.

For more detail on companies that must file a report, and who may be exempt, refer to this Q&A document about the CTA. Platinum Filings also has produced a white paper recapping the relevant parts of the CTA for businesses everywhere, and what they need to do to comply.