Alert – Corporate Transparency Act – Domestic LLCs and Corporation Exempt

The date of this alert is March 25, 2025. The federal government issued updated guidance on March 21, 2025 that domestic limited liability companies and corporations are no longer considered to be “reporting companies” under the Corporate Transparency Act (the “Act”) and, as such, are no longer required to submit the Beneficial Ownership Interest report (“BOI”). So, what does this mean for you? If you created a limited liability company or a corporation by submitting the articles of organization or articles of incorporation with the Ohio Secretary of State, then you are considered to be a “domestic” limited liability company or corporation. Based on this new updated guidance from the federal government, your company is not required to submit the BOI. This applies to domestic entities created prior to or after January 1, 2025.

If you have a company that was created in a foreign country and this company is authorized to conduct business here in the USA, then such foreign entity most likely is still considered to be a “reporting company” under the Act and will have to timely submit the BOI.

The federal government is planning on formally updating the rules interpreting and implementing the Act and it is presumed that this will occur later in 2025. It is presumed that the updates to these rules will continue with the policy that domestic entities will not be required to submit the BOI.

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Chris Corpus

Founding Partner at Corpus Law Inc

This article does not provide legal advice or create an attorney-client relationship. If you have any questions or would like to learn more about this topic or if you have other legal questions, do not hesitate to contact Chris Corpus, Esq. of Corpus Law Inc at 216-973-2475. Copyright Christopher A. Corpus 2025.