Who is not considered a beneficial owner of a reporting company?
66 views |Last modified 7/19/2024 3:44:17 AM EST | Added by TaxBandits Team

The following individuals are not considered to be a beneficial owner:

• Minor Child: Submit the BOI report with the parent’s or legal guardian’s information instead of giving the minor’s child details. This exception no longer applies once the child reaches the age of majority. At that time, the reporting company should submit the updated BOI report with the correct and accurate information about the beneficial owner.
• Nominee, custodian, intermediary, or agent: The individual acts as the person on behalf of the actual beneficial owner as their nominee, intermediary, custodian, or agent.
• Employee: The person serving as an employee in the reporting company should not be in the position of the board of directors, CEO, CFO
• Inheritor: The person will give their interest to the reporting company through inheritance rights in the future. If the person gives their interest, this exception no longer applies, and the person becomes the beneficial owner of the reporting company.
• Creditor: A creditor indicates the person who would satisfy the definition of a beneficial owner of a reporting company.