Who should be listed as the beneficial owners of an entity owned by an Indian Tribe?
45 views |Last modified 7/25/2024 7:24:34 AM EST | Added by TaxBandits Team

An entity wholly or partially owned by an Indian Tribe should report any individuals who directly or indirectly exercise substantial control over the entity or own or control at least 25% of the ownership interest. However, the Indian Tribe should not be reported as the entity’s beneficial owner.

• The entity is a Tribal Government organization: If an entity is a governmental authority established under the laws of the United States, an Indian Tribe, a State, or a political subdivision and exercises governmental authority, it does not need to report beneficial ownership information.
• Entity’s Ownership Interests Are Controlled or Wholly Owned by a Tribal Governmental Authority: Subsidiaries of Tribal governmental authorities are exempt from reporting if their ownership interests are controlled or wholly owned by the Tribal governmental authority.
• Entity Is Partially Owned by a Tribe (and Is Not Exempt): Non-exempt entities partially owned by an Indian Tribe should report individuals exercising substantial control, including those acting on behalf of the Tribe or its governmental authority, as well as individuals who own or control at least 25% of ownership interest.