Are You Supposed to File BOI? A Simple Eligibility Quiz for Small Businesses

You need to know if BOI applies.

You want a quick answer.

You need a simple quiz.

You need to check eligibility.

Eligibility quiz. Yes/no questions. Quick check. Your answer.

This guide shows you how.

BOI eligibility. Simple quiz. Quick assessment. Your compliance.

Read this. Take the quiz. Get your answer.

Why Quiz Matters

Quiz provides quick answers.

What happens without quiz:

• Eligibility is unclear
• Time is wasted
• Compliance fails
• Penalties accumulate

What happens with quiz:

• Eligibility is clear
• Time is saved
• Compliance is maintained
• Penalties are avoided

The reality: Quiz enables quick assessment.

Question 1: Entity Type

Is your business an LLC or corporation?

Yes

If yes:

• You likely need to file BOI
• Most LLCs and corporations must file
• Continue to Question 2

Why it matters: Entity type determines requirements.

No

If no:

• You may not need to file
• Sole proprietorships and partnerships typically don’t file
• Check other entity types

Why it matters: Entity type affects eligibility.

Pro tip: Know your entity type. LLC, corporation, other. See our BOI guide for entity requirements.

Question 2: Formation Date

When was your entity formed?

Formed Before 2024

If formed before 2024:

• You have until January 1, 2025 to file
• One-time filing required
• Continue to Question 3

Why it matters: Formation date affects deadline.

Formed in 2024 or Later

If formed in 2024 or later:

• You have 90 days from formation to file
• File promptly after formation
• Continue to Question 3

Why it matters: New entities have shorter deadlines.

Pro tip: Know your formation date. Before 2024, 2024 or later. See our BOI timeline guide for deadlines.

Question 3: Exemptions

Are you exempt from BOI filing?

Publicly Traded Company

If publicly traded:

• You are exempt
• No BOI filing required
• Quiz complete

Why it matters: Public companies are exempt.

Financial Institution

If bank, credit union, or broker-dealer:

• You are exempt
• No BOI filing required
• Quiz complete

Why it matters: Financial institutions are exempt.

Tax-Exempt Organization

If 501(c) or other tax-exempt:

• You are exempt
• No BOI filing required
• Quiz complete

Why it matters: Tax-exempt organizations are exempt.

Not Exempt

If not exempt:

• You likely need to file
• Continue to Question 4

Why it matters: Most businesses are not exempt.

Pro tip: Check exemptions. Public companies, financial institutions, tax-exempt organizations. See our BOI risk assessment guide for exemption details.

Question 4: Ownership

Do you have beneficial owners?

What Are Beneficial Owners?

Beneficial owners are:

• Individuals who own 25% or more of the company
• Individuals who exercise substantial control
• Founders, owners, managers, officers

Why it matters: Beneficial owners must be reported.

Yes, I Have Beneficial Owners

If yes:

• You need to file BOI
• Report all beneficial owners
• Continue to Question 5

Why it matters: Beneficial owners trigger filing.

No Beneficial Owners

If no:

• You may not need to file
• Check with professional guidance
• Verify ownership structure

Why it matters: No beneficial owners may mean no filing.

Pro tip: Identify beneficial owners. 25% ownership, substantial control. See our BOI guide for beneficial owner definitions.

Question 5: Status

What is your entity’s current status?

Active Entity

If active:

• You need to file BOI
• File by your deadline
• Quiz complete

Why it matters: Active entities must file.

Inactive Entity

If inactive but not dissolved:

• You may still need to file
• Check with professional guidance
• Verify status requirements

Why it matters: Inactive entities may still need to file.

Dissolved Entity

If dissolved:

• You may not need to file
• Check with professional guidance
• Verify dissolution date

Why it matters: Dissolved entities may not need to file.

Pro tip: Know your status. Active, inactive, dissolved. See our BOI risk assessment guide for status requirements.

Quiz Results

Based on your answers:

You Need to File BOI

If you answered:

• Yes to entity type (LLC or corporation)
• Not exempt
• Have beneficial owners
• Entity is active

Then:

• You must file BOI
• File by your deadline
• Gather required information
• Complete filing promptly

Why it matters: Filing is required for compliance.

You May Not Need to File

If you answered:

• No to entity type (not LLC or corporation)
• Exempt from filing
• No beneficial owners
• Entity is dissolved

Then:

• You may not need to file
• Verify with professional guidance
• Document your determination
• Monitor for changes

Why it matters: Verification prevents unnecessary filing.

You Need Professional Guidance

If you answered:

• Uncertain about any question
• Complex ownership structure
• Unusual entity type
• Borderline exemption status

Then:

• Seek professional guidance
• Consult with attorney
• Get compliance expert advice
• Document your decision

Why it matters: Professional guidance ensures accuracy.

Pro tip: Review results. Need to file, may not need to file, need professional guidance. See our legal checklist guide for attorney questions.

Your Next Steps

Take the quiz. Get your answer. Take action.

This Week:

1. Complete this quiz
2. Review your answers
3. Determine your eligibility
4. Gather required information if filing

This Month:

1. File BOI if required
2. Seek professional guidance if uncertain
3. Document your determination
4. Set up compliance tracking

Going Forward:

1. Monitor for changes
2. Update information when required
3. Maintain compliance
4. Review eligibility periodically

Need help? Check out our BOI filing guide for filing requirements, our 2024 BOI rule guide for rule changes, our BOI risk assessment guide for eligibility determination, and our registered agent guide for business address setup.

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