BOI reporting
You probably do not need a BOI report
FinCEN's interim final rule of 21 March 2025 exempted every entity created in the United States from beneficial ownership reporting. A Wyoming or Delaware LLC is a US-formed entity. Much of the industry is still selling this filing.
Not sold to US-formed companies · FinCEN interim final rule, 21 March 2025
What we check before anyone pays for this
- 01Where was it formed?
- 02Formed in the US
- 03Domestic entity
- 04Exempt since March 2025
- 05Nothing to file
What changed
The filing most of the industry still sells, and why we do not.
The Corporate Transparency Act originally required most US companies to report their beneficial owners to FinCEN. On 21 March 2025 FinCEN issued an interim final rule narrowing the requirement to entities previously defined as foreign reporting companies. All entities created in the United States, and their beneficial owners, are exempt — and are not required to update or correct information previously reported.
Companies formed under the law of a foreign country that register to do business in a US state. If you formed a company in your home country and then registered it as a foreign entity in, say, Delaware, the requirement may still reach you. Forming a Wyoming LLC directly, which is what most non-US founders here are doing, creates a domestic entity that does not report.
- US-formed LLC
- Exempt
- Entities previously defined as "domestic reporting companies" do not report BOI, and do not need to update or correct anything previously filed.
- Rule date
- 21 March 2025
- FinCEN interim final rule; Federal Register notice 2025-05199, published 26 March 2025.
- Who still files
- Foreign reporting companies
- Entities formed outside the US that register to do business in a US state.
- RazorFile's price
- Not sold
- We removed this from our own marketplace when we checked the current rule. We are not charging for a filing our customers do not need.
Why it matters
Paying for a report you are exempt from.
This is the failure mode, and it is ours as much as anyone's. Until we checked the current rule while writing this page, RazorFile's own marketplace listed a BOI filing at $49, marked popular, describing it as required within 90 days of formation. That was accurate before March 2025 and false afterwards. We have corrected it. If another provider is quoting you for this on a US-formed LLC, ask them which rule they are working from.
How it works
How the rule reads today.
This describes the position as of the date shown. BOI has already changed direction once and could change again through further rulemaking or litigation. We are a formation service, not a law firm — if your structure involves a foreign entity registering in a US state, that is a question for a lawyer.
What is still required every year
- State annual reportWyoming $60, Delaware $300 — the filing that actually keeps the company in good standing.
- Form 5472 with Form 1120For a foreign-owned single-member LLC, every year, even at $0 income.
- Registered agentRequired from the day of formation, in every state.
01First question
Where the company was formed decides everything
FinCEN's rule now turns on one fact: was the entity created under US law, or under a foreign country's law and then registered in a US state.
02Most founders here
A Wyoming or Delaware LLC is a domestic entity
If RazorFile formed your company, it was created in the United States. That makes it a domestic entity under the rule.
03Since 21 March 2025
Domestic entities are exempt
FinCEN's interim final rule removed the reporting requirement for every entity created in the United States, and their beneficial owners.
04Even if you filed before
Nothing to update, nothing to correct
Companies that reported before the change are not required to update or correct what they filed. The obligation simply ended.
05Still required
What you still owe every year
The state annual report and the federal Form 5472 do not go away. Those are the filings worth tracking — and the ones we do.
BOI report
$0
Not required · not sold
There is nothing to buy on this page. If your LLC was formed in the United States, FinCEN exempted it from beneficial ownership reporting on 21 March 2025. What you do owe every year is the state annual report — that is the filing we track and file.
See what you do owe each yearWhat’s included
- Nothing — there is no service to buy here if your LLC was formed in the US
Not included
- BOI filing for domestic entities, because it is no longer required
- Advice on whether a foreign reporting company's obligations apply to your specific structure — that needs a lawyer, not a formation service
The record
Dated, because this area has moved before.
The rule changed mid-stream after a period of litigation and shifting deadlines, and an enormous volume of content was written during the period when domestic filing was required. Most of it was never updated. Check the date on anything you read about BOI, including this page — we have dated it for exactly that reason.
- Rule
- FinCEN interim final rule, 21 March 2025
- Federal Register
- Notice 2025-05199, published 26 March 2025
- Domestic entities
- Exempt from reporting, updating and correcting
- Foreign reporting companies
- Still within scope
Direct answers
Frequently asked questions.
Checked 2026-07-28. If something here is out of date, tell us and we will fix it the same day.
No, assuming it was formed in Wyoming rather than registered there from abroad. FinCEN's March 2025 interim final rule exempted all entities created in the United States. You also do not need to update or correct anything you filed before the rule changed.
Per the rule, entities previously defined as domestic reporting companies do not have to report, update or correct BOI. If your circumstances changed after filing, there is no obligation to send FinCEN an update.
Ask them which rule they are working from and whether they are aware of the March 2025 interim final rule. If your LLC was formed in the US, the filing is not required. We are not saying this to win your business — we removed the same product from our own marketplace when we checked.
Possibly. This area moved several times through 2024 and 2025 via litigation and rulemaking. That is why this page carries a verification date rather than presenting itself as permanent. Check the date before relying on it.
Spend it where it counts
Skip the filing you do not owe. Track the ones you do.
The annual report is the yearly filing that keeps your company alive. That is the one to put on the calendar.
See what you do owe each year