Do U.S. LLCs still need to file BOI reports?
Short answer: no, not for companies formed in a U.S. state. On August 11, 2026, FinCEN issued a final rule that permanently exempts domestic companies and U.S. persons from reporting beneficial ownership information (BOI) under the Corporate Transparency Act. Law-firm summaries say it took effect on August 14, 2026.
What the rule does
- Domestic companies exempt. An LLC created by a filing with a U.S. state is no longer a "reporting company."
- Foreign companies still report. Companies formed outside the U.S. and registered to do business in a U.S. state still report their non-U.S. beneficial owners.
- U.S. persons. Foreign reporting companies don't have to report U.S. persons as beneficial owners or company applicants.
- Data. FinCEN has said it will delete previously submitted information about U.S. persons and domestic companies.
What it means if you're a foreign owner of a U.S. LLC
Your LLC is a domestic company because it's formed in a U.S. state, even if you live abroad. Under the final rule it is exempt from federal BOI reporting. That's different from a company formed in another country that registers to do business in the U.S., which can still have to report.
What still applies
- State rules. The federal rule doesn't override state laws. For example, New York's LLC Transparency Act, effective January 1, 2026, applies to certain foreign LLCs registered there.
- Banks. Banks still collect ownership information under their own customer due diligence rules.
Rules in this area have changed several times. Read the current FinCEN page before relying on this summary.
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