Who is a beneficial owner of a reporting company?

A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests. Because beneficial owners must be individuals (i.e., natural persons), trusts, corporations, or other legal entities are not considered to be beneficial owners. However, in specific circumstances, information about an entity may be reported in lieu of information about a beneficial owner. Please note that reporting companies are not required to report the BOI of any U.S. persons who are beneficial owners or company applicants. Furthermore, U.S. persons are exempt from having to provide BOI to any reporting company for which they are beneficial owners or company applicants.