Introduction
After an Administrator User has enabled the tracking of Corporate Transparency Act-related fields (see this article for more details), Edit Users can designate Business Entities as reporting companies or exempt companies.
How to Designate a Business Entity as a Reporting Company under the CTA
To designate a Business Entity as a reporting company, navigate to the Business Entity's Basics Screen by opening the Business Entity's Snapshot, clicking View More Details, then clicking Basics.
Click Edit.
Under the Corporate Transparency Act (FinCEN) section, change the value of "Reporting Company - Beneficial Owner Status" to "Reportable."
Enter the date the Beneficial Ownership Status is effective from in the "Beneficial Owner Status Effective From" field.
Enter the FinCEN ID of the Business Entity in the "Reporting Company - FinCEN ID" field.
Select either "EIN," "SSN/ITIN," or "Foreign" in the "Tax Identification Type" field.
If the Business Entity is a foreign pooled investment vehicle, ensure the "Foreign Pooled Investment Vehicle" checkbox is checked. Otherwise, leave it unchecked.
Please note: For information on the "Company Applicant 1/2 - FinCEN ID" fields, see How to Track Company Applicants for CTA Reporting Companies.
Click Save.
How to Designate a Business Entity as Exempt from the CTA's Reporting Requirements
To designate a Business Entity as an exempt company, navigate to the Business Entity's Basics Screen by opening the Business Entity's Snapshot, clicking View More Details, then clicking Basics.
Click Edit.
Under the Corporate Transparency Act (FinCEN) section, change the value of "Reporting Company - Beneficial Owner Status" to "Exempt."
Select the appropriate value in the "Reason for Exempt" dropdown field.
If desired, add any additional explanatory details in the "Exemption Details" field, then click Save.
