No, a subsidiary must be fully, 100% owned or controlled by an exempt entity to be eligible for the exemption from BOI reporting.
If an exempt entity controls some, but not all, of the ownership interests of the subsidiary and any of remaining interests are controlled by a non-exempt entity or by an individual, the subsidiary does not qualify for the subsidiary exemption. To qualify, a subsidiary’s ownership interests must be fully, 100 percent owned or controlled by one or more entities from the list of exempt entities. In cases involving more than one exempt parent entity, the subsidiary exemption applies even if the subsidiary’s parent entities are exempt from the BOI reporting requirements for different reasons (e.g., one parent is an exempt large operating company, and the other is an exempt public utility) so long as all of the subsidiary’s ownership interests are owned or controlled by listed exempt entities.
In this context, control of ownership interests means that the exempt entity or entities entirely control all of the ownership interests in the reporting company, in the same way that an exempt entity or entities must wholly own all of a subsidiary’s ownership interests for the exemption to apply.
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