Yes, inactive entities are exempt from BOI reporting, as long as they meet all of the following criteria:
(A) was in existence on or before January 1, 2020,
(B) is not engaged in active business,
(C) is not owned by a foreign person, whether directly or indirectly, wholly or partially,
(D) has not experienced any change in ownership in the preceding 12-month period,
(E) has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding 12-month period, and
(F) does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company or other similar entity.
Please note that this exemption does not apply to entities formed after January 1, 2020.
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