Companies required to report are called reporting companies. There are two types of reporting companies:
- Domestic reporting companies are corporations (both, S-Corp and C-Corp), limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
There are 23 types of entities that are exempt from the reporting requirements). Carefully review the qualifying criteria before concluding that your company is exempt.