Sole proprietors and general partnerships, which are businesses that are not created by registering with any state, are not subject to the CTA. Business entities that are already federally regulated, such as financial institutions, publicly traded companies, and insurance companies are also generally exempt. Finally, large business entities with at least 20 full-time employees, over $5 million in gross receipts, and a substantial U.S. presence are also not subject to these reporting rules.