This is crazy if you read between the lines - a lot of small LLC companies have been using this umbrella to make a little more profit … which could fall under “financial crimes” but the main companies getting away with these crimes are on the exempt list SMH 🤦🏽♂️ looks like another attack or hurdle for small businesses
You have not explained what this report is. If you are the person who is starting and running the LLC alone, what other beneficiaries other than yourself are you required to report? If the money made using that LLC, is used to purchase groceries, medicine, clothing, do you have to report those individual grocery stores, pharmacies, clothing stores as beneficiaries?
Money from an LLC should never directly be used for your personal expenses. It must be transferred to your personal bank account as an owners draw. No, a grocery store for your personal groceries is not a beneficiary of your LLC. Single member LLCs you are the only person listed as a beneficiary.
This is insanity, I mean how would peoplel know about this? Are people with LLC getting notified about this I have few friends who haveincative LLCs still pay yearly but this is crazy. Isnt this considered entrapment? How can this pass?
This is already passed. My guess is that at the beginning of 2024 the Secretary of State will send out several official notifications to the LLc address to ensure all know. There is one year to file the BOI
@x4designs Just like you wouldn't be notified to obtain a business license - you are obligated to research on your own what is required to be compliant so businesses formed after this law is in action wouldn't be notified, you just are obligated to know the requirements for operating a business. However, the whole premise of my channel is to fill the gap where business owners are in the dark on how to start and stay compliant so i understand it's all very confusing and wish there was a better system for informing entrepreneurs.
I created LLC in Feb 2024, and just learning about BOI rule. Am I already non-compliant? or is it ok to go ahead and file BOI now? My business is not operational yet.
it does nothing to help. It is the government reaching into our lives to make sure we all "comply" so they can keep using the end of the sword to steal the money we make and fund bullshit things we don't support. Too many small business owners will simply comply with the theory, "I have nothing to hide". This administration is cancer to small businesses.
As a first time business owner, I was not aware I had to file, let alone file between 90 days. I just filed at the 92nd day... Will I have to pay a penalty fine ?
Mam, when I submit a BOI report for my LLC, FinCEN is asking for the current U.S. address mentioned on lines 11, 12, 13, 14, and 15 on the FinCEN website. However, the address listed for my LLC is India address. Mam, please advise on what to do.
If you have an LLC then you have started a registered company and are required to submit all LLc documents, annual reports, and fees regardless of if you are making sales or not.
@@ginnysilverI’m new to the LLC thing I have a LLC about 8 months old but haven’t done anything with it , I only created it for business funding once my personal credit clears so what do I have to do ? Do I do nothing or am I required to do something ? I’m honestly confused and don’t want to be fined this is all new to me , please help
No it is not, as of today 7/22, FinCen's website still states the 1/1/25 deadline for established businesses and the 90 day rule for businesses started after 1/24
Sir I want to close my llc permanently and I want to know (BOI) is mandatory for me before dissolving my llc. Sir please clear my doubt. My LLC is non resident llc in NH State and i am from India
This is crazy if you read between the lines - a lot of small LLC companies have been using this umbrella to make a little more profit … which could fall under “financial crimes” but the main companies getting away with these crimes are on the exempt list SMH 🤦🏽♂️ looks like another attack or hurdle for small businesses
We are free range humans living on a government tax farm.
You have not explained what this report is. If you are the person who is starting and running the LLC alone, what other beneficiaries other than yourself are you required to report? If the money made using that LLC, is used to purchase groceries, medicine, clothing, do you have to report those individual grocery stores, pharmacies, clothing stores as beneficiaries?
Money from an LLC should never directly be used for your personal expenses. It must be transferred to your personal bank account as an owners draw. No, a grocery store for your personal groceries is not a beneficiary of your LLC. Single member LLCs you are the only person listed as a beneficiary.
i want to disclose my llc .so i want to know is it mandatory to submit BOI before disclose llc.
This is insanity, I mean how would peoplel know about this? Are people with LLC getting notified about this I have few friends who haveincative LLCs still pay yearly but this is crazy. Isnt this considered entrapment? How can this pass?
This is already passed. My guess is that at the beginning of 2024 the Secretary of State will send out several official notifications to the LLc address to ensure all know. There is one year to file the BOI
@@ginnysilver Yah, but I started an LLC this year and was not notified--AT ALL!
@x4designs Just like you wouldn't be notified to obtain a business license - you are obligated to research on your own what is required to be compliant so businesses formed after this law is in action wouldn't be notified, you just are obligated to know the requirements for operating a business. However, the whole premise of my channel is to fill the gap where business owners are in the dark on how to start and stay compliant so i understand it's all very confusing and wish there was a better system for informing entrepreneurs.
Hello, do I have to file this report every year or everytime I change my bussiness address?
It's just once and then only an updated one is required if your business information changes
Do we need to file every year going forward?
No. But any change in ownership or management, addresses, will have to be updated within 30 days.
I created LLC in Feb 2024, and just learning about BOI rule. Am I already non-compliant? or is it ok to go ahead and file BOI now? My business is not operational yet.
You must file it now even if you are non operational - the business is registered, it will need to have the BOI in the timeline noted in the video.
How does this help small businesses?
it does nothing to help. It is the government reaching into our lives to make sure we all "comply" so they can keep using the end of the sword to steal the money we make and fund bullshit things we don't support. Too many small business owners will simply comply with the theory, "I have nothing to hide". This administration is cancer to small businesses.
Hello, I registered my business LLC on Dec, 2023. Do I have to report now or I can report anytime this year?
You have until 2025
Thank You for this important Information !!!!!!
Glad it was helpful!
Hello , I have a beginner question; if there is nothing done on the LLC in 2023, should I present some paperwork in 2024? Thanks in advance
Not sure what you mean, you'll need to be more specific
@@ginnysilver I mean the annual reports 5472, 1120, etc... Thanks for responding
If you have an LLC, you must file a tax return for that LLC every year and a bi annual statement of information. There are no exceptions.
Hello,
Do I need to File a BOI Report if the LLC do not have ein number?
@@ginnysilver My LLC which do not have EIN number do not do any business
If you have an LLC you are required to file a BOI - amount of income, sales, etc does not impact your requirements to file a BOI
Does this apply to S-Corp ?
Yes an S corp is just a tax election for an LLC
As a first time business owner, I was not aware I had to file, let alone file between 90 days. I just filed at the 92nd day... Will I have to pay a penalty fine ?
Possibly, you will need to contact FinCen with that question
Do you have to file if you are a sole proprietor ship with a DBA ?
No
Merry Christmas to you ....Ginny & family....miss you ala EDD.......xx,Debbie Hall
Thanks so much, Debbie!! Hope you are doing well!
Mam, when I submit a BOI report for my LLC, FinCEN is asking for the current U.S. address mentioned on lines 11, 12, 13, 14, and 15 on the FinCEN website. However, the address listed for my LLC is India address. Mam, please advise on what to do.
merry christmas GINNY!!!
Merry Christmas :)
What if u have an llc but never used it or open a company
If you have an LLC then you have started a registered company and are required to submit all LLc documents, annual reports, and fees regardless of if you are making sales or not.
@ginnysilver thank appreciate it thank u
@@ginnysilverI’m new to the LLC thing I have a LLC about 8 months old but haven’t done anything with it , I only created it for business funding once my personal credit clears so what do I have to do ? Do I do nothing or am I required to do something ? I’m honestly confused and don’t want to be fined this is all new to me , please help
LLC must file the BOI shown in this video in addition to the annual $800 LLC fee and the biannual statement of information.
thk u Ginny!
Very welcome!
Thanks.
Very welcome!
Banks and credit unions don’t have to file 🤣🤣 what a scam
This is on hold.
No it is not, as of today 7/22, FinCen's website still states the 1/1/25 deadline for established businesses and the 90 day rule for businesses started after 1/24
@@ginnysilver Is there a max fine? I mean 1 monthx500=15.5k.
Sir I want to close my llc permanently and I want to know (BOI) is mandatory for me before dissolving my llc. Sir please clear my doubt.
My LLC is non resident llc in NH State and i am from India
This is treason
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