There are too many companies and people that are unaware of this relatively new mandatory filing requirement. There has got to be some kind of first time penalty relief.
The regulatory docs and the Corporate Transparency Act suggest that people in the category of "unaware" would not be penalized. There is mention of "willfully fail to report": (g) Reporting violations. It shall be unlawful for any person to willfully provide, or attempt to provide, false or fraudulent beneficial ownership information, including a false or fraudulent identifying photograph or document, to FinCEN in accordance with this section, or to willfully fail to report complete or updated beneficial ownership information to FinCEN in accordance with this section. For purposes of this paragraph (g): Source: www.fincen.gov/sites/default/files/shared/31_CFR_1010_380_excerpt_from_Final_Rule.pdf And again in the corporate transparency act: e requirements of this section. ‘‘(h) PENALTIES.- ‘‘(1) REPORTING VIOLATIONS.-It shall be unlawful for any person to- ‘‘(A) willfully provide, or attempt to provide, false or fraudulent beneficial ownership information, including a false or fraudulent identifying photograph or document, to FinCEN in accordance with subsection (b); or ‘‘(B) willfully fail to report complete or updated beneficial ownership information to FinCEN in accordance with subsection (b). Source: www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf
Great information! I have a single member LLC created in Rhode Island many years ago. I have since moved to New Hampshire, so I use a Registered Agent based in RI. Does the registered agent's name and address have to appear anywhere on the BOI? Thanks.
Yes, thank you! The Corporate Transparency Act has been challenged in Alabama, but not "thrown out". At this time, Alabama businesses (except for those owned by members of the plaintiff (the National Small Business Association) must continue to file the BOI. It is business as usual in all other states.
I opened a non-USA residential LLC in the state of NH. My LLC is approximately 9 months old, and I have not opened any business bank account or conducted any business on Amazon through my LLC. I have not made any transactions through my LLC. Now, I want to close my LLC permanently, but I am confused about the BOI. Is it compulsory for me to submit the BOI before disclosing my LLC, or not?
It appears that you will need to file the BOI. Here are the guidelines: An LLC will not have to file a BOI Report if it is exempt, which it can be if it is ‘inactive’. To satisfy the inactive test, all the following must hold true: 1. The LLC was in existence on or before January 1, 2020. 2. The LLC is not engaged in active business. 3. The LLC is not owned by a person, who is not a U.S. citizen or resident, whether directly or indirectly, wholly or partially. 4. The LLC has not experienced any change in ownership in the preceding twelve-month period. 5. The LLC 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 twelve-month period. 6. The entity 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. (per the BOI Small Entity Compliance Guide, p.14): www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
Thanks for bringing this up! The Alabama Supreme Court found the BOI unconstitutional in the state of Alabama. BOI requirements are still in effect, but this ruling did put a hold on BOI requirements for the plaintiffs in the case. This includes Isaac Winkles, the National Small Business Association, and any of its members. Thanks for watching, and best of luck with your business.
Happy to help! For more totally free resources, including over 100 small business courses, like, subscribe and visit our online community at: go.truic.com/3SDVaJ7
Chat GPT tells me Trump vetoed BOI legislation on December 23, 2020, but Congress overrode him. Marco Rubio was one of the supporters of the bill. Career politicians loved it, and lifelong businessman Trump hated it.
Hey Dear, Thank you for lovely video. But i have small confusion please anyone can clear for me ? i have non-us-resident llc which have all addresses outside US but only registered agent address is in USA. so my question is which address i should report? as BOI need only US address during filling.
Hi, this is a great question. On April 18, 2024, FINCEN issued this clarification: Reference: www.fincen.gov/boi-faqs#F_12 F. 12. What address should a reporting company report if it lacks a principal place of business in the United States? If a reporting company does not have a principal place of business in the United States, then the company must report to FinCEN as its address the primary location in the United States where it conducts business. If a reporting company has no principal place of business in the United States and conducts business at more than one location within the United States, then the reporting company may report as its primary location the address of any of those locations where the reporting company receives important correspondence. *****If a reporting company has no principal place of business in the United States and does not conduct business functions at any location in the United States, then its primary location is the address in the United States of the person that the reporting company, under State or other applicable law, has designated to accept service of legal process on its behalf. In some jurisdictions, this person is referred to as the reporting company’s registered agent, or the address is referred to as the registered office. Such a reporting company should report this address to FinCEN as its address.***** [Issued April 18, 2024] Back to top
Thanks for the video but there are way too many things that are unclear. 1. Do Estates and Trusts have to comply and file? If yes, who are the people that are to be reported? The executor, the trustees, the beneficiaries, the attorney, the accountants? 2. Do coop and condo associations have to comply and file? If yes, who are the people that need to be mentioned? The entire Board of Directors or just some of them like the president, vice president, secretary, treasurer? What about the managing agent, the attorney, and the accountant? 3. What if the organizer was a corporate service company? Does the filer need to report information about the owners of that entity and or the owners of a third party registered agent? If yes, that requirement would be ridiculous. Many small businesses that were formed years ago may not even remember or know who or what organizational service entity formed the company. I obviously have way too many last minute questions.
Thanks for the questions! Source: fincen.gov/boi-faqs C. 3. Are certain corporate entities, such as statutory trusts, business trusts, or foundations, reporting companies? It depends. A domestic entity such as a statutory trust, business trust, or foundation is a reporting company only if it was created by the filing of a document with a secretary of state or similar office. Likewise, a foreign entity is a reporting company only if it filed a document with a secretary of state or a similar office to register to do business in the United States. State laws vary on whether certain entity types, such as trusts, require the filing of a document with the secretary of state or similar office to be created or registered. If a trust is created in a U.S. jurisdiction that requires such filing, then it is a reporting company, unless an exemption applies. Similarly, not all states require foreign entities to register by filing a document with a secretary of state or a similar office to do business in the state. However, if a foreign entity has to file a document with a secretary of state or a similar office to register to do business in a state, and does so, it is a reporting company, unless an exemption applies. Entities should also consider if any exemptions to the reporting requirements apply to them. For example, a foundation may not be required to report beneficial ownership information to FinCEN if the foundation qualifies for the tax-exempt entity exemption. Chapter 1 of FinCEN’s Small Entity Compliance Guide (“Does my company have to report its beneficial owners?”) may assist companies in identifying whether they need to report. [Issued November 16, 2023] D. 1. Who is a beneficial owner of a reporting company? A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control (see Question D.2) over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests (see Question D.4). Because beneficial owners must be individuals (i.e., natural persons), trusts, corporations, or other legal entities are not considered to be beneficial owners. However, in specific circumstances, information about an entity may be reported in lieu of information about a beneficial owner (see Question D.12). FinCEN’s Small Entity Compliance Guide provides checklists and examples that may assist in identifying beneficial owners (see Chapter 2.3 “What steps can I take to identify my company’s beneficial owners?”). [Updated April 18, 2024] D. 2. What is substantial control? An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control: The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any other officer who performs a similar function). The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company. The individual is an important decision-maker for the reporting company. See Question D.3 for more information. The individual has any other form of substantial control over the reporting company as explained further in FinCEN’s Small Entity Compliance Guide (see Chapter 2.1, “What is substantial control?”). E. 5. The company applicants of a reporting company include the individual “primarily responsible for directing the filing of the creation or registration document.” What makes an individual “primarily responsible” for directing such a filing? At most, two individuals need to be reported as company applicants: the person who directly files the document with a secretary of state or similar office, and if more than one person is involved in the filing of the document, the person who is primarily responsible for directing or controlling the filing. For the purposes of determining who is a company applicant, it is not relevant who signs the creation or registration document, for example, as an incorporator. To determine who is primarily responsible for directing or controlling the filing of the document, consider who is responsible for making the decisions about the filing of the document, such as how the filing is managed, what content the document includes, and when and where the filing occurs. The following three scenarios provide examples. Scenario 1: Consider an attorney who completes a company creation document using information provided by a client, and then sends the document to a corporate service provider for filing with a secretary of state. In this example: The attorney is the company applicant who is primarily responsible for directing or controlling the filing because they prepared the creation document and directed the corporate service provider to file it. The individual at the corporate service provider is the company applicant who directly filed the document with the secretary of state. Scenario 2: If the attorney instructs a paralegal to complete the preparation of the creation document, rather than doing so themself, before directing the corporate service provider to file the document, the outcome remains the same: the attorney and the individual at the corporate service provider who files the document are company applicants. The paralegal is not a company applicant because the attorney played a greater role than the paralegal in making substantive decisions about the filing of the document. Scenario 3: If the client who initiated the company creation directly asks the corporate service provider to file the document to create the company, then the client is primarily responsible for directing or controlling the filing, and the client should be reported as a company applicant, along with the individual at the corporate service provider who files the document. [Issued January 12, 2024] As for the condo associations, etc, I could not find direct reference but would infer that if registered as a business entity with the state, then yes. Please let me know if I've missed anything. This resources might be useful: fincen.gov/boi-faqs Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice.
I made an LLC but the business isn’t open yet. It’s taking time for us to set up and ran into some hurdles. Do we only report once we are active or do we report 90 days from the creation of the LLC? I’ve also never received any notice from any federal agency other than Zen Business reminding me of my deadline, which they say it’s 90 days from the creation of my LLC.
There is a fine of $591 per day, max of $10,000. We haven't heard of this fine actually being assessed but if you haven't registered, now would be a great time. www.fincen.gov/boi
I didn't even know this existed til now. I don't remember if my accountant told me anything about this at all! I've gotten no mail from the govt either reminding me of this😰
Under 'Company Applicants' I checked 'Existing Reporting Company' and then went on to 'Beneficial Owner(s)' I entered my data, then went to 'Add Beneficial Owner(s)' and entered the data for two additional beneficial owners. I proceeded to 'Submit', and received, and saved, a 'Submission Status Confirmation' with a 'BOIR ID' as requested (the FinCen ID I assume). The 'Submission Status Confirmation' only listed me under 'SUBMITTER INFORMATION', and not the two other benefical owners. Is that correct? Is there any way to confirm that the other two beneficial owners data was accepted? Thanks for the great video!
Thanks for the question. Given you were the "submitter", it would make sense (at least linguistically) that only your name would appear under "submitter information". Normally I would go through the steps myself and test the outcome but if I did that here, I'd be falsifying information. If you'd like to be absolutely sure, then you'd have to contact FinCen to ask. Here's their contact info: www.fincen.gov/contact. Please let us know how it goes and best of luck to you!
@@HowtostartanllcOfficial Thanks for the quick response. I agree with your assumption that as the submitter, I would be the only one listed. However, given the penalties, I wanted (want) to be sure. I did try the contact form a couple times. All I got back was 'After submitting a beneficial ownership information report, the submitter will be able to download a confirmation page' on two separate attempts. Obviously this reply as AI generated, as a opposed to a real person. I'm just looking for a way to break through their wall. Thanks for your help.
@@HowtostartanllcOfficial The last one was submitted on the 3rd of October. The first was about a week earlier. Both were responded to within 10 hours. The responses were virtually identical... non-answers... and reeked of AI.
Here are the guidelines for exemption (note that the first condition will rule out an exemption for any LLC that was formed after January 1, 2020 which means if the LLC was formed after January 1, 2020, then it must be reported): An LLC will not have to file a BOI Report if it is exempt, which it can be if it is ‘inactive’. To satisfy the inactive test, ALL the following must hold true: 1. The LLC was in existence on or before January 1, 2020. 2. The LLC is not engaged in active business. 3. The LLC is not owned by a person, who is not a U.S. citizen or resident, whether directly or indirectly, wholly or partially. 4. The LLC has not experienced any change in ownership in the preceding twelve-month period. 5. The LLC 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 twelve-month period. 6. The entity 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. (per the BOI Small Entity Compliance Guide, p.14): www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
Hi, thanks for the question. Most exemptions involve securities, finance, and insurance. It does not appear that real estate has any specific exemptions but there may be others that you could qualify for. Here is full list of exemptions: www.northwestregisteredagent.com/boi-reporting/exemptions
Thank you so much for this information! Well done video young lady!
We're glad it was helpful! This new requirement is so important for entrepreneurs to know.
There are too many companies and people that are unaware of this relatively new mandatory filing requirement. There has got to be some kind of first time penalty relief.
The regulatory docs and the Corporate Transparency Act suggest that people in the category of "unaware" would not be penalized.
There is mention of "willfully fail to report":
(g) Reporting violations. It shall be
unlawful for any person to willfully
provide, or attempt to provide, false or
fraudulent beneficial ownership
information, including a false or
fraudulent identifying photograph or
document, to FinCEN in accordance
with this section, or to willfully fail to
report complete or updated beneficial
ownership information to FinCEN in
accordance with this section. For
purposes of this paragraph (g):
Source: www.fincen.gov/sites/default/files/shared/31_CFR_1010_380_excerpt_from_Final_Rule.pdf
And again in the corporate transparency act:
e requirements of this section.
‘‘(h) PENALTIES.-
‘‘(1) REPORTING VIOLATIONS.-It shall be unlawful for any
person to-
‘‘(A) willfully provide, or attempt to provide, false or
fraudulent beneficial ownership information, including a
false or fraudulent identifying photograph or document,
to FinCEN in accordance with subsection (b); or
‘‘(B) willfully fail to report complete or updated beneficial ownership information to FinCEN in accordance with
subsection (b).
Source: www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf
@HowtostartanllcOfficial
Great information! I have a single member LLC created in Rhode Island many years ago. I have since moved to New Hampshire, so I use a Registered Agent based in RI. Does the registered agent's name and address have to appear anywhere on the BOI? Thanks.
Great information!!!
We're happy to help. Thanks for subscribing!
Have you checked fornnew updates regarding this form? It has been thrown out in courts in Alabama @HowtostartanllcOfficial
Yes, thank you! The Corporate Transparency Act has been challenged in Alabama, but not "thrown out".
At this time, Alabama businesses (except for those owned by members of the plaintiff (the National Small Business Association) must continue to file the BOI.
It is business as usual in all other states.
I opened a non-USA residential LLC in the state of NH. My LLC is approximately 9 months old, and I have not opened any business bank account or conducted any business on Amazon through my LLC. I have not made any transactions through my LLC. Now, I want to close my LLC permanently, but I am confused about the BOI. Is it compulsory for me to submit the BOI before disclosing my LLC, or not?
@@wordswithatwist mam i want to close now .and i have doubt related to BOI.Is it mandatory to submit BOI before disclose my llc
It appears that you will need to file the BOI. Here are the guidelines:
An LLC will not have to file a BOI Report if it is exempt, which it can be if it is ‘inactive’. To satisfy the inactive test, all the following must hold true:
1. The LLC was in existence on or before January 1, 2020.
2. The LLC is not engaged in active business.
3. The LLC is not owned by a person, who is not a U.S. citizen or resident, whether directly or indirectly, wholly or partially.
4. The LLC has not experienced any change in ownership in the preceding twelve-month period.
5. The LLC 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 twelve-month period.
6. The entity 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.
(per the BOI Small Entity Compliance Guide, p.14): www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
@@HowtostartanllcOfficial thank you so much for posting this additional detail!
Ive seen a video that states this report is no longer required and has been thrown out in Alabama courts, check for more research
Thanks for bringing this up!
The Alabama Supreme Court found the BOI unconstitutional in the state of Alabama. BOI requirements are still in effect, but this ruling did put a hold on BOI requirements for the plaintiffs in the case. This includes Isaac Winkles, the National Small Business Association, and any of its members.
Thanks for watching, and best of luck with your business.
🎉 thank u for sharing
Happy to help!
For more totally free resources, including over 100 small business courses, like, subscribe and visit our online community at: go.truic.com/3SDVaJ7
Chat GPT tells me Trump vetoed BOI legislation on December 23, 2020, but Congress overrode him. Marco Rubio was one of the supporters of the bill.
Career politicians loved it, and lifelong businessman Trump hated it.
Hey Dear, Thank you for lovely video.
But i have small confusion please anyone can clear for me ?
i have non-us-resident llc which have all addresses outside US but only registered agent address is in USA. so my question is which address i should report? as BOI need only US address during filling.
Hi, this is a great question.
On April 18, 2024, FINCEN issued this clarification:
Reference: www.fincen.gov/boi-faqs#F_12
F. 12. What address should a reporting company report if it lacks a principal place of business in the United States?
If a reporting company does not have a principal place of business in the United States, then the company must report to FinCEN as its address the primary location in the United States where it conducts business.
If a reporting company has no principal place of business in the United States and conducts business at more than one location within the United States, then the reporting company may report as its primary location the address of any of those locations where the reporting company receives important correspondence.
*****If a reporting company has no principal place of business in the United States and does not conduct business functions at any location in the United States, then its primary location is the address in the United States of the person that the reporting company, under State or other applicable law, has designated to accept service of legal process on its behalf. In some jurisdictions, this person is referred to as the reporting company’s registered agent, or the address is referred to as the registered office. Such a reporting company should report this address to FinCEN as its address.*****
[Issued April 18, 2024]
Back to top
I opened an LLC 9 months ago and didn't know this is a requirement. Am i going to get finned, and should i seek legal help in preparation?
Thanks for the video but there are way too many things that are unclear.
1. Do Estates and Trusts have to comply and file? If yes, who are the people that are to be reported? The executor, the trustees, the beneficiaries, the attorney, the accountants?
2. Do coop and condo associations have to comply and file? If yes, who are the people that need to be mentioned? The entire Board of Directors or just some of them like the president, vice president, secretary, treasurer? What about the managing agent, the attorney, and the accountant?
3. What if the organizer was a corporate service company? Does the filer need to report information about the owners of that entity and or the owners of a third party registered agent? If yes, that requirement would be ridiculous. Many small businesses that were formed years ago may not even remember or know who or what organizational service entity formed the company.
I obviously have way too many last minute questions.
Thanks for the questions!
Source: fincen.gov/boi-faqs
C. 3. Are certain corporate entities, such as statutory trusts, business trusts, or foundations, reporting companies?
It depends. A domestic entity such as a statutory trust, business trust, or foundation is a reporting company only if it was created by the filing of a document with a secretary of state or similar office. Likewise, a foreign entity is a reporting company only if it filed a document with a secretary of state or a similar office to register to do business in the United States.
State laws vary on whether certain entity types, such as trusts, require the filing of a document with the secretary of state or similar office to be created or registered.
If a trust is created in a U.S. jurisdiction that requires such filing, then it is a reporting company, unless an exemption applies.
Similarly, not all states require foreign entities to register by filing a document with a secretary of state or a similar office to do business in the state.
However, if a foreign entity has to file a document with a secretary of state or a similar office to register to do business in a state, and does so, it is a reporting company, unless an exemption applies.
Entities should also consider if any exemptions to the reporting requirements apply to them. For example, a foundation may not be required to report beneficial ownership information to FinCEN if the foundation qualifies for the tax-exempt entity exemption.
Chapter 1 of FinCEN’s Small Entity Compliance Guide (“Does my company have to report its beneficial owners?”) may assist companies in identifying whether they need to report.
[Issued November 16, 2023]
D. 1. Who is a beneficial owner of a reporting company?
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control (see Question D.2) over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests (see Question D.4). Because beneficial owners must be individuals (i.e., natural persons), trusts, corporations, or other legal entities are not considered to be beneficial owners. However, in specific circumstances, information about an entity may be reported in lieu of information about a beneficial owner (see Question D.12).
FinCEN’s Small Entity Compliance Guide provides checklists and examples that may assist in identifying beneficial owners (see Chapter 2.3 “What steps can I take to identify my company’s beneficial owners?”).
[Updated April 18, 2024]
D. 2. What is substantial control?
An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any other officer who performs a similar function).
The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
The individual is an important decision-maker for the reporting company. See Question D.3 for more information.
The individual has any other form of substantial control over the reporting company as explained further in FinCEN’s Small Entity Compliance Guide (see Chapter 2.1, “What is substantial control?”).
E. 5. The company applicants of a reporting company include the individual “primarily responsible for directing the filing of the creation or registration document.” What makes an individual “primarily responsible” for directing such a filing?
At most, two individuals need to be reported as company applicants:
the person who directly files the document with a secretary of state or similar office, and
if more than one person is involved in the filing of the document, the person who is primarily responsible for directing or controlling the filing.
For the purposes of determining who is a company applicant, it is not relevant who signs the creation or registration document, for example, as an incorporator. To determine who is primarily responsible for directing or controlling the filing of the document, consider who is responsible for making the decisions about the filing of the document, such as how the filing is managed, what content the document includes, and when and where the filing occurs. The following three scenarios provide examples.
Scenario 1: Consider an attorney who completes a company creation document using information provided by a client, and then sends the document to a corporate service provider for filing with a secretary of state. In this example:
The attorney is the company applicant who is primarily responsible for directing or controlling the filing because they prepared the creation document and directed the corporate service provider to file it.
The individual at the corporate service provider is the company applicant who directly filed the document with the secretary of state.
Scenario 2: If the attorney instructs a paralegal to complete the preparation of the creation document, rather than doing so themself, before directing the corporate service provider to file the document, the outcome remains the same: the attorney and the individual at the corporate service provider who files the document are company applicants. The paralegal is not a company applicant because the attorney played a greater role than the paralegal in making substantive decisions about the filing of the document.
Scenario 3: If the client who initiated the company creation directly asks the corporate service provider to file the document to create the company, then the client is primarily responsible for directing or controlling the filing, and the client should be reported as a company applicant, along with the individual at the corporate service provider who files the document.
[Issued January 12, 2024]
As for the condo associations, etc, I could not find direct reference but would infer that if registered as a business entity with the state, then yes.
Please let me know if I've missed anything. This resources might be useful: fincen.gov/boi-faqs
Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice.
Smart and very beautiful ❤
I made an LLC but the business isn’t open yet. It’s taking time for us to set up and ran into some hurdles. Do we only report once we are active or do we report 90 days from the creation of the LLC?
I’ve also never received any notice from any federal agency other than Zen Business reminding me of my deadline, which they say it’s 90 days from the creation of my LLC.
It is 90 days from the date of formation for all LLCs created from January 1st, 2024 until present.
Thanks for the question!
What if someone forgot to file the BOI ?
Straight to jail!
There is a fine of $591 per day, max of $10,000.
We haven't heard of this fine actually being assessed but if you haven't registered, now would be a great time.
www.fincen.gov/boi
I didn't even know this existed til now. I don't remember if my accountant told me anything about this at all! I've gotten no mail from the govt either reminding me of this😰
Under 'Company Applicants' I checked 'Existing Reporting Company' and then went on to
'Beneficial Owner(s)'
I entered my data, then went to 'Add Beneficial Owner(s)' and entered the data for two
additional beneficial owners.
I proceeded to 'Submit', and received, and saved, a 'Submission Status Confirmation'
with a 'BOIR ID' as requested (the FinCen ID I assume).
The 'Submission Status Confirmation' only listed me under 'SUBMITTER INFORMATION',
and not the two other benefical owners.
Is that correct? Is there any way to confirm that the other two beneficial owners
data was accepted?
Thanks for the great video!
Thanks for the question.
Given you were the "submitter", it would make sense (at least linguistically) that only your name would appear under "submitter information".
Normally I would go through the steps myself and test the outcome but if I did that here, I'd be falsifying information.
If you'd like to be absolutely sure, then you'd have to contact FinCen to ask. Here's their contact info: www.fincen.gov/contact.
Please let us know how it goes and best of luck to you!
@@HowtostartanllcOfficial Thanks for the quick response. I agree with your assumption that as the submitter, I would be the only one listed. However, given the penalties, I wanted (want) to be sure. I did try the contact form a couple times. All I got back was 'After submitting a beneficial ownership information report, the submitter will be able to download a confirmation page' on two separate attempts. Obviously this reply as AI generated, as a opposed to a real person. I'm just looking for a way to break through their wall. Thanks for your help.
Thanks for the information - it helps me help other business owners! How long has it been since you submitted the contact form?
@@HowtostartanllcOfficial The last one was submitted on the 3rd of October. The first was about a week earlier. Both were responded to within 10 hours. The responses were virtually identical... non-answers... and reeked of AI.
Thanks for sharing that info. These types of situations with government entities can be so frustrating.
If I close it before the deadline for BOI. Do I have to file a BOI?
Here are the guidelines for exemption (note that the first condition will rule out an exemption for any LLC that was formed after January 1, 2020 which means if the LLC was formed after January 1, 2020, then it must be reported):
An LLC will not have to file a BOI Report if it is exempt, which it can be if it is ‘inactive’. To satisfy the inactive test, ALL the following must hold true:
1. The LLC was in existence on or before January 1, 2020.
2. The LLC is not engaged in active business.
3. The LLC is not owned by a person, who is not a U.S. citizen or resident, whether directly or indirectly, wholly or partially.
4. The LLC has not experienced any change in ownership in the preceding twelve-month period.
5. The LLC 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 twelve-month period.
6. The entity 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.
(per the BOI Small Entity Compliance Guide, p.14): www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.
Is real estate services exempt?
Hi, thanks for the question. Most exemptions involve securities, finance, and insurance. It does not appear that real estate has any specific exemptions but there may be others that you could qualify for. Here is full list of exemptions:
www.northwestregisteredagent.com/boi-reporting/exemptions
I think fincen is not going to be a thing soon
We all hope you are correct.
I registered my trucking company in 2022 and I’m the only beneficiary. Do I need to file the BOI?
Yes, you need to the file the BOI as soon as possible.
www.fincen.gov/boi
Just more Big Brother crap.
USSA