LLC-Federal Registration?

[Z Barebow]

I have a side hustle (Consulting business) Registered LLC (Good standing) in 2 states. Late last year I rcvd an email telling me I need to register my company with the Federal Crimes Enforcement Network" (A division of the Dept of Treasury) Basically they want BOI (Business Ownership Information) which of course includes personal information.

My initial response was scam attempt. But I Google this subject and I find info on a .gov site that corroborates request/requirement. The repercussions of not filing are harsh. {$500 per day)

I am a one man business that sells intellectual property. (IE I sell knowledge to organizations who value what I know). But I have heard/read ZERO information or conversation about this new requirement for small business owners. My plan is to call Secretary of States Office and see what they have to say.

Anyone else wondering/concerned?

 

[neil.hansford]

It's a real thing, but be cautious when clicking on links in an email requesting information. There's some scams out there related to this (as with most things these days). I'd go directly to the FinCEN website to read about it and enter info.

Sent from my SM-S901U using Tapatalk

 

[def90]

Supposedly they want a yearly filing of all shareholders in the LLC as supposedly there are a high number of LLCs that are used for laundering money and so on..

I haven't heard of this yet, maybe my accountant is doing it for me.

 

[Kimber7man]

First call to your attorney
Second call to your CPA

Then do what they say...

 

[fwafwow]

It is a legitimate requirement - under the Corporate Transparency Act. Newly created companies have a short deadline, older ones have longer. Although they will know about it, it is extremely unlikely that your CPA or attorney will undertake the reporting for their clients. The good news - for you it’s probably pretty simple to determine your beneficial owner(s), and the database that will hold the information isn’t public (absent a hack).

 

[Sam Colt]

It is a legitimate requirement - under the Corporate Transparency Act. Newly created companies have a short deadline, older ones have longer. Although they will know about it, it is extremely unlikely that your CPA or attorney will undertake the reporting for their clients. The good news - for you it’s probably pretty simple to determine your beneficial owner(s), and the database that will hold the information isn’t public (absent a hack).

And what a juicy target that will make.

 

[def90]

Looked in to it, companies that existed prior to 2024 have until Jan 1st 2025 to file, new comapnies in 2024 have 90 days to file, new companies 2025 and after will have 30 days. Basically a 3 page form with company name and state where formed along with info on the person filing the form and info on primary beneficial owner. Pretty much the same as what I have to do when I file my annual report with the state.

 

[BBob]

Although they will know about it, it is extremely unlikely that your CPA or attorney will undertake the reporting for their clients.

Our corp attorney is handling it for us so some are offering the service. The CPA sent notifications to all clients about it as well but at this point aren't offering to do the filing. We were notified as far back as a year or more ago this was coming.

Attached is some info including the official BOI Informational Brochure from the US Treasury our CPA provided us with:

 

[fwafwow]

And what a juicy target that will make.

It’s pretty basic info - not like the IRS database. We are lucky. These databases are public in some countries. Some states (NY and CA, and possibly another) are trying to enact state laws that would make these databases public.