Corporate Transparency Act: How to Get a FinCEN Identifier Number

[@strohmeyerlawpllc]

The original audio on this file wasn't as good as we liked, so we've upgraded the audio and published it here: kzbin.info/www/bejne/hYuXc3eZe6unb6s

[@DJScrapDirty]

Question is the identifying doc id # your state id or DL or tribal number?

[@strohmeyerlawpllc]

Generally speaking, they are looking for a state issued ID number with your photo on it. Make sure you are using that ID. There are a few different options, and we can’t tell you exactly based on a comment here in KZbin.

[@strohmeyerlawpllc]

The FinCEN ID system is up and running! If you applied for one, did you have any issues getting an FinCEN ID?

[@RICKDOEZ1]

You helped me and this was super easy.

[@strohmeyerlawpllc]

Glad I could help!

[@RICKDOEZ1]

@@strohmeyerlawpllc question: what if you had a old business but it’s hadn’t be used in five years do you add that too?

[@strohmeyerlawpllc]

@@RICKDOEZ1 There is an exemption for inactive entities, but the requirements are strict and more than most people imagine. You'll need to consult with your own advisor to see if that entity qualifies for an exemption.

[@muhammadraheel7479]

Thank you so much for guiding. Would you please guide further if a Single Member LLC is created by a non-US resident, and he is both the applicant and Beneficial Owner of the company. Question: Does he need to mention his own country residential address and also the virtual address of the business? OR only business address is enough to get the "Fincen Identifier Number" please guide. Thank you

[@strohmeyerlawpllc]

The business will need to report its physical address. The individual Beneficial Owners will report their residential address Company Applicants (if required to be reported) will their business address or home address if they are not in the business of forming entities. Consult with your own advisor about your specific situation.

[@muhammadraheel7479]

@@strohmeyerlawpllc Thank you so much Sir. I am Grateful for your kind gesture and help. Stay Blessed and happy. 🙏😊

[@paolaalvarado-n8v]

Thank you,

[@strohmeyerlawpllc]

You are welcome!

[@OperationsManager-j5u]

So, where is the Fincen application for entities? I only see it for individuals.

[@strohmeyerlawpllc]

An entity can get its own FinCEN id as part of filing the BOIR.

[@OperationsManager-j5u]

@@strohmeyerlawpllc So, there isn't a separate online application like there is for individuals?

[@strohmeyerlawpllc]

@@OperationsManager-j5u correct-it’s part of completing the BOIR.

[@taraschleser]

Does everyone filing a report need an ID?

[@strohmeyerlawpllc]

No, getting a FinCEN ID is optional.

[@OperationsManager-j5u]

I did not see anything in the Identifier application or BOIR that stipulated the % of actual beneficial ownership or title (i.e. member, partner, shareholder, manager, office, etc.). Isn't that the main purpose of collecting this data?

[@strohmeyerlawpllc]

That’s correct that you don’t need to identify the percentage ownership or the actual title. The purpose of this requirement is to identify those people who are connected to the entity. It’s similar to the Know Your Customer regulations that financial institutions are subject to when opening new accounts. The financial institutions need to know who is connected to the account and not concerned with why they’re connected.

[@OperationsManager-j5u]

@@strohmeyerlawpllc So, a secretary or manager that doesn't necessarily have any actual ownership could submit the report?

[@strohmeyerlawpllc]

@ there’s no requirement that a person have an ownership interest to be able to file the report for a company.

[@vivianmurray9646]

I need to apply for 4 FinCen Id numbers for the 4 beneficial owners at my company, I am the company applicant?

[@strohmeyerlawpllc]

We cannot give specific advice here. You’ll need to work with your own advisors to get a specific answer for your situation. From FAQ E.1. company applicants are up to two individuals: 1.The individual who directly files the document that creates or registers the company; and 2. If more than one person is involved in the filing, the individual who is primarily responsible for directing or controlling the filing.