The REALLY USEFUL Guide to the New Beneficial Ownership Information (BOI) Report

This video is a must-watch for LLC owners, offering a comprehensive guide to the new Beneficial Ownership Information Report (BOI), a requirement effective from 2024. We cover everything you need to know about how this new legislation specifically impacts LLCs, outlining the steps for compliance and the penalties for failure to report. Stay informed and ensure your LLC adheres to these crucial legal updates.
TIMESTAMPS
0:55 1 What is Beneficial Ownership Information
1:40 2 Does My Company Have to File
2:19 3 What Companies are Exempt
2:47 4 What is a Large Operating Company
3:42 5 What Happens if my Company Does Not File
4:20 6 Who is a Beneficial Owner
5:02 7 Who Will have Substantial Control
5:32 8 What is an Ownership Interest
5:56 9 Does My Company Have to Report its Applicants
6:46 10 Who is a Company Applicant
7:44 11 What Info has to be Reported
9:11 12 What's a FinCEN Identifier and how to use
9:41 13 When Should My Company File
10:51 14 How Does My Company File
12:10 15 Keep Your Info Current
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#corporatetransparency #beneficialownership #compliance2024 #businessregulation #financialreporting

[@etubcsegg]

Smart and very beautiful ❤

[@akbarpasha9753]

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?

[@akbarpasha9753]

@@wordswithatwist mam i want to close now .and i have doubt related to BOI.Is it mandatory to submit BOI before disclose my llc

[@HowtostartanllcOfficial]

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.

[@TacticalDoghouse]

@@HowtostartanllcOfficial thank you so much for posting this additional detail!

[@bluedreamkush2392]

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.

[@HowtostartanllcOfficial]

It is 90 days from the date of formation for all LLCs created from January 1st, 2024 until present. Thanks for the question!

[@miamiwalking]

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.

[@wajidafzal2480]

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.

[@HowtostartanllcOfficial]

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

[@CultivationCulture]

🎉 thank u for sharing

[@HowtostartanllcOfficial]

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

[@JR-gj3fx]

Just more Big Brother crap.

[@briangladu5519]

USSA

[@EYESPRNG]

What if someone forgot to file the BOI ?

[@visiller]

Straight to jail!

[@HowtostartanllcOfficial]

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

[@susanortiz6495]

Great information!!!

[@HowtostartanllcOfficial]

We're happy to help. Thanks for subscribing!

[@MrDmacc1]

Have you checked fornnew updates regarding this form? It has been thrown out in courts in Alabama ​@HowtostartanllcOfficial

[@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.

[@BrendaGonzalez-vv5xz]

Is real estate services exempt?

[@HowtostartanllcOfficial]

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

[@MrDmacc1]

Ive seen a video that states this report is no longer required and has been thrown out in Alabama courts, check for more research

[@HowtostartanllcOfficial]

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.

[@aphrodite7194]

If I close it before the deadline for BOI. Do I have to file a BOI?

[@HowtostartanllcOfficial]

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.

[@Mental-Maniac]

I think fincen is not going to be a thing soon

[@taiwobejide5397]

I registered my trucking company in 2022 and I’m the only beneficiary. Do I need to file the BOI?

[@HowtostartanllcOfficial]

Yes, you need to the file the BOI as soon as possible. www.fincen.gov/boi