What is the new requirement for LLC in 2024? - FinCEN Beneficial Ownership (BOI) Report - Penalties

[@businessfinancecoach]

EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information. FOR STEP-BY-STEP INSTRUCTIONS - SEE THIS VIDEO: kzbin.info/www/bejne/bZSvand8orKcbJo

[@zacharytowey6989]

Where is the next video on how to? Thanks

[@HollyFranklin-e3w]

Thanks for this video, it's very helpful in preparing to file the BOI Reports!

[@miss.phyllisreneefoster9547]

Thank You so much for this INFORMATION, I AM A NEWLEY LLC FROM OCT 2023 AND I AM SO CONFFUSED ABOUT THIS NEW RULE, I WANT TO COMPLY WITH THE LAW, BUT I GOT TO UNDERSTAND IT BEFORE I CAN CONPLY WITH IT, AND I DON'T UNDERSTAND THIS I AM NEW LLC BUT RIGHT NOW I HAVE NOT MADE OR BROUGHT NO MONEY OR REVENUE IN TO MY NEWELY BUSINESS NON SO FAR BUT IM OPTAMISTIC AND WORKING ON DOING SO SO THANK YOU I NEEDED TO NO THIS THANK YOU

[@TailspinMedia]

subscribed, super clean and informative and appreciate the context given as well.

[@businessfinancecoach]

thank you!

[@adelecarson720]

Thanks so much for this video and information. Your videos have helped us so much!

[@lennylove4830]

Very informative video. Thank you

[@billytheweasel]

Excellent info. Thanks!

[@davidmorris7854]

Very helpful understanding the new law and how to file it

[@SabSab-mg6qm]

Super helpful thank you!

[@frankwalko4875]

Great presentation! I found it very informative.

[@MASTERU487]

Thank you so much!

[@Bpplayz165]

Thank you!

[@natoshacasey8544]

Thanks coach! 😊 #steadylearning

[@waynecmontgomery]

Great video!!! But you made an error this is NOT an annual filing. You only need to update information if something changes namely address or driver's license or passport expires.

[@businessfinancecoach]

I agree thank you!

[@eyupaydin4147]

Thank you but where is the second video you mentioned?

[@Ignacioforever69]

Thank you! Very informative

[@ericgrajeda2671]

Thanks for the education on BOI yet I'm a new small business owner trying to get away from the gig economy or being an independent contractor on apps . ( Misclassified Employee)

[@owenzamor1077]

Is this CTA beneficial owner rule still in effect? Wasn’t it ruled unconstitutional?

[@aidandonnelly8637]

What if I created an LLC because I thought I might need it for taxes, but I didn’t, and I’m the only person involved, and the LLC isn’t doing anything now? Do I still need to file?

[@deputychiefclifton]

I'm curious how this comports with the few states, or maybe it's just one, but allow you to own chairs in a business or percentage of an LLC anonymously. If I remember correctly, Wyoming allows you to own a business anonymously and the only thing that has to be listed is the registered agent.

[@businessfinancecoach]

Since it's a legal LLC formed at a state, it would be required to comply - it doesn't matter the state rules or whose listed as owners at the state level

[@deputychiefclifton]

@@businessfinancecoach sounds like some 10th Amendment violations, but thank you for your response.

[@waynecmontgomery]

@ssfinancecoach If the LLC is owned by a nonprofit (tax-exempt entity) it is EXEMPT, Also other exempt entities can start LLCs and those LLCs would be exempt. Please see the exemption list put out by FinCen (See exemption list number 20 and 22)

[@waynecmontgomery]

If the LLC is owned by a nonprofit (tax-exempt entity) it is EXEMPT, Also other exempt entities can start LLCs and those LLCs would be exempt. Please see the exemption list put out by FinCen (See exemption list number 20 and 22)

[@ozzstars_cars]

What's interesting is the bad guys aren't going to file a thing and carry on with shady business practices.

[@Daacks11]

Is there a way to tell if a business has registered already? Or is there a problem if there are double entries? We have asked our accountant and attorney (which handle SOS renewals) if they have done this yet with no response from their offices. (Yes, frustrating!) I would like to take this off my list and just do it myself if I know they havent already...

[@businessfinancecoach]

Did you have your business set up before 2024? If so, it's pretty much guaranteed you aren't registered yet. If so, your registration isn't due until 2025. If you formed your business in 2024, you need to do the fincen registration within 90 days of getting your entity formation confirmation from your state. You only do it once and only update it if your owner information changes. If your business was formed before 2024, you might want to wait a little bit - as many organizations are challenging this requirement in courts... so we'll see what happens! I will have another video shortly going through the registration but it also looks pretty self-explanatory. Hope that helps!

[@Rosey7774]

What about a 'single member llc, is this form still required?

[@AliseIam]

So if I just formed my LLC in September of 2024… I have to do this too?

[@ruannlarson]

Hi. I just watched your video after receiving a four page letter from our CPA telling us we need to file this and it comes with a bill from them. UGH! So I'm trying to do this myself and after watching your video it seems doable. However, I cannot find the second video. Where is it please??

[@businessfinancecoach]

You do not need to pay someone to do this for you. It's coming. Subscribe and hit the bell to be notified.

[@Navarrete19]

Will this need to be filed EACH year?

[@loribadatgg7215]

I’m getting mixed messages. If you get a 1099k for a sole proprietorship business on ebay, do you file?

[@businessfinancecoach]

you should always report your business income - whether you get a form or not

[@GabrielGuzman-vg5xg]

What if IRS is delay woth send the EIN in the 90 days?..

[@InvestersEdge-lm6zl]

Do they send you a notice or reminder when it is due. I have never even gotten a notice that i needed to do this.

[@businessfinancecoach]

No! they should not contact you - in fact there's a bunch of scams reaching out to people... remember, if you've had your business before 2024, you don't need to file this until 1/1/25

[@InvestersEdge-lm6zl]

@@businessfinancecoach i hope they at least give you a notice/warning before giving you a fee/fine

[@businessfinancecoach]

@@InvestersEdge-lm6zl I imagine professionals and software will be notifying people when they form new businesses, which is why older businesses have a delay

[@suchinmundkur4632]

What happens if your LLC is owned 100% by another LLC? Do you have to put the benefital owner information from the Parent LLC?

[@businessfinancecoach]

Yes, and any one else that qualifies as "beneficial owners"... see here section D What is substantial control www.fincen.gov/boi-faqs#D_1

[@jeannesakura2]

what if a LLC is a beneficial owner? And the LLC is owned by another LLC? How do we report this in the beneficial owner section?

[@businessfinancecoach]

Yes, and any one else that qualifies as "beneficial owners"... see here section D What is substantial control www.fincen.gov/boi-faqs#D_1

[@jeannesakura2]

​@@businessfinancecoach if there are 5 individuals with substantial control, is there a requirement to list all 5 individuals?

[@BNTLifeCoaching]

We need to file for this every year?

[@businessfinancecoach]

No. Please see pinned comment. You file this once and you only need to file again if you have a change in ownership.

[@Eastondemers15]

I really truly need your guidance as I am a victim of business crimes and have no one to help me find a lawyer to fight with these foreign people. I watched your video on Finn Son reporting and I’m trying to get them to help me.

[@matteagle42]

Disgusting.

[@21missshae]

Thank you!!