More information on what DJ posted

PRIVACY GONE!

A law taking effect January 1, 2024, has killed any hope of anonymity by using an LLC in any state. Even if you are not worried about anonymity, you are going to be profoundly affected by this law. In 2021, Congress passed the Corporate Transparency Act. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. The new program is called the Beneficial Ownership Information Reporting System. It will be implemented by the FinCEN (Federal Financial Crimes Enforcement Network), a department within the Treasury Department.

Under the new laws, “beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company”. Reporting as of January 1, 2024, you will have to register the “beneficial ownership” of each LLC, corporation, limited partnership, or any other type of business entity. These are called “reporting companies.”

A “beneficial owner” is any individual who, directly or indirectly exercises substantial control over a reporting company OR owns or controls at least 25 percent of the ownership interests of a reporting company. Existing entities have to be registered sometime between January 1, 2024, and the end of 2024. If you create a new entity after December 2023, this year you will have to register within 30 days after you file a new LLC, corporation, or other entity with the state. This reporting requirement isn’t just a suggestion. You will register, because the penalty is $500 per day after the deadline, plus a $10,000 penalty, plus a two-year extended stay on the government’s dime. Look for info in the Mr. Landlord Newsletter and consult with an attorney or CPA for further assistance.

Where were our conservative representatives in Washington!!

I would expect even liberal reps to appreciate anonymity.

Actual title: "Harmful to Business Information Reporting Act"

Kind of like the inflation reduction Act or build back better.

My plan is to wait until the 11th hour.

Will the BOI reports be publicly available? How will they be used?