I almost went in and filled out the updating an existing opotion because I could not remember if I did this two days ago. When you got to the part where we upload the identification I understood and remembered that I did not do this yet. Thank you for going through that. Thanks again.
Very thorough and easy to follow. Many other videos did not do a good job of explaining the "Company Applicant" for LLC's filed after Jan 1 2024. Thank you for explaining!
You're awesome for doing this, thank you! 2 questions. 1) If an agent (like an Attorney/CPA/Registered Agent service) is hired by a company to handle these BOI filings: did you see anywhere on these forms where the person/agent physically entering the company's info into the website needs to identify themselves as NOT the actual owner themselves? I think the IRS EIN application online has that requirement. 2) if the company's info does not change, does the BOI info need to be reentered year after year? I can't find that info anywhere. 3) Just a comment, you are so smart to bring up the spouse as BO/community property question - that literally doubles the amount of info that so many companies will need to enter. THANKS again, hopefully more bright and helpful people like you continue to shed more light on this. When the fed government issues a 50-page "informational" packet as step one to getting this info out there, you know it's heading towards a big cluster... as you alluded to... when millions of people try jumping on this website at the end of 2024.
You are welcome! 1. I have not seen that anywhere. I've filed a few now, but that isn't an option. 2. Unless the information changes, there's no obligation to file again until it changes. So, no annual filing requirement. 3. Thanks!
You told me that FINCEN would require exempt companies to make an initial filing, that information was FALSE as I thought. It pays to read the law and NOT adlib to it. Also, the nonprofit's for-profit entities are exempt from filing. Great video!!!
Thanks! FinCEN did confirm your position, and I am happy to have been the risk-averse pessimist on this position. Since then, FinCEN released FAQ L.5, stating that a company does not need to report to FinCEN that it is exempt from the BOI reporting requirements if it has “always” been exempt. I do take offense that I was "ad libbing it"--I was making a recommendation based on my experience and the lack of specific guidance available at the time. The guidance was not as clear as you make it seem when I was saying that.
@@strohmeyerlawpllc It was a joke I forgot to put the "LOL". I was just having a told-you-so moment, as a former lobbyist. Again great video !!! There are some major loopholes in the CTA that can be exploited if you read the language.
If you go to 8:55 in the video, you'll see a blue button marked "Add Beneficial Owner" on the right side of the screen. You'll use that to add Beneficial Owners to the report. Hope that helps!
Thank you for this video!! Do you know if I have two beneficial owners, 50% ownership each, and I choose to use the pdf...do I create a pdf for each owner? I didn't see a choice on the pdf for multiple beneficial owners.
@@rebeccamcnamara7472 On the same line of the PDF that says "Part III. Beneficial Owner Information" there is a blue plus sign to add more Beneficial Owners.
This is great! Thank you for doing this. My wife and I have two rental properties in one LLC. We both own the LLC. Do we 'each' need to file a BOI? Or can just one of us file? I can't seem to find an answer anywhere. Thank you..
Thanks for going through this in great detail. Do we have to report direct owners that are other companies? If so, how do we complete Part III? Some mandatory fields are not applicable to companies. What do we select on line 48 and upload? On lines 11 thru 15, what do we do if the company has no U.S. address?
Beneficial Owners are only individual humans, so if there is an entity that owns the Reporting Company, then you report the owners of that entity if the owning entity is not exempt from reporting. On the US address, it should have a US address, and it may be that the best options is to use the address of the registered agent. I can't speak to states other than Texas, but Texas requires someone be physically located in Texas to have an entity. This is the registered agent who can accept service of process if there is ever a need to contact that entity.
@@strohmeyerlawpllc thanks so much for the reply! I've seen sources that indicate that all owners up the chain need to be reported. Do you have any idea why on line 38 it indicates an entity's legal name could be entered?
@@briancohen4269 Yes! If the owner is an entity that is an exempt entity, the the entity is listed. But if the owning entity is not exempt, you keep going up the chain to the individuals.
Hello, I appreciate your informative video; it's easy to follow. I have a question about adding my partner, who owns 50% of the business. You mentioned that you added your wife as your partner but needed to know where to add her to the form. I'm looking forward to your upcoming video addressing this topic. Thank you!
If you go to 8:55 in the video. you'll see a blue button marked "Add Beneficial Owner" on the right side of the screen. . You'll use that to add Beneficial Owners to the report. Hope that helps!
Hi, thank you so much for the information. I have one question, though. What if the company (PA) is owned by another company (Inc)? How do we upload any information on the beneficial ownership? I understand there are two reports being filed (the Inc Corporation has a person as the beneficiary, so I can complete that following the video), but how do I file for the PA being that the ownership is not a person, but an entity and I don't have an ID for it? Thanks for your help.
The PA will need to report the individuals who own 25% or more of the Inc or have Substantial Control over the Inc. This means looking through the PA to determine who the beneficial owners are.
Got it. Thanks! So as of now, there is no clear response as far as the ID not being legible? I'm just trying to figure it out if there is a timeline to know for sure it was accepted. @@strohmeyerlawpllc
Thank you for putting this together...If I file and select the option to receive a FINCEN ID - I understand I receive that at the end once I hit submit. But while I'm completing the form, do I leave the beneficial owner ID empty for both myself and the 2nd business owner?
No, you must fully report all beneficial owners on that report. There is not an option for you to not completely report Beneficial Owners if the entity is not exempt from reporting. The FinCEN ID generated by filing the report is for the entity and not the beneficial owners. The process for generating a FinCEN ID for individuals is a separate process addressed in this video: ua-cam.com/video/z-LnDTfiR9s/v-deo.html
So then just to be ultra clear, BOTH beneficial owners must each step 1) create individual fincen IDS by following the instructions ua-cam.com/video/z-LnDTfiR9s/v-deo.html and then step 2) follow the process for submitting the report as laid out in this video where at the end of this process will also return a report submission confirmation aong with an ENTITY Fincen ID is that correct? @@strohmeyerlawpllc
There is no requirement that any person or entity get a FinCEN ID--it just makes the process easier. The entity must report all beneficial owners in its BOI report.
Thank you for posting this, it was very informative and easy to follow! In the case of an LLC partnership who has an owner in the process of disassociating from the LLC, would it be best to; • File an Initial Report that includes the information for both owners, then later file a Correct(ed) Prior Report where the disassociated owner is no longer included OR •Wait until the LLC disassociation process with the SOS is complete and file an Initial Report then? Also, When it asked for the physical address of the business, you mentioned not to use a PO Box or your CPA's address; how would one proceed if they're a remote business who uses a Personal Agent for the sake of keeping their physical address off of the public record?
You're welcome! I can't tell you what's *best*--I'm just a talking head on the internet and not your personal advisor. What I would consider is that initial reports for entities that exist on or before December 31, 2023, don't need to file their initial report until January 1, 2025. So, many are using this year to get the ownership where it needs to be before filing that initial report. On the address, here's the guidance from FAQ F. 8. Can a reporting company report a P.O. box as its current address? _No. The reporting company address must be a U.S. street address and cannot be a P.O. box._
@@saiDhruvheydood Yes, the information can be updated, and in certain cases, must be updated. Please work with your advisors to get a specific answer for your situation.
Hi, thank you so much for the video. I do have a question. Since I'm doing my business as a DBA, do I put my legal name as the "reporting company legal name" and put my DBA business name on 6. Alternate name?
The reporting requirement only applies if there is an entity that was formed. If you only have a DBA, and not an entity, there isn’t a requirement. Please confirm your situation with your own advisor.
Thanks for the video. If the reporting entity has beneficial owners that are all LLCs/Corps, do we put the legal entity names of those companies down? Or the individual name of the main owner/officer instead?
Beneficial owners are only individuals, and not entities. You will need to list all individuals who qualify as beneficial owners of the Reporting Company under either the Substantial Control test or the Ownership Interest test (25%+). You will need to work with your own advisors to determine who those people are.
Hey john really appreciate everything i filed my non resident llc on 12/14/2023. And i recived my ein yesterday. Do i have to file it aswell i live in canada and my addreas in llc is my residential addreas. Would really appreciate your help
I submitted the BOI a couple of weeks ago, but other than the transcript that I saved as pdf upon submission, I haven't received an email confirmation or any other status on the application. Seems strange that there wouldn't be such a tracking facility for folks to see whether any issues with the form and attachments.
The lawyer that filed our LLC paperwork has not responded to repeated requests for his, or his firms FINCEN ID (or other information) so I can complete Part II - Company Applicant Information. I tried to complete as much information as I have about the lawyer and his firm, but I do not have an “identifying document image” to attached (#33 on the form). Any thoughts on what I can do if the “Company Applicant” will not provide their information?
That’s very frustrating to hear, and I don’t have a good answer for you. FinCEN does not have a process to allow for “missing” information like that, so you’ll need to get the information from that firm. You may need to physically go to their office.
Hi. I have filled the form for my 2 LLC, I can tell you I have tried for the last 4 weeks to remit the forms from different computers thinking that mine does not have the capability, but I have not been successful. I checked google to see if other people have the same problems and there are tons of complaints with the same problems as mine. What am I doing wrong?
Unfortunately, I can't tell from your comment what could be wrong. One of the things that I've seen is that if the file name for the scans of the photo ids is too long or has spaces, it can cause issues.
Hi, thank you for such helpful information. Could you please tell me how should I file BOI if my reporting company has 2 members:I (TX resident) and another company of mine which is a non-US company but has a US TIN and where I am the 100% owner? Should I list myself twice at beneficial owners? Should I report the foreign company separately? Thank you.
I’m sorry, but we cannot give specific advice or recommendations like that on UA-cam. You will need to work with your own advisors to determine the proper course of action for your specific circumstances.
Thank you for this video. I attempted to submit BOIR for my company using the “File Online BOIR” option. During the first attempt, I encountered a runtime error and did not receive a confirmation. When I tried to resubmit, I received the error code SBE02, indicating that the initial BOIR had already been filed. I do not have confirmation of the initial submission, only a Submission Tracking ID for the second attempt. Question: How should I proceed to verify whether my initial BOIR was successfully submitted and resolve the SBE02 error?
Yikes-I have not heard of this specific situation. Also make sure that you’re working with your own advisors because based on this situation, we can’t help you specifically through UA-cam comments. I don’t have any specific things that I know will work. You may want to consider using the update previous report option to file something that confirms the prior information. Whatever you do, keep all the information and records that you have showing that you filed things so that if there’s ever a question you can show that you did attempt to file.
What if you don't click the existing button. LLC formed afer 1/2024. It then asks for Individuals first and last name? Whose name are they asking for? If more than 1 owner there is no button to add more.
If the entity was not formed before 1/1/2024, then you’ll need to report the Company Applicants on that page. If you go to 8:55 in the video, you’ll see a blue button in the top right of the screen to add additional Beneficial Owners.
Hey thanks a bunch. Do non resident llc owners also have to file it and same steps. I am in canada i dont have a us addreas my business addreas in my llc is my residential addreas
The process is the same for all reporting companies. You don’t have different reporting obligations for different types of owners. Unless an exemption applies you, you will need to report the beneficial owners. Please consult with your own advisor to make sure you’re reporting accurately for your specific situation.
Thank you for this. I started reporting and got to the end and hadn't seen where I could add another beneficial owner. I summitted the report and went back and tried the correct prior report and update prior report to add the second owner. I get to the last page and it tells me pretty much all the info is missing. I went back and it looks good to me. Any ideas?
Go to 9:11. On the top left of the Beneficial Owner page, there’s a blue button marked “Add Beneficial Owner” that will let you add reporting space for additional Beneficial Owners.
Hi! My parents have a small mom and pop shop at a flea market and they're an LLC. The only people working that business is my parents and I'm not sure if they have to file a BOI ? I'm leaning towards more that I need to report this ? Do you have any insight my situation ? Thank you in advance!
This is the only reporting related to this law, but depending on what work you complete, there could be other compliance obligations. You'll need to talk to your own advisor to determine if there are any other requirements specific to your business.
Hi John, I'm new in the business and my husband and I filed our LLC through TB. Now, I want to file for our BOIR to save money instead of doing it through TB. Can we still file for it or should we have the third-party do it for us since they file our LLC in our state on behalf of us? Thanks
Thank you for the valuable information. I think your information will be of great help. However, in my case, there is an inc. headquartered in Japan and an inc. in California, and of course, 100% of the shares are owned by the head office in Japan. How should I report this case?
You’ll need to work with your own advisors to determine the beneficial owners of the California company, which will likely require determining the beneficial owners of the Japanese company.
At this point, there aren't any other steps. So, if you're asking, "what do I have to do if I'm helping someone else with their BOIR?" I don't have an answer for you. What should you do? I'm still figuring that part out. I know that I'm likely not going to allow people to email me copies of their id cards--there's too big of an opportunity for me to be part of a larger fraud.
You’ll need to get with your own advisor to determine who needs to be reported for your particular entity. I can’t provide specifics because I am not your lawyer.
If none of the entities qualifies for an exemption, then yes you’ll need to file 10 BOI reports. To simplify your reporting, getting a FinCEN ID is probably a good option. Remember to check with your own advisors about your specific circumstances.
As a consultant who assists my clients with business formation, they are requesting for me to complete their BOIRs as well. I believe I need to create a FinCEN ID for each client. Am I correct?
If 3 people own a business equally 3 ways, (so more than 25%) does only one person fill it out for the company or do all 3 need to fill one out for the company??
Thank You. SO I can follow this video rather than paying legalzoom more, and everything will be okay? Do I need to get something from the BOIR and give it to legal zoom or another entity? Thank You
Unfortunately , this video is not specific advice for anyone, and I cannot confirm that it will apply to your situation. You need to work with your own advisors about your specific situation.
What exactly is the difference between business name and trade name? Also I heard needs to be done in 30 days is it 30 days from When the LLC is finalized and proccessed or is it 30 days from when you fill out LLC?
The business name would be the entity’s legal name. A trade name would be a “DBA” doing business as alternative name. The initial report is due within 90 days of when you receive formal or public notice that the entity has been formed if formed in 2024.
@@strohmeyerlawpllc Say if I'm a youtuber who decided to write a comic if I wanted to use my UA-cam or other social medias to promote the comic would they be trade names? Also would a pen name be a trade name? I have a Seperate name I want to name the comic universe.
*So how do they determine who's deemed a criminal? What do they look/not look for? What if you're deemed a "criminal" politically (or even legally as a misdemeanor/felon)? Isn't this a slippery slope?*
The operative word in the penalty provisions is “willfully.” Because this just went into effect last week, real enforcement hasn’t started yet. My guess is that the folks who knew about the obligation to file and then actively decided not to comply with this duty. It will likely be similar to how the IRS criminally prosecutes taxpayers.
@@strohmeyerlawpllc Would a person with a record be allowed to continue running their llc under this law, since the purpose of it is to identify criminals
@@christianstill.6654 The law does nothing to prevent any person with a criminal history from owning or running a company. This only requires disclosure of the ownership and control of entities, and is similar to the requirement that people show identification when opening a bank account.
I have a question please. I have 3 different LLC. One for each property should I use the same BOI Id I get for the first report OR I have to apply for each one of the companies
You’ll need to talk to your own advisor about your particular situation. Generally, each entity will need to report its BOI separately. An entity’s FinCEN Id wouldn’t necessarily be used for another entity’s report.
Remember to consult with your own advisor. You should see if the Inactive Entity exemption applies to your situation, but the six requirements are very specific. If you don't meet them all, then you'll either need to qualify using a different exemption or report beneficial owners as required.
@@rcguy2175 If you formed or registered your business in 2024, then the deadline is 90 days from when you received notice of your formation or registration. I am not familiar with any Florida filing requirements, so you will need to talk with your own advisor who is familiar with Florida's requirements to address your specific circumstances.
Sir I want to close my llc permanently and I want to know (BOI) is mandatory for me before dissolving my llc. Sir please clear my doubt. My LLC is non resident llc in NH State and i am from India
I filled this out but forgot to download the confirmation page. Is there a way to get back to that point? I’m driving myself nuts since I don’t have the document. Can I just redo the form?
CTA only applies to entities, and if you just have a DBA, this shouldn’t apply. Make sure you talk with your own advisor about your particular situation.
Wow. My CPA hid the actual page and sent a letter full of information but withheld the actual page to go to to file. He was offering to do it for 200 per entity. Maybe it’s time to find a new cpa. I would have been out 600 dollars.
I can’t comment on why that happened. Anyone can do this reporting, and the reason to have your CPA do it would be to let them deal with it for you. Good luck!
@@strohmeyerlawpllc I can comment on it. It is called informing with information overload without providing the actual address to the page to file, but burry it so it is overwelming and you end up frustrated and have them do it for 200 a pop. On their end it is unethical to your client. I called him on it. The whole idea is to have your CPA save you money. It was price gouging and taking advantage of your client.
You'll need to talk to your own advisor about your situation. There isn't specific guidance on administratively dissolved entities, and my assumption is that it would follow other entities that are no longer in existence: if its existence terminated before January 1, 2024, it should not be an existing entity that is subject to reporting. Again, consult with your own advisor about your specific circumstances.
I’m sorry-I don’t understand your question. If your entity was formed or was registered to do business in the United States before 2024, then the initial BOI report is due by 1/1/25.
@@strohmeyerlawpllc 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 Because the LLC existed in 2024 and was formed in 2023, I would file the BOI report with FinCEN, even if you are planning on closing the LLC. Please consult with your own advisor about your specific circumstances.
![File The BOI Report Yourself Step-By-Step - Don't pay someone! [FinCen new LLC filing requirement]](/img/n.gif)
The original audio on this file wasn't as good as we liked, so we've upgraded the audio and published it here: ua-cam.com/video/x0PX4oAqgR0/v-deo.html
I almost went in and filled out the updating an existing opotion because I could not remember if I did this two days ago. When you got to the part where we upload the identification I understood and remembered that I did not do this yet. Thank you for going through that. Thanks again.
You are welcome!
Very thorough and easy to follow. Many other videos did not do a good job of explaining the "Company Applicant" for LLC's filed after Jan 1 2024. Thank you for explaining!
Glad it was helpful!
You're awesome for doing this, thank you! 2 questions. 1) If an agent (like an Attorney/CPA/Registered Agent service) is hired by a company to handle these BOI filings: did you see anywhere on these forms where the person/agent physically entering the company's info into the website needs to identify themselves as NOT the actual owner themselves? I think the IRS EIN application online has that requirement. 2) if the company's info does not change, does the BOI info need to be reentered year after year? I can't find that info anywhere. 3) Just a comment, you are so smart to bring up the spouse as BO/community property question - that literally doubles the amount of info that so many companies will need to enter.
THANKS again, hopefully more bright and helpful people like you continue to shed more light on this. When the fed government issues a 50-page "informational" packet as step one to getting this info out there, you know it's heading towards a big cluster... as you alluded to... when millions of people try jumping on this website at the end of 2024.
You are welcome!
1. I have not seen that anywhere. I've filed a few now, but that isn't an option.
2. Unless the information changes, there's no obligation to file again until it changes. So, no annual filing requirement.
3. Thanks!
You told me that FINCEN would require exempt companies to make an initial filing, that information was FALSE as I thought. It pays to read the law and NOT adlib to it. Also, the nonprofit's for-profit entities are exempt from filing. Great video!!!
Thanks!
FinCEN did confirm your position, and I am happy to have been the risk-averse pessimist on this position. Since then, FinCEN released FAQ L.5, stating that a company does not need to report to FinCEN that it is exempt from the BOI reporting requirements if it has “always” been exempt.
I do take offense that I was "ad libbing it"--I was making a recommendation based on my experience and the lack of specific guidance available at the time. The guidance was not as clear as you make it seem when I was saying that.
@@strohmeyerlawpllc It was a joke I forgot to put the "LOL". I was just having a told-you-so moment, as a former lobbyist. Again great video !!! There are some major loopholes in the CTA that can be exploited if you read the language.
@@waynecmontgomery Ahh--all good then! Happy to help!
Thank you for the video. Very helpful. What is the best way to add multiple beneficial owners?
If you go to 8:55 in the video, you'll see a blue button marked "Add Beneficial Owner" on the right side of the screen. You'll use that to add Beneficial Owners to the report. Hope that helps!
Thank you for this video!! Do you know if I have two beneficial owners, 50% ownership each, and I choose to use the pdf...do I create a pdf for each owner? I didn't see a choice on the pdf for multiple beneficial owners.
@@rebeccamcnamara7472 On the same line of the PDF that says "Part III. Beneficial Owner Information" there is a blue plus sign to add more Beneficial Owners.
You are awesome! Thank you for your quick response.
You are so welcome!
Great job.. Very helpful 🎉🎉🎉
Glad it was helpful!
This was very, very helpful; thank you!
Glad it was helpful!
Your Pro, Thanks for your Generous Help, May God bless you! it was very helpful!
Glad it helped!
This is great! Thank you for doing this. My wife and I have two rental properties in one LLC. We both own the LLC. Do we 'each' need to file a BOI? Or can just one of us file? I can't seem to find an answer anywhere. Thank you..
The reports are filed by the Reporting Company, which reports all of its Beneficial Owners. The Beneficial Owners don't report individually.
thanks so much for such amazing information
You are welcome!
Thanks for going through this in great detail.
Do we have to report direct owners that are other companies? If so, how do we complete Part III? Some mandatory fields are not applicable to companies. What do we select on line 48 and upload?
On lines 11 thru 15, what do we do if the company has no U.S. address?
Beneficial Owners are only individual humans, so if there is an entity that owns the Reporting Company, then you report the owners of that entity if the owning entity is not exempt from reporting.
On the US address, it should have a US address, and it may be that the best options is to use the address of the registered agent. I can't speak to states other than Texas, but Texas requires someone be physically located in Texas to have an entity. This is the registered agent who can accept service of process if there is ever a need to contact that entity.
@@strohmeyerlawpllc thanks so much for the reply! I've seen sources that indicate that all owners up the chain need to be reported. Do you have any idea why on line 38 it indicates an entity's legal name could be entered?
@@briancohen4269 Yes! If the owner is an entity that is an exempt entity, the the entity is listed. But if the owning entity is not exempt, you keep going up the chain to the individuals.
@@strohmeyerlawpllc perfect, thanks! Also, any word if tax softwares will support this filing (like they do with the FinCen-administered FBAR)?
@@briancohen4269 There are some apps that are supporting it, and my guess is that eventually the tax-prep software will catch up to it.
Hello, I appreciate your informative video; it's easy to follow. I have a question about adding my partner, who owns 50% of the business. You mentioned that you added your wife as your partner but needed to know where to add her to the form. I'm looking forward to your upcoming video addressing this topic. Thank you!
If you go to 8:55 in the video. you'll see a blue button marked "Add Beneficial Owner" on the right side of the screen. . You'll use that to add Beneficial Owners to the report. Hope that helps!
Thank you for the information...!
You bet!
Hi, thank you so much for the information. I have one question, though. What if the company (PA) is owned by another company (Inc)? How do we upload any information on the beneficial ownership? I understand there are two reports being filed (the Inc Corporation has a person as the beneficiary, so I can complete that following the video), but how do I file for the PA being that the ownership is not a person, but an entity and I don't have an ID for it? Thanks for your help.
The PA will need to report the individuals who own 25% or more of the Inc or have Substantial Control over the Inc. This means looking through the PA to determine who the beneficial owners are.
Hi! Thank you for putting this together! Curious as far as the turnaround time. Have you received a filed copy? If so, how long did it take?
You'll get a transaction report immediately upon filing. This is an electronic filing, so you're not waiting for the USPS to get it to FinCEN.
Got it. Thanks! So as of now, there is no clear response as far as the ID not being legible? I'm just trying to figure it out if there is a timeline to know for sure it was accepted. @@strohmeyerlawpllc
@@jenisairizarry1973 You should have immediately received a transaction confirmation that it was accepted.
Thank you for putting this together...If I file and select the option to receive a FINCEN ID - I understand I receive that at the end once I hit submit. But while I'm completing the form, do I leave the beneficial owner ID empty for both myself and the 2nd business owner?
No, you must fully report all beneficial owners on that report. There is not an option for you to not completely report Beneficial Owners if the entity is not exempt from reporting.
The FinCEN ID generated by filing the report is for the entity and not the beneficial owners. The process for generating a FinCEN ID for individuals is a separate process addressed in this video: ua-cam.com/video/z-LnDTfiR9s/v-deo.html
So then just to be ultra clear, BOTH beneficial owners must each step 1) create individual fincen IDS by following the instructions ua-cam.com/video/z-LnDTfiR9s/v-deo.html and then step 2) follow the process for submitting the report as laid out in this video where at the end of this process will also return a report submission confirmation aong with an ENTITY Fincen ID is that correct? @@strohmeyerlawpllc
There is no requirement that any person or entity get a FinCEN ID--it just makes the process easier.
The entity must report all beneficial owners in its BOI report.
Thank You ! John
You’re welcome!
Thank you for posting this, it was very informative and easy to follow!
In the case of an LLC partnership who has an owner in the process of disassociating from the LLC, would it be best to;
• File an Initial Report that includes the information for both owners, then later file a Correct(ed) Prior Report where the disassociated owner is no longer included
OR
•Wait until the LLC disassociation process with the SOS is complete and file an Initial Report then?
Also,
When it asked for the physical address of the business, you mentioned not to use a PO Box or your CPA's address; how would one proceed if they're a remote business who uses a Personal Agent for the sake of keeping their physical address off of the public record?
You're welcome!
I can't tell you what's *best*--I'm just a talking head on the internet and not your personal advisor. What I would consider is that initial reports for entities that exist on or before December 31, 2023, don't need to file their initial report until January 1, 2025. So, many are using this year to get the ownership where it needs to be before filing that initial report.
On the address, here's the guidance from FAQ F. 8. Can a reporting company report a P.O. box as its current address?
_No. The reporting company address must be a U.S. street address and cannot be a P.O. box._
@@strohmeyerlawpllc You could always update the information you provided later right?
@@saiDhruvheydood Yes, the information can be updated, and in certain cases, must be updated. Please work with your advisors to get a specific answer for your situation.
Hi, thank you so much for the video. I do have a question. Since I'm doing my business as a DBA, do I put my legal name as the "reporting company legal name" and put my DBA business name on 6. Alternate name?
The reporting requirement only applies if there is an entity that was formed. If you only have a DBA, and not an entity, there isn’t a requirement. Please confirm your situation with your own advisor.
@@strohmeyerlawpllc Thank you so much!
@@mykoostudio You are welcome!
Thanks for the video. If the reporting entity has beneficial owners that are all LLCs/Corps, do we put the legal entity names of those companies down? Or the individual name of the main owner/officer instead?
Beneficial owners are only individuals, and not entities. You will need to list all individuals who qualify as beneficial owners of the Reporting Company under either the Substantial Control test or the Ownership Interest test (25%+). You will need to work with your own advisors to determine who those people are.
Thank you so much for the video! So helpful and with you it was so easy. The audio could be little bit louder though, it was hard to hear :)
Thanks! We've upgraded the audio and will have that video uploaded shortly--The content will be the same though.
Hey john really appreciate everything i filed my non resident llc on 12/14/2023. And i recived my ein yesterday. Do i have to file it aswell i live in canada and my addreas in llc is my residential addreas. Would really appreciate your help
I submitted the BOI a couple of weeks ago, but other than the transcript that I saved as pdf upon submission, I haven't received an email confirmation or any other status on the application. Seems strange that there wouldn't be such a tracking facility for folks to see whether any issues with the form and attachments.
I agree. I’ve submitted several reports and haven’t seen a confirmation email. I am saving the pdf transcript for future records.
The lawyer that filed our LLC paperwork has not responded to repeated requests for his, or his firms FINCEN ID (or other information) so I can complete Part II - Company Applicant Information. I tried to complete as much information as I have about the lawyer and his firm, but I do not have an “identifying document image” to attached (#33 on the form). Any thoughts on what I can do if the “Company Applicant” will not provide their information?
That’s very frustrating to hear, and I don’t have a good answer for you.
FinCEN does not have a process to allow for “missing” information like that, so you’ll need to get the information from that firm. You may need to physically go to their office.
Thank you!!!
You're welcome!
Hi. I have filled the form for my 2 LLC, I can tell you I have tried for the last 4 weeks to remit the forms from different computers thinking that mine does not have the capability, but I have not been successful. I checked google to see if other people have the same problems and there are tons of complaints with the same problems as mine. What am I doing wrong?
Unfortunately, I can't tell from your comment what could be wrong. One of the things that I've seen is that if the file name for the scans of the photo ids is too long or has spaces, it can cause issues.
Hi, thank you for such helpful information. Could you please tell me how should I file BOI if my reporting company has 2 members:I (TX resident) and another company of mine which is a non-US company but has a US TIN and where I am the 100% owner? Should I list myself twice at beneficial owners? Should I report the foreign company separately? Thank you.
I’m sorry, but we cannot give specific advice or recommendations like that on UA-cam. You will need to work with your own advisors to determine the proper course of action for your specific circumstances.
Thank you for this video. I attempted to submit BOIR for my company using the “File Online BOIR” option. During the first attempt, I encountered a runtime error and did not receive a confirmation. When I tried to resubmit, I received the error code SBE02, indicating that the initial BOIR had already been filed. I do not have confirmation of the initial submission, only a Submission Tracking ID for the second attempt. Question: How should I proceed to verify whether my initial BOIR was successfully submitted and resolve the SBE02 error?
Yikes-I have not heard of this specific situation. Also make sure that you’re working with your own advisors because based on this situation, we can’t help you specifically through UA-cam comments.
I don’t have any specific things that I know will work.
You may want to consider using the update previous report option to file something that confirms the prior information.
Whatever you do, keep all the information and records that you have showing that you filed things so that if there’s ever a question you can show that you did attempt to file.
What if you don't click the existing button. LLC formed afer 1/2024. It then asks for Individuals first and last name? Whose name are they asking for? If more than 1 owner there is no button to add more.
If the entity was not formed before 1/1/2024, then you’ll need to report the Company Applicants on that page.
If you go to 8:55 in the video, you’ll see a blue button in the top right of the screen to add additional Beneficial Owners.
Hey thanks a bunch. Do non resident llc owners also have to file it and same steps. I am in canada i dont have a us addreas my business addreas in my llc is my residential addreas
The process is the same for all reporting companies. You don’t have different reporting obligations for different types of owners. Unless an exemption applies you, you will need to report the beneficial owners. Please consult with your own advisor to make sure you’re reporting accurately for your specific situation.
Thank you for this. I started reporting and got to the end and hadn't seen where I could add another beneficial owner. I summitted the report and went back and tried the correct prior report and update prior report to add the second owner. I get to the last page and it tells me pretty much all the info is missing. I went back and it looks good to me. Any ideas?
Go to 9:11. On the top left of the Beneficial Owner page, there’s a blue button marked “Add Beneficial Owner” that will let you add reporting space for additional Beneficial Owners.
Beyond that, I can’t tell you what happened with the report and why it didn’t recognize the information. 🤷♂️
Hi! My parents have a small mom and pop shop at a flea market and they're an LLC. The only people working that business is my parents and I'm not sure if they have to file a BOI ? I'm leaning towards more that I need to report this ? Do you have any insight my situation ? Thank you in advance!
Unless they qualify for an exemption, they’ll need to file. From what you’ve described, it sounds like they’ll need to file.
Thank you so much!
You are welcome!
Is this the only reporting form we need to do or is there more like reporting cash and stuff like that
This is the only reporting related to this law, but depending on what work you complete, there could be other compliance obligations. You'll need to talk to your own advisor to determine if there are any other requirements specific to your business.
Hi John, I'm new in the business and my husband and I filed our LLC through TB. Now, I want to file for our BOIR to save money instead of doing it through TB. Can we still file for it or should we have the third-party do it for us since they file our LLC in our state on behalf of us? Thanks
You’re not required to use a third party to do the filing for you. You can do it yourself.
You don’t have to have a third party do the filing if you’d like to do it yourself. Good luck!
Thank you for the valuable information. I think your information will be of great help. However, in my case, there is an inc. headquartered in Japan and an inc. in California, and of course, 100% of the shares are owned by the head office in Japan. How should I report this case?
You’ll need to work with your own advisors to determine the beneficial owners of the California company, which will likely require determining the beneficial owners of the Japanese company.
What steps do you take if you are filing these as a third party or a client?
I'm so curious about this, can't find a simple answer.
At this point, there aren't any other steps. So, if you're asking, "what do I have to do if I'm helping someone else with their BOIR?" I don't have an answer for you.
What should you do? I'm still figuring that part out. I know that I'm likely not going to allow people to email me copies of their id cards--there's too big of an opportunity for me to be part of a larger fraud.
I can't even find *AN* answer, much less a simple one.
How to report an LLC real estate holding companies with 3 equal owners?
You’ll need to get with your own advisor to determine who needs to be reported for your particular entity. I can’t provide specifics because I am not your lawyer.
I have 10 LLCs to file this BOI- so I have to do 10 files, right? Is that easy for me to create FincenID first?
If none of the entities qualifies for an exemption, then yes you’ll need to file 10 BOI reports. To simplify your reporting, getting a FinCEN ID is probably a good option. Remember to check with your own advisors about your specific circumstances.
@@strohmeyerlawpllc Thank you so much for fast response. You are the best!
is this form required for LLC as well? or ONLY C-corps? thank you
Any entity formed by filing a form with the Secretary of State or similar office, so LLCs are included.
As a consultant who assists my clients with business formation, they are requesting for me to complete their BOIRs as well. I believe I need to create a FinCEN ID for each client. Am I correct?
No, it’s not required that anyone obtain a FinCEN ID.
If 3 people own a business equally 3 ways, (so more than 25%) does only one person fill it out for the company or do all 3 need to fill one out for the company??
There is only one report for the company, which should list all the Beneficial Owners of the company. Individuals should not file separate reports.
Thank You. SO I can follow this video rather than paying legalzoom more, and everything will be okay? Do I need to get something from the BOIR and give it to legal zoom or another entity? Thank You
Unfortunately , this video is not specific advice for anyone, and I cannot confirm that it will apply to your situation. You need to work with your own advisors about your specific situation.
Should we use a SS# for single member pass through as filed on tax returns or the EIN?
Why wouldn’t you use the EIN?
@@strohmeyerlawpllc taxes are filed with the social was not sure if that mattered
Normally the entity uses the EIN when filing taxes.
@@strohmeyerlawpllc For some reason ss# seems to be used and a 10 digit#, however new cpa said to use FEIN.. these are single member LLC's
What exactly is the difference between business name and trade name?
Also I heard needs to be done in 30 days is it 30 days from When the LLC is finalized and proccessed or is it 30 days from when you fill out LLC?
The business name would be the entity’s legal name. A trade name would be a “DBA” doing business as alternative name.
The initial report is due within 90 days of when you receive formal or public notice that the entity has been formed if formed in 2024.
@@strohmeyerlawpllc Say if I'm a youtuber who decided to write a comic if I wanted to use my UA-cam or other social medias to promote the comic would they be trade names? Also would a pen name be a trade name? I have a Seperate name I want to name the comic universe.
@@TJ-spiritI'm sorry, but we can't give specific advice like this. You're going to need to talk to your own advisors about your specific situation.
@@strohmeyerlawpllc it's ok. Thanks :)
*So how do they determine who's deemed a criminal? What do they look/not look for? What if you're deemed a "criminal" politically (or even legally as a misdemeanor/felon)? Isn't this a slippery slope?*
The operative word in the penalty provisions is “willfully.” Because this just went into effect last week, real enforcement hasn’t started yet. My guess is that the folks who knew about the obligation to file and then actively decided not to comply with this duty. It will likely be similar to how the IRS criminally prosecutes taxpayers.
@@strohmeyerlawpllc but what if someone has a criminal record?
@@christianstill.6654 I don’t understand what you’re asking.
@@strohmeyerlawpllc Would a person with a record be allowed to continue running their llc under this law, since the purpose of it is to identify criminals
@@christianstill.6654 The law does nothing to prevent any person with a criminal history from owning or running a company. This only requires disclosure of the ownership and control of entities, and is similar to the requirement that people show identification when opening a bank account.
I have a question please. I have 3 different LLC. One for each property should I use the same BOI Id I get for the first report OR I have to apply for each one of the companies
You’ll need to talk to your own advisor about your particular situation. Generally, each entity will need to report its BOI separately. An entity’s FinCEN Id wouldn’t necessarily be used for another entity’s report.
Thank you ❤
You're welcome 😊
I just have llc and Ein do I need to this my business is not operating
Remember to consult with your own advisor. You should see if the Inactive Entity exemption applies to your situation, but the six requirements are very specific. If you don't meet them all, then you'll either need to qualify using a different exemption or report beneficial owners as required.
I just started a llc.i dont have my ein yet.when do i fill this out
You need to get your EIN and get it filled. The deadline is 90 days from when you received notice of your formation.
@strohmeyerlawpllc since my business sells digital goods do I need to use a a florida annual sale of certificate on e commerce site
I started my LLC business on 1/19/24 when do I need to file the boi form.the llc was formed with northwest registered agent.any advice
@@rcguy2175 If you formed or registered your business in 2024, then the deadline is 90 days from when you received notice of your formation or registration.
I am not familiar with any Florida filing requirements, so you will need to talk with your own advisor who is familiar with Florida's requirements to address your specific circumstances.
Sir I want to close my llc permanently and I want to know (BOI) is mandatory for me before dissolving my llc. Sir please clear my doubt.
My LLC is non resident llc in NH State and i am from India
You’ll need to talk to your own advisors about your specific situation. I can’t provide specific advice here.
I filled this out but forgot to download the confirmation page. Is there a way to get back to that point? I’m driving myself nuts since I don’t have the document. Can I just redo the form?
Unfortunately, I don’t know of any way to regenerate the transaction report if you didn’t save it when they provided it to you.
I'm still not sure why I need this. I'm a sole proprietor working with a DBA for retail with the only "beneficiary" is me.........
CTA only applies to entities, and if you just have a DBA, this shouldn’t apply. Make sure you talk with your own advisor about your particular situation.
Do each shareholder have to file separate report?
No, BOI reports are filed by the Reporting Company to report all of the Beneficial Owners for that entity. Individuals do not file their own reports.
Wow. My CPA hid the actual page and sent a letter full of information but withheld the actual page to go to to file. He was offering to do it for 200 per entity. Maybe it’s time to find a new cpa. I would have been out 600 dollars.
I can’t comment on why that happened. Anyone can do this reporting, and the reason to have your CPA do it would be to let them deal with it for you. Good luck!
@@strohmeyerlawpllc I can comment on it. It is called informing with information overload without providing the actual address to the page to file, but burry it so it is overwelming and you end up frustrated and have them do it for 200 a pop. On their end it is unethical to your client. I called him on it. The whole idea is to have your CPA save you money. It was price gouging and taking advantage of your client.
@@77Tadams Without having been involved in the situation between you and your client, I can't add anything else to this.
Wow, that's kind of steep. 😬This is a service my registered agent is offering to do for $25 per entity.
Hi..
I just registered florida LLC and still i didn't receive an EIN.. so tell me please it's necessary do i apply for this or not
Yes, Reporting Companies will need to include their EINs as part of the Beneficial Ownership Information Report.
Thank u xplain good
You are welcome!
Trying to submit and getting an error code SF01.
I wish I knew how to address that, but I have not seen that (or any) error message.
How about the business is not in service
You'll need to talk to your own advisor about your situation. There isn't specific guidance on administratively dissolved entities, and my assumption is that it would follow other entities that are no longer in existence: if its existence terminated before January 1, 2024, it should not be an existing entity that is subject to reporting. Again, consult with your own advisor about your specific circumstances.
if i disclose my llc before january 1 2025 .Is it mandatory for me to submit BOI before disclose my llc.
I’m sorry-I don’t understand your question. If your entity was formed or was registered to do business in the United States before 2024, then the initial BOI report is due by 1/1/25.
@@strohmeyerlawpllc 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 Because the LLC existed in 2024 and was formed in 2023, I would file the BOI report with FinCEN, even if you are planning on closing the LLC. Please consult with your own advisor about your specific circumstances.
Yes, the audio really SUCKS! Thanks for posting the solutionon the alternate website.
You’re welcome! I wanted to be sure that the information got out there.
More bureaucratic crap they put small business owners through.
🤷♂️
Yeah but I have a way you could get it done swiftly under 10 mins. I feel you but we can't really do anything about it.
the volume on your video is almost non existent. i cannot hear you.
Thank you-it’s been fixed for future videos.