The Ultimate Guide to Filing Business and LLC Requirements

💼The new business and LLC requirements aim to prevent money laundering and tax evasion by creating a beneficial owner report.

📝A beneficial owner is anyone with substantial control over the business or owns at least 25% of the ownership interest.

💡Filing the beneficial owner report is an annual requirement and must be done within 90 days of forming the business.

📄The report can be filed online through the FinCEN website using the Boi e-filing system.

⚖️Failure to file the report or provide false information can result in civil or criminal penalties.

Who needs to file the beneficial owner report?

—All reporting entities, such as corporations, LLCs, and partnerships, formed by filing paperwork with a state.

When do I need to file the report?

—If your business was formed before Jan 1, 2024, you have until Jan 1, 2025. If formed after, you have 90 days from the entity's confirmation date.

How do I determine who is a beneficial owner?

—A beneficial owner is someone with substantial control over the business or owns at least 25% of the ownership interest.

What happens if I don't file the report?

—Failure to file the report or provide false information can result in civil or criminal penalties, including fines and imprisonment.

Where can I file the beneficial owner report?

—The report can be filed online through the FinCEN website using the Boi e-filing system.

00:00Introduction to the Ultimate Guide on filing business and LLC requirements, focusing on the beneficial owner report.

03:30Explanation of who needs to file the report and the definition of a reporting entity.

04:50Overview of the requirements and exemptions for filing the beneficial owner report.

06:30Details on when and how to file the report, including the 90-day deadline for entities formed after Jan 1, 2024.

08:20Explanation of what happens if the report is not filed or false information is provided, highlighting potential penalties.

10:40Demonstration of how to file the beneficial owner report using the FinCEN website and the Boi e-filing system.

12:20Conclusion and invitation to explore additional resources for business accounting and tax assistance.