Attention business owners if you own a LLC or C Corp this video is for you!
Attention current small business owners ‼️ If you own an LLC or C corp this message is for you.
If you formed your business prior to 2024, due to a new mandatory reporting requirement (within the 🇺🇸) you now have to fill out what is called a Beneficial Ownership Information report (BOI). You have until 1/1/25 to fill this out, or face fines of $500 a day.
Any new LLCs or C corp started in 2024 have 30 days to fill out this report.
Here are some other important things to know:
1. Although mentioned up to $15k fine in the video, this isn’t accurate. Fines will cap at $10,000. (Any fine is no bueno!) You may also face criminal penalties of up to 2 years in prison.
2. “Beneficial owner” refers to:
Anyone who exercises substantial control over a reporting company;
owns 25% or more of the equity interests of a reporting company; or
receives substantial economic benefits from the assets of a reporting company.
3. There are 23 categories of business exempt from filing, including, but not limited to: broker-dealers, insurance companies, banks and tax-exempt organizations. Importantly, businesses that employ more than 20 employees on a full-time basis in the United States and demonstrate more than $5 million in gross receipts or sales are also exempt from the BOI Reporting.
4. Reminder for due dates:
If the reporting company was formed before 2024, the initial BOI report must be filed by Jan. 1, 2025.
If the reporting company was formed after Jan 2024, the initial BOI report will be due 30 days following confirmation of formation.
5. Read more and file your report at
www.fincen.gov/boi
6. Be mindful you may be contacted by fraudulent companies regarding this. The website listed above is the one to trust!
6. Subscribe to our YouTube channel for more tips!
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