What if your living revocable trust is the owner of an LLC? Although you don’t register a trust with a state entity, you do of course register the LLC with a state entity. Thank you again Lee, your wisdom is always beyond invaluable.
@mdnet78
3 ай бұрын
@legalees - Would appreciate your input on this
@okoakinsey4971
8 ай бұрын
Wow. Thank you Lee for your diligence in sharing this information!
@MyPlace420
8 ай бұрын
I just filed my boir initial form for 2024 online. It was quick and easy.
@vivalv1153
7 ай бұрын
Where is the on line site to register?
@cheeseofdestiny9479
8 ай бұрын
Wow man this is fantastic information. As a start up without any lawyers I definitely would not have looked into this and the govt would’ve eaten my profits.
@pineweb7597
8 ай бұрын
An LLC is owned by a trust. Who registers, the Trustee, the beneficiaries (logical) or BOTH? What if the beneficiaries are minors and/or have little or no knowledge of the LLC which is only used to hold brokerage account assets? Thanks.
@user-oj8cx6uu3m
8 ай бұрын
Thank you! This helped a lot as I filled out the BOI form online and submitted it. Although I do think it is ridiculous we have to even file this, there was no new information that they wouldn't have from my original formation of my company. Makes no sense!
@jeffhaney2827
8 ай бұрын
Thank you again Lee on another great informative video. Thank you.
@harrychu650
8 ай бұрын
Setting the stage for a wealth tax based on assets rather than realized profits?
@Piglet3009
8 ай бұрын
exactly
@LLflow
6 ай бұрын
Your information is so valuable! I greatly appreciate you.
@BasilikosNomosInstitute
8 ай бұрын
It appears to be a violation of the 5th amendment. The right to not self incriminate.
@jayviz
8 ай бұрын
Lee, I love your videos, however this does not sound that unusual to me. I live in a state for example where every year I need to update my LLC ownership information with an "annual report" to the state. Is this really any different? What am I missing?
@Legaleescorp
8 ай бұрын
This is reporting to the feds. It goes to anyone with a “beneficial ownership interest” in the company. Who gets money? Who is behind setting up the company, not just the listed owners. Who benefits from this company anyway?
@jayviz
8 ай бұрын
@@Legaleescorp Thank you. But How is the person supposed to report this? I mean as a single member/sole proprietor LLC, it all gets reported on income tax anyway so doesn't that count as "reporting"?
@greysonfreightllcma-malaph5027
8 ай бұрын
I have LLC for driving my own semi truck. I’m the only member. Do I need to file boi? I also file franchise tax annually
@sewingseeds.
7 ай бұрын
What if someone has a subsidiary DBA/ ASN under their LLC? Must that be reported also? So glad you’re on top of all this stuff and keeping us informed. Thank you for all you do. 😊
@Legaleescorp
7 ай бұрын
If the DBA (doing business as) is an LLC DBA, is will have to be reported as part of your LLC BOIR (beneficial ownership interest report). If it is a DBA under a sole proprietorship without an LLC involved, it won’t have to be reported.
@BrandonWristband
4 ай бұрын
What is I haven't applied for my EIN yet?
@Legaleescorp
3 ай бұрын
It is based on state registration of the entity, not tax status. For example, you can have an LLC taxed under your Social Security number, but it will still need to be registered, because the LLC is filed with the state.
@Marlen-CruzCommercial_2023
6 ай бұрын
Wouldn’t it make more sense to ask the states to turn over that information which they already have for all businesses registered in the state?
@Legaleescorp
5 ай бұрын
No, because FinCEN wants a lot more information than the states have got. They are looking for the beneficial owners and influencers, not just the recorded owners. And most states don't record the owners, just the registered agents.
@rcguy2175
7 ай бұрын
I just started my llc.im the owner of the company just me.i filled on 1-19-24.im waiting for the paperwork to be filled with florida also waiting for my ein from irs do i need to fill out the boi because if i need.Im not sure how to fill it out
@Legaleescorp
7 ай бұрын
You need to register the company with FinCEN within 90 days of the filing.
@vivalv1153
7 ай бұрын
Where can I register online?
@user-wz2kb5os1x
8 ай бұрын
Do you have to report if your Business will close in 2024?
@Legaleescorp
8 ай бұрын
I am not sure if the business is closing in 2024. I would assume not.
@fallin4271
8 ай бұрын
When did they created this agency? Where they get the money from to fund this? $500 a day 🤔 what will they do with that money
@Christine4music
8 ай бұрын
They buy yachts and stuff with your $
@Legaleescorp
8 ай бұрын
FinCEN has been a part of the Treasury Dept for a long time. Congress gave them the money to fund it.
@robertdema
8 ай бұрын
Who put this law in effect???
@Legaleescorp
8 ай бұрын
US Congress. Corporate transparency act of 2021 authorized the US Department of Treasury through its FinCEN division to enforce it.
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