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YourLegal’s Breakdown of BOI Reporting for Small Businesses
•
•
If your business is structured as a
corporation (S corp or C corp) or a limited
liability company (LLC), chances are high
that a BOI report is in your future, unless
your business qualifies for one of the 23
exemptions outlined. Exemptions are
crucial to understand, especially for small
corporations or LLCs. Sole proprietorships
and most general partnerships are likely to
be exempt, as FinCEN has indicated in its
statements.
•
Delving into the exemptions provided by
the Corporate Transparency Act, certain
businesses, termed “large operating
companies,” can sidestep BOI reporting
if they have more than 20 employees,
boast over $5 million in gross receipts,
and maintain a physical office presence
in the USA. Additionally, certain inactive
entities in existence on or before
January 1, 2020, receive an exemption.
Familiarizing yourself with these
exemptions is vital for determining your
business’s status.
•
illion in gross receipts, and maintain a
physical office presence in the USA.
Additionally, certain inactive entities in
existence on or before January 1, 2020,
receive an exemption. Familiarizing
yourself with these exemptions is vital
for determining your business’s status.
•
What exactly needs to be reported? The
foundational details about your company,
such as its legal name, address, and taxpayer
identification number, form the basics.
However, the crux lies in providing personally
identifiable information for each beneficial
owner – those individuals with at least 25
percent control of the company. This includes
comprehensive details like names, birthdates,
addresses, and identification numbers from a
driver’s license, state ID, or passport.
•
In the dynamic world of business, change
is inevitable. If any information in your
report undergoes alterations or if
inaccuracies are discovered, the clock
starts ticking. You have a 30-day window
to file an update or a corrected report to
ensure that your records stay accurate and
up-to-date.
•
Concerned about the privacy of the
information you’re disclosing? Access to
BOI information is restricted to
authorized entities, encompassing
federal law enforcement, national
security agencies, financial institutions
with your explicit consent, and others.
Recognizing the importance of data
security, FinCEN is obligated to
implement robust protocols to
safeguard your sensitive information.
THANK
YOU
www.yourlegal.org

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YourLegal’s Breakdown of BOI Reporting for Small Businesses

  • 2.
  • 3. • If your business is structured as a corporation (S corp or C corp) or a limited liability company (LLC), chances are high that a BOI report is in your future, unless your business qualifies for one of the 23 exemptions outlined. Exemptions are crucial to understand, especially for small corporations or LLCs. Sole proprietorships and most general partnerships are likely to be exempt, as FinCEN has indicated in its statements.
  • 4. • Delving into the exemptions provided by the Corporate Transparency Act, certain businesses, termed “large operating companies,” can sidestep BOI reporting if they have more than 20 employees, boast over $5 million in gross receipts, and maintain a physical office presence in the USA. Additionally, certain inactive entities in existence on or before January 1, 2020, receive an exemption. Familiarizing yourself with these exemptions is vital for determining your business’s status.
  • 5. • illion in gross receipts, and maintain a physical office presence in the USA. Additionally, certain inactive entities in existence on or before January 1, 2020, receive an exemption. Familiarizing yourself with these exemptions is vital for determining your business’s status.
  • 6. • What exactly needs to be reported? The foundational details about your company, such as its legal name, address, and taxpayer identification number, form the basics. However, the crux lies in providing personally identifiable information for each beneficial owner – those individuals with at least 25 percent control of the company. This includes comprehensive details like names, birthdates, addresses, and identification numbers from a driver’s license, state ID, or passport.
  • 7. • In the dynamic world of business, change is inevitable. If any information in your report undergoes alterations or if inaccuracies are discovered, the clock starts ticking. You have a 30-day window to file an update or a corrected report to ensure that your records stay accurate and up-to-date.
  • 8. • Concerned about the privacy of the information you’re disclosing? Access to BOI information is restricted to authorized entities, encompassing federal law enforcement, national security agencies, financial institutions with your explicit consent, and others. Recognizing the importance of data security, FinCEN is obligated to implement robust protocols to safeguard your sensitive information.