Good video! One question: what if the legal owner of a corp is an irrevocable living trust? Would you need to disclose the beneficiaries of the trust then? Thanks!
Thank you for the compliment, and great question! I can't give legal advice, so please confirm with your own counsel. However, here is an example of who has to disclose if the trust is considered a "Beneficial Owner" of the reporting company: 1. The trustee, trustees, and other parties with decision-making rights with respect to the interest in the reporting company owned by the trust, such as investment advisers; 2. The settlor of a revocable trust with the power to revoke or amend the trust agreement; 3. A beneficiary who is the sole permissible recipient of trust income and principal; and 4. A beneficiary who has the right to demand a distribution of or withdraw substantial assets of the trust. Hope that helps! Best regards, Chris
Hi. It is a one-time filing unless there are changes to either the Company information or the Beneficial Owner information. If so, you must file an updated report within 30 days of the change. I hope that helps! Best regards, Chris
Hi. Thanks for your comment and question. You do have to file a report for entities formed before 2024, but you have up until January 1, 2025 to file the beneficial owner information (BOI) report. However, if your LLC was formed before 2024, you do not need to include the "Company Applicant" information in the report. Let me know if you have other questions, thanks! Best regards, Chris
Hi. Thanks for watching and for your question. No, it applies to all non-exempt companies (not just anonymous LLCs). However, the information is not available to the public. Let me know if you have other questions. Best regards, Chris
thank you for the KNowledge.
Glad you found it helpful, thanks! Best regards, Chris
Wow! Good info. Thanks Chris!!
Glad it was helpful!
Thanks for the detailed info, Chris. =)
You're welcome! Glad you found it helpful. Best regards, Chris
Thanks for hte information
You’re welcome. Hope it helps!
Good video! One question: what if the legal owner of a corp is an irrevocable living trust? Would you need to disclose the beneficiaries of the trust then? Thanks!
Thank you for the compliment, and great question! I can't give legal advice, so please confirm with your own counsel. However, here is an example of who has to disclose if the trust is considered a "Beneficial Owner" of the reporting company:
1. The trustee, trustees, and other parties with decision-making rights with respect to the interest in the reporting company owned by the trust, such as investment advisers;
2. The settlor of a revocable trust with the power to revoke or amend the trust agreement;
3. A beneficiary who is the sole permissible recipient of trust income and principal; and
4. A beneficiary who has the right to demand a distribution of or withdraw substantial assets of the trust.
Hope that helps!
Best regards,
Chris
Question: Is this a one time filing or do they require this to be filed every year?
Hi. It is a one-time filing unless there are changes to either the Company information or the Beneficial Owner information. If so, you must file an updated report within 30 days of the change. I hope that helps! Best regards, Chris
Thank you for these important information. Why the registered LLC before 2024 don't have to report ❓🤔
Hi. Thanks for your comment and question. You do have to file a report for entities formed before 2024, but you have up until January 1, 2025 to file the beneficial owner information (BOI) report. However, if your LLC was formed before 2024, you do not need to include the "Company Applicant" information in the report. Let me know if you have other questions, thanks! Best regards, Chris
@@cjlawvideosThank you Mr Chris 🙏👍
I’ve heard that it all needs to be filed only if you’re entity was formed anonymously? Is that correct?
Hi. Thanks for watching and for your question. No, it applies to all non-exempt companies (not just anonymous LLCs). However, the information is not available to the public. Let me know if you have other questions. Best regards, Chris