Lee, thanks for the video. Under "Company Applicant", Question 16, I think you skipped over. The way I read it, any company formed before 1/1/24 can check that box and does not have to enter the "company applicant information"
Item 16 existing reporting company check this box if the reporting company was created or registered before January 1st 2024. Do not check the box if the reporting company was created or registered on or after January 1st 2024. Reporting companies that check this box are not required to report any company applicants, proceed to part lll.
@@marthafifield2929 IF you needed that, and I don't see where you do (not a lawyer or CPA), that info is possibly available on the secretary of state's website when you look up you company
Thank you so much Lee. Much appreciated. #16 stumped me as well and that wasn't addressed in the video. Once I receive my FinCen # I'll just come back and update. AND before that, I'm calling them tomorrow :) Yikes!!! We got a whopper on our hands folks :)
The answer is here. I also had to read it twice. If you hover your mouse over the question you will get the example as below. Item 16 existing reporting company check this box if the reporting company was created or registered before January 1st 2024. Do not check the box if the reporting company was created or registered on or after January 1st 2024. Reporting companies that check this box are not required to report any company applicants, proceed to part lll.
The way i understand it, is. You want to start by getting your FINCEN number first then do a BOI filing for each company. If there is any changes to a your personal information you make that changes by logging into your FINCEN ID. once changes are made at the FINCEN ID portal. All registered BOI filings that you made and included "your" FINCEN ID number on that filing, will automatically updated "your" information.
Question 16 is referring to a company existing when 2024 entered the calendar. You don’t have to supply applicant information if the company existed prior to 2024. Check 16 and it skips over the applicant questions.
Your living revocable trust is not registered with the state, so doesn’t need to do FinCEN. The EIN has nothing to do with whether or not you register with FinCEN. The state registration is the trigger.
Thank you. For a disregarded pass through SMLLC with a single member BOI, yet managed/operated and as a multi-person Manager-Managed LLC (not owners), is it required to list the managers even though they are not owners with any beneficial interest?
If you dissolve the LLC after January 1, 2024, you technically don’t have to update the company report with FinCEN. The question I don’t know the answer to is do you have to maintain the information for each owner in their BOI report if something changes in the individual’s information? I don’t think they thought through the “how do I get rid of a company” problem.
Thank you for your time and effort to explain FinCEN. Do I have to report LLC entities that have been deactivated in the state where they were created? Thank you, Alex
If they were formally closed prior to this year, then you do not have to report them. If you just quit paying the fees and they lapsed, you still need to report them unless you qualify as a dormant entity by meeting the following six requirements. If you have an entity that you have really never used, you may not have to report it to FinCEN. You will have to meet all six of the following criteria to have FinCEN consider it an “inactive entity.” 1. The entity was in existence on or before January 1, 2020. Y/N 2. The entity is not engaged in active business. Y/N 3. The entity is not owned by a foreign person, whether directly or indirectly, wholly or partially. Y/N 4. The entity has not experienced any change in ownership in the preceding twelve-month period. Y/N 5. The entity has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelve-month period. Y/N 6. The entity does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity. Y/N
thank God for you, Lee! I have always filed income taxes using the tax ID number of my LLC, but since I am a sole proprietor/single member, everything always flows back to my individual return and Social Security number. Should I still register under my social as you have mentioned? I also have a DBA which has rarely been used in the past several years. So how does that work into this paperwork snag?
I would use the EIN, because that is what they have associated with the company LLC. I think I remember there is a place on the registration for DBAs. If the DBA isn’t registered at the state, I would forget it.
PS Did you get my email on the injunction against FinCEN? I wouldn’t register until we see what happens to the injunction that was issued Monday Dec. 2nd. If not, you can request a copy by emailing our office at info@legalees.com
You will file one form for the company and then each beneficial owner required to register will put their information on that same application. That’s why it is probably better to have everyone get their BOI number and then just put the number on the application.
@@Legaleescorp Thank you. I initially filled it out with just myself, because I did not see the "add beneficial owner", but I have since corrected my application to include all owners. Blessings and thank you so much for creating this video.
Thank you for this instructional video Lee! Do you know if I have already registered with FinCen, but want to redo it using a FinCen #, can I? Also, where do I request a FinCen #? Thank you
You can say that you are correcting the registration on the FinCEN website. If you have already registered and it is your only company, I wouldn’t think you need to get a personal number with FinCEN. It asks you on the site if you are registering for an individual or company.
Ive been hearing rumors that we have to report our Land Trusts W/ LLC as Beni to FinCEN, but I cannot find any info or instructions on the website or from anybody, so what I'm about to do is that I'm just going to send them a letter with all my land trust info and hope for the best and just so I can say that I tried. what do you think?
The land trust is not usually registered with the state, so it wouldn’t have to be registered with FinCEN. You will have to start reporting transfers of real estate, but that doesn’t start until next year, and we don’t have information on that yet, other than it residential real estate transactions will have to be registered.
Thank you Lee for making this video. Are individuals ( or businesses not registered as a separate entity) who receive income reported on Form 1099 required to register with FinCEN?
Thank you, Lee. I'm in IL and registered my LLC here. I have 5 series under the LLC. But only one EIN number. Do I need to register all five series? And do I use the one EIN number each time?
If the different 5 series are not each registered and only the principal LLC is registered with the state, then I wouldn’t do each series LLC. If the series LLCs are independently registered with the state then do them all. Use the same EIN.
Hello Mr Phillips, i have a question if you don't mind. How do i start a TH-cam channel under an anonymous llc?i paid for a company to create an anonymous llc a couple of years ago, and i want to create a TH-cam channel, but i don't want the income of the channel or who the beneficial owners of it to be searchable on Google or on the social sites that measure revenue or ownership information. There had only been one person that i have ever heard of that did it in the past, and that was a dj/music artist named Marshmallow. He wore a custom marshmallow shaped mask over his head in public and for many years no one who what his real identity was. I want that on paper as well please. Can you tell me how to do it please? Thank You Sir.
@Legaleescorp 😆 🤣 😂... come on Mr Phillips...if I was a successful attorney like you then maybe that would be good advice. But... I'm broke... 😆 🤣 😂. I have to find out how to earn a living by legal independent methods. I've never owned or ran a business before, I've never created or sold my own products, so I'm petrified. I'm scared to be in front of the camera and share my thoughts in fear of scrutiny and attracting hatred. I don't know how to monetize whatever talents that I may have, because I don't know how to get people to pay me for them. I'm sorry to throw up my insecurities on you. But I do trust you enough to be honest with you and tell you what's really going on with me. I guess what I'm trying to say is that I appreciate your knowledge, personality, and how you tell it like it is. Having a friend or a group of friends like you would be awesome.
@Legaleescorp I can get a free trust made at my credit union. I want a personal trust, and a trust for both of my paper llc's. (I haven't made any money yet and I'm completely broke. )I want to protect myself and my businesses from problems before they arise, and I want to be able to pay myself and protect future income. How do I do that sir? Thank you for responding. I appreciate you.
If I have 1 LLC that owned 100% by me and another LLC that is owned me and my wife, do I need 2 separate FINCEN IDs? Or should I list both me and my wife for both LLCs even though I'm the sole owner of 1 LLC?
From what I can tell the Company Applicant is you even if you used a 3rd party online agent, like North West Registered Agent, etc, to initially set it up. True? See E.5 and E.7. in FinCEN FAQ
The guy who pushes the registration button has to be on the registration form and the guy who directs the registration of the company has to be there. If the company was prior to 2024 you don’t need to worry about the applicant info
Your living revocable trust is not registered with the state, so doesn’t need to do FinCEN. The EIN has nothing to do with whether or not you register with FinCEN. The state registration is the trigger.
Lee, thanks for the video. Under "Company Applicant", Question 16, I think you skipped over. The way I read it, any company formed before 1/1/24 can check that box and does not have to enter the "company applicant information"
Unless that is how you are getting your personal information FinCen ID? I didn't quite understand that part.
I hope so because I cannot remember who I applied through.
Item 16 existing reporting company check this box if the reporting company was created or registered before January 1st 2024. Do not check the box if the reporting company was created or registered on or after January 1st 2024. Reporting companies that check this box are not required to report any company applicants, proceed to part lll.
@@marthafifield2929 IF you needed that, and I don't see where you do (not a lawyer or CPA), that info is possibly available on the secretary of state's website when you look up you company
You are correct companies prior to Jan 1, 2024 don’t have to do the company applicant information.
Thank you so much Lee. Much appreciated. #16 stumped me as well and that wasn't addressed in the video. Once I receive my FinCen # I'll just come back and update. AND before that, I'm calling them tomorrow :) Yikes!!! We got a whopper on our hands folks :)
The answer is here.
I also had to read it twice.
If you hover your mouse over the question you will get the example as below.
Item 16 existing reporting company check this box if the reporting company was created or registered before January 1st 2024. Do not check the box if the reporting company was created or registered on or after January 1st 2024. Reporting companies that check this box are not required to report any company applicants, proceed to part lll.
The way i understand it, is. You want to start by getting your FINCEN number first then do a BOI filing for each company. If there is any changes to a your personal information you make that changes by logging into your FINCEN ID. once changes are made at the FINCEN ID portal. All registered BOI filings that you made and included "your" FINCEN ID number on that filing, will automatically updated "your" information.
Question 16 is referring to a company existing when 2024 entered the calendar. You don’t have to supply applicant information if the company existed prior to 2024. Check 16 and it skips over the applicant questions.
Do living revocable trust that have ein that's not registered with the state need to file with fincen?
Your living revocable trust is not registered with the state, so doesn’t need to do FinCEN. The EIN has nothing to do with whether or not you register with FinCEN. The state registration is the trigger.
Thank you!
You're welcome!
Thank you. For a disregarded pass through SMLLC with a single member BOI, yet managed/operated and as a multi-person Manager-Managed LLC (not owners), is it required to list the managers even though they are not owners with any beneficial interest?
Thanks, good video, did just that.
So I need to update my report if I dissolve an LLC?
If you dissolve the LLC after January 1, 2024, you technically don’t have to update the company report with FinCEN. The question I don’t know the answer to is do you have to maintain the information for each owner in their BOI report if something changes in the individual’s information? I don’t think they thought through the “how do I get rid of a company” problem.
Yes you need to update it, but I am not sure how you report that it is dissolved.
FINCEN website says entities formed before 1/1/2024 don't need to fill out Company Applicant
That's correct
So our living revocable trust does not have to file. What about our Solo401k account, it has it's own tax ID, and it invests in notes
Only “entities” that you registered with the state need to be registered.
Thank you for your time and effort to explain FinCEN. Do I have to report LLC entities that have been deactivated in the state where they were created? Thank you, Alex
If they were formally closed prior to this year, then you do not have to report them. If you just quit paying the fees and they lapsed, you still need to report them unless you qualify as a dormant entity by meeting the following six requirements.
If you have an entity that you have really never used, you may not have to report it to FinCEN. You will have to meet all six of the following criteria to have FinCEN consider it an “inactive entity.”
1. The entity was in existence on or before January 1, 2020. Y/N
2. The entity is not engaged in active business. Y/N
3. The entity is not owned by a foreign person, whether directly or indirectly, wholly or partially. Y/N
4. The entity has not experienced any change in ownership in the preceding twelve-month period. Y/N
5. The entity has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelve-month period. Y/N
6. The entity does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity. Y/N
EXCELLENT
thank God for you, Lee! I have always filed income taxes using the tax ID number of my LLC, but since I am a sole proprietor/single member, everything always flows back to my individual return and Social Security number. Should I still register under my social as you have mentioned? I also have a DBA which has rarely been used in the past several years. So how does that work into this paperwork snag?
I would use the EIN, because that is what they have associated with the company LLC. I think I remember there is a place on the registration for DBAs. If the DBA isn’t registered at the state, I would forget it.
PS Did you get my email on the injunction against FinCEN? I wouldn’t register until we see what happens to the injunction that was issued Monday Dec. 2nd.
If not, you can request a copy by emailing our office at info@legalees.com
Do we file one form and include all the beneficial owners in that one form or do we have to file it for each owner?
You will file one form for the company and then each beneficial owner required to register will put their information on that same application. That’s why it is probably better to have everyone get their BOI number and then just put the number on the application.
@@Legaleescorp Thank you. I initially filled it out with just myself, because I did not see the "add beneficial owner", but I have since corrected my application to include all owners. Blessings and thank you so much for creating this video.
Thank you for this instructional video Lee! Do you know if I have already registered with FinCen, but want to redo it using a FinCen #, can I? Also, where do I request a FinCen #? Thank you
You can say that you are correcting the registration on the FinCEN website. If you have already registered and it is your only company, I wouldn’t think you need to get a personal number with FinCEN. It asks you on the site if you are registering for an individual or company.
@@Legaleescorp Thank you. I do have multiple companies unfortunately.
Ive been hearing rumors that we have to report our Land Trusts W/ LLC as Beni to FinCEN, but I cannot find any info or instructions on the website or from anybody, so what I'm about to do is that I'm just going to send them a letter with all my land trust info and hope for the best and just so I can say that I tried. what do you think?
The land trust is not usually registered with the state, so it wouldn’t have to be registered with FinCEN. You will have to start reporting transfers of real estate, but that doesn’t start until next year, and we don’t have information on that yet, other than it residential real estate transactions will have to be registered.
Thank you Lee for making this video. Are individuals ( or businesses not registered as a separate entity) who receive income reported on Form 1099 required to register with FinCEN?
The key is do you have an “entity” filing with the state? If not, you don’t register.
Thank you, Lee. I'm in IL and registered my LLC here. I have 5 series under the LLC. But only one EIN number. Do I need to register all five series? And do I use the one EIN number each time?
If the different 5 series are not each registered and only the principal LLC is registered with the state, then I wouldn’t do each series LLC. If the series LLCs are independently registered with the state then do them all. Use the same EIN.
Hello Mr Phillips, i have a question if you don't mind. How do i start a TH-cam channel under an anonymous llc?i paid for a company to create an anonymous llc a couple of years ago, and i want to create a TH-cam channel, but i don't want the income of the channel or who the beneficial owners of it to be searchable on Google or on the social sites that measure revenue or ownership information.
There had only been one person that i have ever heard of that did it in the past, and that was a dj/music artist named Marshmallow. He wore a custom marshmallow shaped mask over his head in public and for many years no one who what his real identity was. I want that on paper as well please. Can you tell me how to do it please? Thank You Sir.
No idea. I don’t know TH-cam rules. Just do what I do and don’t make any money off TH-cam.
@Legaleescorp 😆 🤣 😂... come on Mr Phillips...if I was a successful attorney like you then maybe that would be good advice. But... I'm broke... 😆 🤣 😂. I have to find out how to earn a living by legal independent methods. I've never owned or ran a business before, I've never created or sold my own products, so I'm petrified. I'm scared to be in front of the camera and share my thoughts in fear of scrutiny and attracting hatred. I don't know how to monetize whatever talents that I may have, because I don't know how to get people to pay me for them. I'm sorry to throw up my insecurities on you. But I do trust you enough to be honest with you and tell you what's really going on with me. I guess what I'm trying to say is that I appreciate your knowledge, personality, and how you tell it like it is. Having a friend or a group of friends like you would be awesome.
@Legaleescorp I can get a free trust made at my credit union. I want a personal trust, and a trust for both of my paper llc's. (I haven't made any money yet and I'm completely broke. )I want to protect myself and my businesses from problems before they arise, and I want to be able to pay myself and protect future income. How do I do that sir? Thank you for responding. I appreciate you.
Hi Lee, I have rental properties in their own LLC, do I still need to file?
Yes any company registered on a state’s record needs to file.
Oh crap. What now?
Whai about a family LLC?
But, thanks for the heads-up!
Family LLCs have to register with everybody’s info unless they own less that 25% of the LLC.
If I have 1 LLC that owned 100% by me and another LLC that is owned me and my wife, do I need 2 separate FINCEN IDs? Or should I list both me and my wife for both LLCs even though I'm the sole owner of 1 LLC?
You need to file on FinCEN for each LLC. Yours and your wife’s info would be on one and you would be the only info on the other one.
@@Legaleescorp Thank you!
From what I can tell the Company Applicant is you even if you used a 3rd party online agent, like North West Registered Agent, etc, to initially set it up. True? See E.5 and E.7. in FinCEN FAQ
The guy who pushes the registration button has to be on the registration form and the guy who directs the registration of the company has to be there. If the company was prior to 2024 you don’t need to worry about the applicant info
Do living revocable trust that have ein not registered with the state need to file with fincen?
Your living revocable trust is not registered with the state, so doesn’t need to do FinCEN. The EIN has nothing to do with whether or not you register with FinCEN. The state registration is the trigger.
@Legaleescorp Thank you for the reply....wow