On December 3rd, 2024, a Texas Appeals Court temporarily paused the BOI (Beneficial Ownership Information) reporting requirements and delayed the deadline. This means you don’t need to submit your BOI information for now. However, it’s also possible that the requirement could return. If you’ve already submitted your information, this ruling doesn’t affect you yet. If the court ultimately finds the law unconstitutional, the government would have to delete your submitted information.
When applying for an LLC most of the time an EIN is automatically issued by the IRS. I would advise that you would apply for an EIN from the IRS if you don't have one, this is a super quick process and can be done online. You could use your SSN but for many reasons outside of the BOI you should have an EIN if you have an LLC.
There are many different exemptions, in fact my short list is well over 22 different types of businesses. However, these exemptions all tend to focus around financial institutions and investment firms which is why we used a more blanket statement. We had already hit over 20 mins on this video and our goal is to try and keep videos to 20 mins or less so that there is not too much information. If you would like a more detailed list we are happy to send you our longer list by email, feel free to reach out to us at info@waterfordbusiness.com if you would like that list.
Hello, my 5 siblings and I own our LLC, opened in 2011 by our parents, now deceased. Since we each own only 16.666 % of the company, I am hoping only I need to fill out the BOI form rather than getting all 6 forms of ID sent to me. Is this correct? Thank you for the video.
FINCEN states that if you don't control at least 25% of the shares of a company that you do not need to be reported. As such I would say you would be correct there. Thank you for watching and your engagement, glad we could help.
On December 3rd, 2024, a Texas Appeals Court temporarily paused the BOI (Beneficial Ownership Information) reporting requirements and delayed the deadline. This means you don’t need to submit your BOI information for now. However, it’s also possible that the requirement could return. If you’ve already submitted your information, this ruling doesn’t affect you yet. If the court ultimately finds the law unconstitutional, the government would have to delete your submitted information.
What if you don't have a EIN for an LLC? Do I use my SS#?
When applying for an LLC most of the time an EIN is automatically issued by the IRS. I would advise that you would apply for an EIN from the IRS if you don't have one, this is a super quick process and can be done online. You could use your SSN but for many reasons outside of the BOI you should have an EIN if you have an LLC.
Hi, is there a reason why you didn’t cover exemptions for a business trust company? Or not
There are many different exemptions, in fact my short list is well over 22 different types of businesses. However, these exemptions all tend to focus around financial institutions and investment firms which is why we used a more blanket statement. We had already hit over 20 mins on this video and our goal is to try and keep videos to 20 mins or less so that there is not too much information. If you would like a more detailed list we are happy to send you our longer list by email, feel free to reach out to us at info@waterfordbusiness.com if you would like that list.
Hello, my 5 siblings and I own our LLC, opened in 2011 by our parents, now deceased. Since we each own only 16.666 % of the company, I am hoping only I need to fill out the BOI form rather than getting all 6 forms of ID sent to me. Is this correct? Thank you for the video.
FINCEN states that if you don't control at least 25% of the shares of a company that you do not need to be reported. As such I would say you would be correct there. Thank you for watching and your engagement, glad we could help.
I am a single member llc with an ein would i need to file or am i considered sole proprietary and not need to file?
If you are registered through your state, likely the Secretary of State, as an official business (most LLCs are like that) then yes you would need to.
Are you prepared for the new BOI filing requirements? Let us know your thoughts or questions about FinCEN compliance!