Posts by Laurence Donahue
Tax Status for Companies
There are typically five (5) different tax statuses for “reporting companies,” which is the term used for companies that are required to report their Beneficial Ownership Information (or BOI) to FinCEN. It’s very important to know what the tax status of the reporting companies is, because it can have an impact on how BOI’s are…
Read MoreSubstantial Control
“Reporting companies” are those companies that must report the Beneficial Ownership Information (BOI) of individuals who are Beneficial Owners. Who are such individuals? FinCEN says Beneficial Owners are defined in one of two ways: whether the total of their direct and indirect ownership interest is 25% or more (which goes to evaluate Voting Power), as…
Read MoreCompanies as Beneficial Owners
FinCEN identifies four types of entities that can own companies (called “reporting companies” if they are required to report their Beneficial Ownership Information (or BOI) to FinCEN), and they are individuals, trusts, companies, and other types of entities. Technically, Beneficial Owners can only be individuals. Therefore, if a company has an ownership interest in a…
Read MoreTrusts as Beneficial Owners
Trusts, along with other types of entities such as individuals and companies, can own a company, such as a Corporation or Limited Liability Company (LLC). If a company is required to report Beneficial Ownership Information (or BOI) to FinCEN, it is referred to as a “reporting company”. A reporting company must report BOI, but BOI…
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