Beneficial Owners
Dissolving Entities to Avoid BOI Reporting
Are you in the process of closing or dissolving your reporting entity? While reasons for closure/dissolution vary dramatically from economic reasons to early retirement, every business owner shares one thing in common: nobody wants to contend with penalties while during the process of, or at the conclusion of, a dissolution. A dissolved or dissolving entity…
Read MoreEntities as Beneficial Owners
A wide-variety of entities can own a company, and the type of entity can influence how you determine Beneficial Ownership. FinCEN Defines Four Types of Entities FinCEN groups entities into four categories: individuals, trusts, companies, and “other entities”. “Other entities” has received very little attention by FinCEN (at least in the version 1.1 December 2023…
Read MoreTax 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 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…
Read MoreIndependent Truckers Need to Report Beneficial Ownership Information (BOI)
The Financial Crimes Enforcement Network’s (or FinCEN’s) new requirements for beneficial ownership information reporting places new obligations on most small business owners. If you are just beginning your journey in navigating the new reporting requirements, you are not alone. Millions of small business owners are discerning whether or not they must report on beneficial ownership,…
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