What is the new requirement for LLC in 2024? - FinCEN Beneficial Ownership (BOI) Report - Penalties

EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information.
This video breaks down the new small business filing requirements with FinCEN.
It covers all of the common questions:
0:00 - Introduction
3:45 - What are the new requirement for LLC in 2024?
4:41 - Who needs to file a BOI report? What is a Beneficial Ownership Investment (BOI) report?
Do all LLCs need to file BOI?
6:26 - Who is exempt from BOI filing?
8:06 - When do you file the BOI report?
9:07 - What happens if you don't file a BOI report?
9:45 - Who is included in the beneficial owner?
11:08 - What is a FinCEN ID number?

Other videos to check out:

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[TailspinMedia]

subscribed, super clean and informative and appreciate the context given as well.

[adelecarson]

Thanks so much for this video and information. Your videos have helped us so much!

[miss.phyllisreneefoster]

Thank You so much for this INFORMATION, I AM A NEWLEY LLC FROM OCT 2023 AND I AM SO CONFFUSED ABOUT THIS NEW RULE, I WANT TO COMPLY WITH THE LAW, BUT I GOT TO UNDERSTAND IT BEFORE I CAN CONPLY WITH IT, AND I DON'T UNDERSTAND THIS I AM NEW LLC BUT RIGHT NOW I HAVE NOT MADE OR BROUGHT NO MONEY OR REVENUE IN TO MY NEWELY BUSINESS NON SO FAR BUT IM OPTAMISTIC AND WORKING ON DOING SO SO THANK YOU I NEEDED TO NO THIS THANK YOU

[davidmorris]

Very helpful understanding the new law and how to file it

[frankwalko]

Great presentation! I found it very informative.

[waynecmontgomery]

Great video!!! But you made an error this is NOT an annual filing. You only need to update information if something changes namely address or driver's license or passport expires.

[Diesel_Dan_______]

Hey coach, first off thanks for taking the time to make this video, I have a question regarding LLCs that are inactive and not in good standing they were filed in 2010 we never move forward with any business on one of them. The other one has been inactive after business was sold just the same.

[deputychiefclifton]

I'm curious how this comports with the few states, or maybe it's just one, but allow you to own chairs in a business or percentage of an LLC anonymously. If I remember correctly, Wyoming allows you to own a business anonymously and the only thing that has to be listed is the registered agent.

[ericgrajeda]

Thanks for the education on BOI yet I'm a new small business owner trying to get away from the gig economy or being an independent contractor on apps . ( Misclassified Employee)

[eyupaydin]

Thank you but where is the second video you mentioned?

[aidandonnelly]

What if I created an LLC because I thought I might need it for taxes, but I didn’t, and I’m the only person involved, and the LLC isn’t doing anything now? Do I still need to file?

[Eastondemers]

I really truly need your guidance as I am a victim of business crimes and have no one to help me find a lawyer to fight with these foreign people. I watched your video on Finn Son reporting and I’m trying to get them to help me.

[Daacks]

Is there a way to tell if a business has registered already? Or is there a problem if there are double entries? We have asked our accountant and attorney (which handle SOS renewals) if they have done this yet with no response from their offices. (Yes, frustrating!) I would like to take this off my list and just do it myself if I know they havent already...

[owenzamor]

Is this CTA beneficial owner rule still in effect? Wasn’t it ruled unconstitutional?

[ruannlarson]

Hi. I just watched your video after receiving a four page letter from our CPA telling us we need to file this and it comes with a bill from them. UGH! So I'm trying to do this myself and after watching your video it seems doable. However, I cannot find the second video. Where is it please??

[AliseIam]

So if I just formed my LLC in September of 2024… I have to do this too?

[Rosey]

What about a 'single member llc, is this form still required?

[loribadatgg]

I’m getting mixed messages. If you get a 1099k for a sole proprietorship business on ebay, do you file?

[InvestersEdge-lmzl]

Do they send you a notice or reminder when it is due. I have never even gotten a notice that i needed to do this.

[GabrielGuzman-vgxg]

What if IRS is delay woth send the EIN in the 90 days?..