No, but you must report any change in the required information within 30 days of the change.

Yes. Anderson can help you apply for a unique FinCEN identifier that can be used in lieu of providing all of the information requested by FinCEN on a beneficial owner.

This is not a public database and the information collected by FinCEN will only be available to:

1. May be disclosed to financial institution with consent of Reporting Company to facilitate financial institution’s compliance with verifying the identity of a customer
2. Law enforcement in furtherance of national security, intelligence, or law enforcement activity.
3. US Dept of Treasury can access for purposes of tax administration
4. State, local and tribal law enforcement may access with a subpoena
5. May be shared with foreign countries under certain circumstances and with federal functional regulators or other appropriate regulators upon request and under certain conditions

If a living trust or other type of non business trust owns an LLC or different type of business entity:
The Trustee or others with authority to control the trusts assets must be disclosed,
If trust has just one beneficiary, the single beneficiary must be disclosed,
If the trust has more than one beneficiary, then those beneficiaries with the power to withdraw or demand distributions of substantially all of the trust assets must be disclosed, and
If person(s) establishing the trust (grantor/settlor) of the trust can revoke the trust or withdraw assets, the grantor(s) must be disclosed

No, land trusts are not filed with a state agency, therefore they are not considered a reporting company.

No, but Anderson recommends that if your LLC has other non-spousal members, the LLC operating agreement be updated to contain provisions obligating members to comply with any reporting requirements under the CTA.

Your operating agreement should include mutual indemnifications for a member’s failure to comply, including who controls disclosure in the event the members disagree, and what the remedies for the LLC and other members will be if a member refuses to comply. Anderson has prepared language for all of its LLCs addressing these and other concerns raised by the CTA.

Regulations have not been released concerning reporting on closed companies.

If a reporting company fails to report, the beneficial owners are subject to civil penalties of up to $500 per day for each day of the violation and criminal penalty of $10,000 and up to 2 years of imprisonment.

Entities created before 1-1-2024  – Report by 1-13-2025
A reporting company created or registered to do business before January 1, 2024 will have until January 13, 2025 to file its initial beneficial ownership information report.

Entities created on or after 1-1-2024, but before 1-1-2025 – Within 90 calendar days of the date of formation
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Entities created after 9-4-2024  – Report by 1-13-2025
As of December 23, 2024 – FinCEN released an extension for entities created on or after 9/4/2024 will have until January 13, 2025

Change in beneficial ownership or reporting company information – Within 30 calendar days of change
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

It depends. An entity such as a statutory trust or business trust is a reporting company if it was created or foreign filed by the filing of a document with a secretary of state or similar office. State laws vary on whether trusts require such filing. If it does, then it is a reporting company, unless an exemption applies.

A reporting company will have to report:

1. Legal name;
2. Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names;
3. The current street address of its principal place of business if that address is in the United States, or, a foreign reporting company’s U.S. headquarters);
4. Jurisdiction of formation or registration; and
5. Taxpayer Identification Number (EIN)

Tempore incidunt omnis quidem eius

For each individual who is a beneficial owner, a reporting company will have to provide:

1. Full legal name;
2. Date of birth;
3. Residential address; and
4. Photo ID (such as a passport or U.S. driver’s license)
5. Identifying numner
6. Issuing state or jurisdiction
7. Image of ID

The only acceptable forms of identification are:

1. A non-expired passport issued by a foreign government (only when an individual does not have one of the other three forms of identification listed above).
2. A non-expired U.S. driver’s license (including any driver’s license issued by a commonwealth, territory, or possession of the United States);
3. A non-expired identification document issued by a U.S. state or local government, or Indian Tribe;
4. A non-expired passport issued by the U.S. government; or

The following are some examples of the changes that would require an updated beneficial ownership information report:

• Any change to a beneficial owner’s name, address, or unique identifying number previously provided to FinCEN. If a beneficial owner obtained a new driver’s license or other identifying document that includes a changed name, address, or identifying number, the reporting company also would have to file an updated beneficial ownership information report with FinCEN, including an image of the new identifying document.
• Any change to the information reported for the reporting company, such as registering a new business name.
• A change in beneficial owners, such as a new CEO, a sale that changes who meets the ownership interest threshold of 25 percent, or an owner who is a minor reaching the age o majority.