Attention: Owners of small and large businesses, including single member LLC's

[Bill - Shy Cat]

Beware of the new Beneficial Ownership Information reporting requirements. Penalty for late filing could be $500 per day!!! If anyone has some info to add, please help. Stumbled across this from my son's LLC.

Excerpt From the article:

Who Must File a Report?​

The rule identifies two types of reporting companies: domestic and foreign. Domestic reporting companies are corporations, limited liability companies (LLCs), or any entities created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe. This generally means that limited liability partnerships, limited liability limited partnerships, business trusts in certain states, and most limited partnerships are also required to file reports if they are not otherwise excepted from the reporting requirement. Single-member LLCs, disregarded for tax purposes, are subject to BOI reporting requirements.

Link from article:
https://www.calt.iastate.edu/blogpo...beneficial-ownership-information-reports-2024

 

[Bill Cosby]

Northern district of Alabama just did everyone a favor. Though I wouldn’t count my chickens until it gets through the 11th Circuit and SCOTUS.