The new beneficial ownership information (BOI) reporting requires many entities to register with FinCEN. For most existing entities, the filing deadline is January 1, 2025.
Included in the list of “companies” that must report are “limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.” This definition includes LLCs that were formed merely to hold title to real estate or other assets. The fact that the LLC is not an operating business and may have no income tax filing requirements does not exempt the LLC from the BOI reporting requirements.
The penalty for filing late is $591 per day.
If you have any questions regarding BOI for your business, contact an Alloy Silverstein advisor today.
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