US LLC BOI for everyone?

[bigbite100]

Hello, i read that BOI is not needed to file for certain LLCs, but it sounded more like a clickbait and no substance.Any information on this? i understand that its necessary for every llc owner. Anything else to consider or obstacles when filing the report? thank you

 

[Sols]

There are some exceptions. Your LLC probably doesn't qualify.

https://www.fincen.gov/boi-faqs#C_2

 

[Forester]

There are some exceptions.

Yes, there really are.

Your LLC probably doesn't qualify.

https://www.fincen.gov/boi-faqs#C_2

Well, just of of curiosity, I went through the Small Entity Compliance Guide referenced here https://www.fincen.gov/boi-faqs#C_2 . It's pretty instructive, respect to the authors. Honestly, I see no chances for a “standard”/“expectable” LLC to qualify / being exempt. From all the 23 exemptions only #19 (tax-exempt entity) looked a little bit promisingly but reading Internal Revenue Code said that it was not so...
Small Entity Compliance Guide: https://www.fincen.gov/boi/small-entity-compliance-guide

Hello, i read that BOI is not needed to file for certain LLCs, but it sounded more like a clickbait and no substance.Any information on this? i understand that its necessary for every llc owner.

See above...

Anything else to consider or obstacles when filing the report?

Do not lie. BOI report is an information delivered to the US federal institution; be advised that under the US law, it is a felony to lie in front of a federal official. It is a different legal framework than e.g. in Europe (EU especially), where presenting a false information is often just a misdemeanor resulting maybe in a moderate fine; you can face really serious troubles if you lie and it is revealed.

thank you

You are welcome.

 

[bigbite100]

There are some exceptions. Your LLC probably doesn't qualify.

https://www.fincen.gov/boi-faqs#C_2

Thank you for the information @Sols - i checked this and i also checked @Forester ´s Links provided. As of my understanding, exemption 19 might apply but still it somehow sounds to good to be true. they name certain codes for it to be applied, it sounds quite complicated.

do you mean foreign owned disregarded entities dont qualify generally?

 

[Sols]

You don't qualify.

 

[Forester]

. they name certain codes for it to be applied, it sounds quite complicated.

That's contemporary life. Do not expect any tax exemption to be reached easily

do you mean foreign owned disregarded entities dont qualify generally?

Exactly. @Sols is perfectly right. Read § 501(a) of the Internal Revenue Code as I did

A side-note: Now I see that in my previous post I made one typo which could have made the message unclear (one “not“ should not have been there, sorry) – corrected.

 

[bigbite100]

That's contemporary life. Do not expect any tax exemption to be reached easily


Exactly. @Sols is perfectly right. Read § 501(a) of the Internal Revenue Code as I did

A side-note: Now I see that in my previous post I made one typo which could have made the message unclear (one “not“ should not have been there, sorry) – corrected.

so both of you say that these kind of LLCs dont qualify. good to know, thank you very much!

 

[bigbite100]

hi @Forester @Sols , sorry for bothering, just a short question. as you said, its not necessary to file - the filing must be completely ignored or do you mean a "blank filing" "null filing"? thank you

 

[Forester]

hi @Forester @Sols , sorry for bothering, just a short question. as you said, its not necessary to file

????
We have not said this; but on the contrary. Please, re-read the answers .
You do not qualify for any exemption, you have to file!

 

[Houdini]

You have to file the BOI (Beneficial Ownership Information) for any US LLC with a ownership of more than 25%!

As far as I read, the information is not public on all states i.e. New Mexico and Wyoming at least.

 

[mraleph]

You have to file the BOI (Beneficial Ownership Information) for any US LLC with a ownership of more than 25%!

As far as I read, the information is not public on all states i.e. New Mexico and Wyoming at least.

The BOI registrar in the US is on a federal - not states' - level and isn't public by federal statute.

Beware that BOIR shall be submitted within 90 days from formation if the entity is formed in 2024 and by the end of 2024 if formed before 01/01/2024 and within 30 days if formation is after 01/01/2025.

There are discussions that BOI reporting will be abolished after new administration is inaugurated inline with deregulation policy, but I wouldn't count on those.