Venkatesh Rao ☀️
@vgr
PSA: If you own a business in the US, even a single-member LLC like me, you need to file a beneficial information report by Jan 1. It's a new FINCEN reporting requirement that has been very poorly publicized but is still necessary. It's a very simple form if your business was formed before 2024, and I recommend getting a personal FINCEN id first before filling out the form, which will also give you a reporting company FINCEN id after you successfully submit. Getting those ids is important for future edits. Whole thing took me 5 minutes. Annoying but worth it to avoid future headaches. Everyone with either "substantial control" or more than a 25% stake in the entity needs to be included (and should get their personal FINCEN ids first) I randomly learned about it like 6 months ago from a tweet or something, and then more recently my CPA told me I needed to do this, and it's a real thing. Just very poorly publicized. Disclaimer: Not a lawyer or CPA... check for yourself. https://www.fincen.gov/boi
4 replies
6 recasts
31 reactions
dawufi
@dawufi
this is the alpha i come to fc for
1 reply
0 recast
1 reaction
Kyle Tut
@kyletut
Kinda wild single-member LLCs now have to report to FinCEN. I understand it's to prevent shell games but there is no way Bob the Plumber LLC knows about this.
2 replies
0 recast
0 reaction
Vinay Vasanji
@vinayvasanji.eth
Currently not required due to court injunction https://www.mayerbrown.com/en/insights/publications/2024/12/in-brief-fincen-confirms-suspension-of-corporate-transparency-act-filing-obligations-during-nationwide-injunction
0 reply
0 recast
2 reactions
Sparkie
@sparkie
That's why I feel happy. Looking at this beautiful art everyday 💜. I love to make art, and trying best, to become an great and grateful man. Any thing about my art, is there is anything missing 💚 in my art? @vgr
0 reply
0 recast
0 reaction
