Sunday, April 21, 2024

Oh BOI !

Maybe not everyone knows this, but if you have an LLC, for instance to protect yourself as an author in case you are sued for something you published, you have to file with FINCEN. That is the Financial Crimes Enforcement Network unit of the US Treasury. The form is BOI or Beneficial Ownership Information report.

Online filing can be attempted here: https://boiefiling.fincen.gov/fileboir

If your LLC has been set up for more than a year, you must file by December of 2024. If you set up the LLC this year, you have 90 days to file... or less. My lawyer told me it was 30 days.

The warnings tell you that in can take from 20 minutes to 650 minutes to complete your filing. It helps if you have your CP 575 G letter from when you set up your LLC.

You will also need an uploadable copy of your driver's license. The system accepts .pdfs.

If you have Adobe Reader, you can download an active form and work on it on your desktop or laptop and save it to make future adjustments without filling out the entire thing all over again. Otherwise, you can fill out the form online.

If you have an LLC, you probably have an EIN (Employer Identification Number). If you don't have one of those, you should get one. Then, you do not have to provide your social security number. You will still have to reveal your name and address, and driver's license information, but it could be worse.

It's just a terrible nuisance, but it has to be done, and you do not need a lawyer to do it for you!

All the best,

Rowena Cherry

No comments:

Post a Comment