LLC beneficial ownership anonymity to reduce starting January 1, 2024

[vanishtech]

The US says that newly created LLCs will stop being anonymous by 2024 and those already created until 2025. What do you think of this? Do I have to go to Belize again?

Corporate and LLC beneficial ownership anonymity to reduce starting January 1, 2024 - Finney Law Firm

The anonymity of beneficial ownership of corporate and LLC interests has been a “feature” of small business governance for time immemorial. This has vexed federal, state and local regulators, as well as private litigants trying to get to the bottom of their ownership puzzle. And it has been a...

finneylawfirm.com

 

[Sols]

The changes in the US will still keep most LLCs anonymous in that there is no public disclosure. Access to BO information will be limited. There is a provision in there for sharing data with foreign authorities, but the US has had similar obligations under FATCA which it has broadly ignored.

So there is a reduction in privacy, but it's not as drastic as it may seem.

 

[fshore]

Any info on how this should be filed by existing LLCs?

 

[vanishtech]

The changes in the US will still keep most LLCs anonymous in that there is no public disclosure. Access to BO information will be limited. There is a provision in there for sharing data with foreign authorities, but the US has had similar obligations under FATCA which it has broadly ignored.

So there is a reduction in privacy, but it's not as drastic as it may seem.

Interesting!!!! Could you share the source of this information in more detail.
Thank you.

 

[Sols]

Interesting!!!! Could you share the source of this information in more detail.
Thank you.

You can find it in the article you posted.

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency | FinCEN.gov

www.fincen.gov

Any info on how this should be filed by existing LLCs?

It's mentioned in the article.

 

[zzzzzz]

The changes in the US will still keep most LLCs anonymous in that there is no public disclosure. Access to BO information will be limited. There is a provision in there for sharing data with foreign authorities, but the US has had similar obligations under FATCA which it has broadly ignored.

So there is a reduction in privacy, but it's not as drastic as it may seem.

Is foreign BO reporting meant through US financial institutions and then IRS (like with CRS) or directly through IRS (info from Form 5472)?

 

[Jbb1]

Is foreign BO reporting meant through US financial institutions and then IRS (like with CRS) or directly through IRS (info from Form 5472)?

IRS already has the BO as you need to provide it to get your EIN.

 

[zzzzzz]

IRS already has the BO as you need to provide it to get your EIN.

So what is the reason IRS is not reporting foreign BO info and info from Form 5472 to BO country of residence?

 

[Jbb1]

So what is the reason IRS is not reporting foreign BO info and info from Form 5472 to BO country of residence?

Sometimes there is no mutual agreement, also companies don’t get reported through FATCA.

 

[JackAlabama]

So what is the reason IRS is not reporting foreign BO info and info from Form 5472 to BO country of residence?

Because it is the US of A and why would they wanna do such a thing? Who will complain against them.

 

[fshore]

You can find it in the article you posted.

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency | FinCEN.gov

www.fincen.gov

It's mentioned in the article.

I can only find this below in the article. It doesn't say how if should be filed.

• As of January 1, 2024 the Corporate Transparency Act requires newly-formed LLCs and corporations to disclose information about their beneficial owners to the federal Financial Crimes Enforcement Network (FinCEN) within 30 days, and
• Corporations and LLCs that existed prior to January 1, 2024 must make that same disclosure by January 1, 2025.

 

[jafo]

The changes in the US will still keep most LLCs anonymous in that there is no public disclosure. Access to BO information will be limited. There is a provision in there for sharing data with foreign authorities, but the US has had similar obligations under FATCA which it has broadly ignored.

So there is a reduction in privacy, but it's not as drastic as it may seem.

You were right on the money!

U.S. companies in no hurry to disclose ownership under new Treasury rule

Only 100,000 companies have registered with FinCEN so far this year - a rate much lower than what is needed to meet a goal of 32.6 million companies.

www.cnbc.com

 

[Alexmorgan]

Today i got information from my registered agent that i need a physical address to fill the form of the UBO CTA

Is this true?

 

[jafo]

Today i got information from my registered agent that i need a physical address to fill the form of the UBO CTA

Is this true?

Physical address in the US or anywhere in the world?

 

[Alexmorgan]

Physical address in the US or anywhere in the world?

As they informed me should be in the US only

That means i will be officially taxed as a US company

 

[jafo]

As they informed me should be in the US only

That means i will be officially taxed as a US company

I would get a second or third opinion from other registered agents.

PS. I register stuff myself in the US (only for me), so I'm not sure who is going to call or ask me to register with a US address but time will tell...I guess

 

[Alexmorgan]

I would get a second or third opinion from other registered agents.

PS. I register stuff myself in the US (only for me), so I'm not sure who is going to call or ask me to register with a US address but time will tell...I guess

I saw some legal experts filling it on YouTube and they are saying the same

Thank god i formed all my companies before 2024

 

[JackAlabama]

Today i got information from my registered agent that i need a physical address to fill the form of the UBO CTA

Is this true?

well the company is registered at a physical address in the usa. Why not use that one?

 

[Alexmorgan]

well the company is registered at a physical address in the usa. Why not use that one?

No my companies not registered under physical address that belongs to it

Its a registered agent address which is not acceptable in filing this form

 

[JackAlabama]

No my companies not registered under physical address that belongs to it

i dont get it. What does that mean? Cant you receive any postal mail or smth like that?

Its a registered agent address which is not acceptable in filing this form