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LLC beneficial ownership anonymity to reduce starting January 1, 2024

#2
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.
 
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#4
Sols said:
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.
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Interesting!!!! Could you share the source of this information in more detail.
Thank you.
 
#6
Sols said:
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.
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Is foreign BO reporting meant through US financial institutions and then IRS (like with CRS) or directly through IRS (info from Form 5472)?
 
#11
Sols said:
You can find it in the article you posted.

https://www.fincen.gov/news/news-re...l-ownership-reporting-support-law-enforcement

It's mentioned in the article.
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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.
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#12
Sols said:
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.
Click to expand...
You were right on the money!

https://www.cnbc.com/2024/01/08/com...e-beneficial-ownership-new-treasury-rule.html
 
#16
Alexmorgan said:
As they informed me should be in the US only

That means i will be officially taxed as a US company
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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
 
#17
jafo said:
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
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I saw some legal experts filling it on YouTube and they are saying the same

Thank god i formed all my companies before 2024
 
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#20
Alexmorgan said:
No my companies not registered under physical address that belongs to it
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i dont get it. What does that mean? Cant you receive any postal mail or smth like that?
Alexmorgan said:
Its a registered agent address which is not acceptable in filing this form
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