Can I find out if my qualified joint venture is affected by the new business owner information requirements? I am unsure if I need to file or not.

Forum|Forum|1 year ago
November 21, 2024
1 reply
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It states that "entities created by filing a document with a secretary of state or similar office" need to file but I can not find out which entities they mean.

DoninGA

Employee

The business must have been created on or after January 1, 2024 to be eligible for BOI reporting.

Got to this FinCen website for detailed information on which type of business entity must report BOI - https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet

bethgirouxmassageAuthor

Thank you for responding! Our business was created before Jan of 2024 and I read the article you attached. I can't seem to find a list of exact entities.

If we have a DBA, does that mean our business is not an entity?

I am new to this lingo. Forgive me if this is silly to ask!

@DoninGA

DoninGA

Employee

Whether or not a business is required to file a BOI with FinCen is beyond the what this forum would normally be used to support.

In saying that, based on the information available and in my opinion only, if your business submitted paperwork to the state where the business is located to become a corporation or partnership then you would be required to submit a BOI.

As stated in the FinCen link provided -

A domestic reporting company is a corporation, limited liability company (LLC), or any entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe.

And -

Under the rule, a beneficial owner includes any individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company. The rule defines the terms “substantial control” and “ownership interest".