WHAT MUST BE REPORTED There are two reports that need to be submitted to FinCEN.
FIRST, COMPANIES MUST REPORT FOUR THINGS. THESE INCLUDE:
SECOND, BENEFICIAL OWNERS MUST REPORT FOUR THINGS. THESE INCLUDE:
1. The name of the beneficial owner 2. Their birthdate 3. Their residential street address, and 4. A “unique identifying number” (a passport or a driver’s license). An image of the passport or license is also required.
1. The company’s name and any trade name or DBAs (if applicable) 2. The business street address 3. The formation jurisdiction, and 4. A “unique business number” (this can be a company’s EIN number from the IRS).
For companies formed before January 1, 2024, they must report this information before January 1, 2025. For companies formed after January 1, 2024, they must report this information within 30 days.
Because Larger Pockets was in existence before January 1, 2024, these reports are due by January 1, 2025 . Here, Larger Pockets would have to report all four things as the company. On top of this, Brandon, David, Tony and Rob would each have to report all four things as beneficial owners—a total of five reports, all for one business. For businesses with more people having substantial control, that number is even higher.
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