How the Corporate Transparency Act Will Affect Your Business

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All Up In Yo' Business with Attorney Aiden Durham

Күн бұрын

In this video, we'll explore how the Corporate Transparency Act will affect your business. We'll discuss the reporting entities and beneficial ownership requirements, and how you need to plan for them if you're a business entity.
If you're not sure what the Corporate Transparency Act is or how it will affect your business, be sure to watch this video! It will explain everything in detail and help you take the necessary steps to comply with the new law.
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#AllUpInYoBiz #CorporateTransparencyAct #FinCEN #smallbusiness
00:00 Intro
00:56 Corporate Transparency Act explained
02:05 When do we have to comply with Corporate Transparency Act
02:37 Who must comply
03:07 What is a Reporting Company
05:10 Beneficial Ownership Explained
06:30 Beneficial Ownership Examples
09:47 Company Applicants
10:40 How to comply
12:38 Consequences for not complying
13:53 Outro

Пікірлер: 56

@bogardsparks2801 7 ай бұрын

They need this act for congress!!

@studiosinger 4 ай бұрын

Also need it for the President who has 16 empty shell LLC's for the bribes provided to him from China, etc.

@GentlemenMonkey 8 ай бұрын

This is the first I've heard of this. Thanks for the heads up!

@LovelyLady1111 6 ай бұрын

Thanks for the info!

@linda_sue 8 ай бұрын

Thank your favorite high-profile, multi-LLC, crime family for highlighting their favorite crooked loopholes. Also, what a funny way to track whose attorneys are whose with the business applicant 'glitch'. All those mob attorneys may end up hanging out in the breeze with their highly convoluted systems of shell corps. Thank you, Aiden! Well done!

@kingznqueenztv 7 ай бұрын

Wow!!

@macavelli8905 7 ай бұрын

Good video

@studiosinger 4 ай бұрын

Thanks Aiden! It seems like a deceptive con on behalf of the Feds that's already been declared unConstitutional in Alabama that put the two plaintiffs in the case in suspension of complying. It appears to me to be joined with the U.N. in the way it's written as well. I'll put this on hold until I see how things unfold.

@truckerron 6 ай бұрын

They better start building some new prisons because there's going to be a lot of people not doing this

@studiosinger 4 ай бұрын

Notary Publics Services file applications to be a notary with the Secretary of State, and file fictitious name certificates. I wonder if I have to report as a sole proprietor.

@ninjawaver 7 ай бұрын

Never heard of this until now. Thank you! Will this be incorporated into Tax filing software (Turbotax, etc)

@djdiscopapi 6 ай бұрын

It will not. I prepare tax preparation services and have been notified by my software vendor that the only agency authorized to accept these reports is FinCEN. You will need to submit it through their proprietary website.

@CDE.Hacker 8 ай бұрын

This is the first I heard of it. When were our states supposed to let us know?

@strohmeyerlawpllc 7 ай бұрын

The states don't have an obligation to let you know--there's nothing in the law that requires that they inform you of this. 🤔

@kingznqueenztv 7 ай бұрын

It’s on IRS website and Secretary of State website

@TJ-spirit 5 ай бұрын

What is a Trade Name? Thought that was the same as business name. How long do new LLC owners have? Does it start when the LLC processing is complete or before?

@user-sl9vm5gu5q 6 ай бұрын

i just started an llc with zenbusiness and its going thru the process of filling do i wait till thats done?

@enuffwiththestuffnow 5 ай бұрын

So if I have an LLC for a rental property but have a manager who handles the repairs and bill paying such as local taxes, etc. but don't have any decision-making power or control, do I still have to add them as Beneficial Owner? Also, HOW can there not be an exemption for small LLC's who don't even crack 6 figures, surely we aren't the ones money laundering with such little income?

@NotMolly-jf2rh 6 ай бұрын

Are you expecting?!😀

@NotMolly-jf2rh 6 ай бұрын

I heard you are and I'm so excited for you!ll I had no idea. You don't look it! Congrats!!!!

@allupinyobiz 6 ай бұрын

You heard that where?! Cause I am not. But thanks anyway 😂

@KIKEPAR 7 ай бұрын

Hello, very good video. Thank you very much for the information. Sorry for my English, it's not good :) I have a question, can you help me? I created an LLC last month and I don't know when I have to deliver that document. Do I have to do it before January 1, 2024? thanks a lot

@cliffljimenez4237 6 ай бұрын

❤❤❤

@OregonScapes 7 ай бұрын

they updated the deadline to Jan 2025 for those who are freaking out.

@amirmahdihujjutallah3242 Ай бұрын

Do you offer registered agent services.?

@NatJac-gg3mv 7 ай бұрын

What about if I have my daughter on as beneficiary on the LLC bank account but she has nothing to do with the business what so ever? Is she considered a beneficial owner?

@JohnSmith-ns6dp 6 ай бұрын

Better safe than sorry. You miss one reporting of anything, you risk going to prison for 2 solid years (no trial), and pay $10,000 fine, and those punishments are PER INFRACTION. And, you have to send them updated photos of licenses and changes of address within 30 days or face those insane penalties. This is the most tyrannical law ever passed.

@crowned_and_loved 7 ай бұрын

Does this act not apply to sole proprietors then? Only corporations?

@LovelyLady1111 6 ай бұрын

Directly from Thomson Reuters: "Sole-proprietorships that don’t use a single-member LLC are not considered a reporting company."

@lajourdanne 7 ай бұрын

Does this all make our private information public (if we used a registered agent)?

@LovelyLady1111 6 ай бұрын

That's what I'm wondering

@LovelyLady1111 6 ай бұрын

Just looked it up, directly from an attorney's website: "It’s important to note, anonymous companies’ owners, managers, etc. will still remain shielded from public view. The information submitted to the government is not going into a public database. That is, anonymous companies will remain private to the public. The information being submitted is largely similar to what the IRS, banks and other institutions gather already. It will simply be held in a centralized database for verified law enforcement agencies to access when they have a valid subpoena or reason. Federal employees are not allowed to disclose beneficial owner information without cause." So that's great news!!

@lajourdanne 6 ай бұрын

@@LovelyLady1111 you’re an angel! Thank you so much for figuring that out and sharing 🙌🏾🙌🏾🙌🏾

@LovelyLady1111 6 ай бұрын

@@lajourdanne ofc!! Since seeing your question, I was thinking the same thing def wanted to know!! 😄 privacy is important to me too

@dorseesavage5304 7 ай бұрын

Does this include Trusts

@strohmeyerlawpllc 7 ай бұрын

While most trusts won't be classified as Reporting Companies, entities such as Massachusetts Business Trust can be classified as Reporting Companies. Beyond that, if a trust or similar fiduciary relationship is involved, then potentially the trustee, the beneficiary, and the grantor of the trust are reportable as beneficial owners.

@sarahmk2966 4 ай бұрын

Why are they not telling notifying snall businesses this?

@waynecmontgomery 8 ай бұрын

You are very LATE !!!! You forgot the subsidiaries of exempt organizations and companies who assist tax-exempt companies are exempt. The $500 a day fine is capped at 10(k) however at that point you risk jail time up to (2) years in federal prison.

@ernest4520 7 ай бұрын

so if you have something to hide then yes this will AFFECT YOU!

@JohnSmith-ns6dp 6 ай бұрын

Even if you don’t have anything to hide, if you forget to update the current address and license photo within 30 days of any changes, you get fined and imprisoned without trial. It’s insane. This isn’t a “once a quarter” filing like other taxes. It’s a fundamental change in how we do business. Can’t afford a lawyer to file these reports for you? Too bad for you!

@Pure_KodiakWILD_Power 8 ай бұрын

Oh, great, this sounds like some new government bs 😮‍💨 Thank you, Beautiful. Well, so far you mention money laundering and crime, at least that's not me 🤣

@middleway1704 8 ай бұрын

The criminals will still find a way around this, it’s the regular ppl that will get fleeced lol. Noobs

@h2oC2 8 ай бұрын

This is a much needed law to help root out all those involved in organized crime that partially owns or control U.S. corporations. I support this new law 100%.

@JamesWhite-uk9qu 6 ай бұрын

Exactly 💯

@campaltd1092 6 ай бұрын

Here’s a question. You’ve been an attorney for 25 years and have formed a thousand entities. You’re now required to collect all updated information from those 1,000 business owners, that of course you won’t get. Then file a BOI 1000 times. Sounds ridiculous and impossible. Time to retire.