top of page
  • Writer's pictureMitch A. Nelson

Forget Batman's mask, your LLC's incognito days are toast!

Bad news, business ninjas: anonymity through LLCs is officially extinct as of January 1st, 2024. Thanks to the Corporate Transparency Act (aka the "transparency train"), Uncle Sam now wants to know who's really pulling the strings (or should we say, holding the cash).

Here's the lowdown:

  • BOIRS is watching: This fancy acronym stands for Beneficial Ownership Information Reporting System, and it's basically the government's new guest list for LLCs, corporations, and their "beneficial owners" (that's you, the one calling the shots).

  • Who needs to spill the tea? Anyone who secretly controls the company or owns at least 25% of it. Sorry, your "anonymous investor" alias just got blown.

  • Deadlines? We got deadlines: Existing businesses, get ready to register by December 31st, 2024. Newbies, you have 30 days after filing with the state. Miss the train? It'll cost you - $500 per day, a $10,000 fine, and maybe even a staycation courtesy of the government (not the fun kind).

But hey, there's a silver lining! More transparency = less shady business (allegedly). Plus, think of it as an opportunity to flex your legit business cred.

Consult your friendly neighborhood attorney/CPA. Remember, this ain't legal advice. But hey, at least you're informed.

P.S. If you're still pining for anonymity, maybe consider a career in competitive knitting. Yarn is much less transparent than LLCs… usually.

5 views0 comments


bottom of page