All LLCs must complete the federally-required
Beneficial Ownership Information report. Click here for more
information.
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Dear friends and clients,
Beginning in 2024, a new mandate in the federal government's Corporate Transparence Act (CTA) requires that all entities registered with any state's Secretary of State (Or jurisdictional equivalent) file a Beneficial Ownership Information (BOI) report with the United States Treasury Department's Financial Crimes Enforcement Network (FinCEN). This includes corporations, partnerships, and most importantly to you, LLCs.
Beneficial owners are defined as individuals who directly or indirectly own or control more than 25% of a company's ownership interests. While the definition is fairly broad, it does apply to most of the LLCs represented by Montana Corporate, as well as other Montana registered agents.
Montana Corporate cannot file on your behalf due to the sensitive information required in the report. Any member of your LLC to whom the beneficial owner definition applies must self-file or consult an attorney to file on your behalf by the applicable due date at https://www.fincen.gov/boi. If you need assistance, check out our help article for filling out the BOI form.
Due Dates for BOI Reporting:
Information Required by the Report:
You may also be required to provide copies of documentation as proof of your information. You must also report any changes to the ownership of your LLC or changes in your personal information such as change of name or address within 30 days.
While there have been recent developments in which a federal district court ruled the Corporate Transparency Act unconstitutional, said ruling currently only exempts entities who are members of the National Small Business Association (NSBA) and does not apply to most Montana LLCs created for asset holdings. There will likely be additional developments and changes going forward, but due to the extreme penalties (Fines up to $500 per day until the report is filed, and fines up to $10,000 and/or two years in prison if criminal charges are brought), Montana Corporate highly recommends complying with the mandate as it is currently written and filing your BOI in a timely manner.
Please also be aware that there are many companies posing as FinCEN and/or charging a fee to file your BOI report. These are likely scams, as the report is free to file, and these unofficial sites may even be phishing for your personal information! Make sure the website you use to file your report is https://www.fincen.gov/boi. While we understand this may be frustrating, please understand that this is not a requirement by Montana Corporate or the State of Montana. This is a federal requirement that applies to all 50 states. However, this will NOT affect the tax-exempt status of your Montana LLC or any assets registered to your LLC, and there are no changes to the vehicle registration process.
Please reach out to us if you have additional questions or concerns!