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Corporate Transparency Act- What you need to know.
Beginning January 1, 2024, all new entities (“reporting company”) will need to file a Beneficial Ownership Information Report (BOIR) with the US Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR must identify the beneficial owners and anyone with “substantial control” of the reporting company. They also must identify two of the “company applicants” involved in forming the entity within 30 days after receiving notice of its creation or registration.
Domestic or foreign reporting companies formed or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports.
Reporting Companies have 30 days to report any changes to the information in their previously filed FinCEN reports. They must correct inaccurate information in previously filed reports within 30 days of when the reporting company becomes aware or has reason to know of the inaccuracy of information in earlier reports.
Corporate Kit (aka Minute Book)
The corporate kit is a collection of essential materials and documents that a corporation or LLC uses to organize and retain its official documents and records. The contents may include a corporate seal, stock or membership certificates, stock transfer/sale ledger, sample minutes, bylaws, resolutions, and blank paper for recording minutes of meetings. This is a helpful tool to remind you to keep proper records of your company’s transactions and meeting minutes to help protect your personal liability.
Corporate kits are available in electronic or paper/binder format.
- E-kits are electronic kits best for those who keep everything on a computer and no longer want hard-copy paper kits.
- Available in PDF fillable forms or in Word for full control over the content.
- Physical Corporate Kits contain a record book with a slipcase for storage, sample resolutions, minutes, bylaws, and operating agreements for easy record-keeping. Metal pocket embossing seal and 15 pre-printed membership certificates.
Employer Identification Number (EIN/Tax ID)
Every entity is assigned a number as identification for tax filing purposes with the Internal Revenue Service, called the Employer Identification Number (EIN) or Federal Tax Identification Number. The EIN is required to open a bank account, file tax returns, or when a business hires employees. You must incorporate your company before obtaining the EIN. Ensure the name is secured before filing for the EIN, or you risk repeating your application.
- If you have a U.S. Social Security Number, Corp1 can assist you in obtaining your EIN the day you request one.
- If you are a foreign citizen and registered to do business in the United States and do not have a U.S. Social Security Number or Individual Taxpayer Identification Number, Corp1 can assist you in obtaining your EIN in 4-15 business days.
- If obtaining the EIN is not urgent, you can mail the SS4 Form to the Internal Revenue Service.
Chat with us for all your Corporate and UCC Requests.
Articles and Tips from our Blog
Beginning January 1, 2024, all new entities (“reporting company”) have been tasked with filing a Beneficial Ownership Information Report (BOIR) with the U.S. Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR identifies the beneficial owners and anyone with “substantial control” of the reporting company. Since then, several
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The Corporate Transparency Act will go into effect on January 1, 2024. Enacted in 2021, it aims to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Beginning January 1, 2024, all new entities (“reporting company”) will need to file a
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