Many Times I Said Don't Waste Your Money on LLC Vesting. Now this:

[Caroline Gerardo]

Furniture for Sale From Luxury LLC Corp. $1.

Sorry to tell all the cottage industry attorneys and gurus on BP that owning or vesting in a LLC no longer keeps your identity secret. It really never did. If you applied for a mortgage with the LLC it's publicly registered. And everything digital can be accessed or hacked.

Beneficial ownership reporting is a requirement from the Financial Crimes Enforcement Network (FinCEN). This is the U.S. government's efforts to prevent money laundering, financing of terrorism, tax fraud, and other illegal acts. Beneficial ownership reporting requires those with control over businesses or legal entities to provide identifying information. 

This information includes: Full legal name, Date Of Birth, Residential Address, Unique identifying number from a non-expired US passport, state identification document or driver's license, social security number, ITIN number, or foreign passport.

Reporting companies must file their initial reports electronically through FinCEN's Beneficial Ownership Secure System (BOSS). Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. A beneficial owner is a person who enjoys the benefits of ownership even though the title to some form of property is in another name.

A court can subpoena the name, address, DOB, driver's license/passport or ITIN or Social security number thus exposing your asset protection plan.

Twenty three types of entities are exempt from the beneficial ownership information reporting requirements. 

These entities include:

• Publicly traded companies meeting specified requirements- you know those on the stock market
• Many nonprofits but not all- the not for profit has to be approved, filed, and registered with IRS and the state.
• Certain large operating companies

Other entities that are exempt from BOI reporting include:

• Sole proprietorships
• Unincorporated associations such as HOA's
• Estates
• Family trusts includes Revocable Living Trusts
• Natural persons opening accounts on their own behalf a human who uses their real name
• Trusts (other than statutory trusts created by a filing with the Secretary of State or similar office)
• Authorized users for credit cards, your children on your VISA card
• I wrote 50 times to vest in Living Trusts and save the filing costs, keeping money separate, and paying for extra tax returns and attorney fees. Now here is another piece of evidence why not to bother with Asset Protection Schemes. 
• Caroline Gerardo
• NMLS 324982
• opinions are my own