All Forum Posts by: Mike Dawson

It does sound better to just change the name, and being identified isn't much of a concern.  I use an RA and a llc formation company, which left my name off the documents.  Plus it's cheaper at only $60 to change the name. Thanks!

Hi all. I have a Wyoming LLC I created to buy a specific property. I ultimately did not close. I want to use this LLC but I do not want to keep the name. It will still be doing real estate activities. I have a D&B account associated with it, a bank account(I will be moving to another bank at some point in the next few months), and I have a business credit card.

Should I dissolve the LLC, or change the name? In the future, I could see how a savvy person bent on finding me might be helped along by following the crumbs left by an old name. I do not expect this will happen as, but it's a possibility nonetheless.

Thoughts?

 No, they want me to report less than the required info(per the federal government, as I've understood the text I've copy/pasted directly from their website).  This is my issue.

I am not upset that I need to report my business/personal info.

 No, I just formed this company last month, hence the confusion on the "company applicant".  At this point, I can only cross my fingers and hope the government doesn't have enough resources to investigate all of the wrongly filed BOIRs.

I haven't missed that at all. I must be listed because I fall into "category 2", and if there is an applicant that falls into "category 2", then there has to be an applicant that falls into "category 1", which in this case, would be the employee at the company that directly filed(on my behalf) the documents with the state.  Their name is on the articles of formation.

I'm in between what the government requires, and a company that won't give me the necessary info to file the BOIR.  I'm hoping this thread can become a resource for others who will inevitably find themselves in the same situation.

Thanks for the replies.  I'm going to attempt to get an answer from Fincen itself, although I've seen where that isn't likely to happen.  This text is pulled directly from the website(https://www.fincen.gov/sites/default/files/shared/BOI_Small_...):

3.2 Who is a company applicant of my company?

Each reporting company that is required to report company applicants will have to identify and report to FinCEN at least one company applicant, and at most two. All company applicants must be individuals. Companies or legal entities cannot be company applicants.

There are two categories of company applicants – the “direct filer” and the individual who
“directs or controls the filing action.”
• The first category (direct filer) must be identified by all reporting companies that have a
company applicant reporting requirement.
• The second category (directs or controls the filing action) may not be applicable to
all reporting companies that have a company applicant reporting requirement. The
second category of company applicants is only required to be reported when more
than one individual is involved in the filing of the document that created or first
registered the company.
• If more than one individual is involved in the filing, then two company applicants must
be reported.
• No reporting company will have more than two company applicants.

Company Applicant Category 1: Direct filer
This is the individual who directly filed the document that created a domestic reporting company,or the individual who directly filed the document that first registered a foreign reporting company. This individual would have actually physically or electronically filed the document with the secretary of state or similar office.

Company Applicant Category 2: Directs or controls the filing action
The other possible company applicant is the individual who was primarily responsible for
directing or controlling the filing of the creation or first registration document. This individual is a company applicant even though the individual did not actually file the document with the secretary of state or similar office.

Clear as mud!  I'm not able to interpret that text in the way you guys have.  I merely "directed" the company to do it, which they did(electronically filed the document
with the secretary of state).  According to the directions, the person who filed the document is the direct filer.  I gave them the info, and they made it go somewhere. So it appears both of us are company applicants.  Keep in mind, the "company applicant" isn't necessarily the "beneficial owner", and there is a whole section for each on the BOIR.  What am I missing?

I formed an LLC last month and I have 90 days to submit my BOIR. My confusion lies around the term "company applicant".

When looking for information on who the company applicant is, I ran across this info directly on the Fincen.gov website:

So, the form requires a date of birth and photo ID for the "company applicant". I used WyomingAgents.com to create the LLC. So they use their own people to submit the articles and all that. According to the definition as found on the Fincent.gov website, I do not appear to be the "company applicant". I reached out to the company I used and received this in the email reply: "You are also the company applicant, since you are directing us to file this for you."

To me, I did not directly file this, and as such do not qualify as the "company applicant".  Especially since their employee signed her name on the paperwork as the organizer.  I've been googling and see where others have had this same question, and were not getting anywhere with the company they hired.  

Any thoughts?  Thanks

 It's a start at least!

 Thanks for the advice.  I've been reaching out to different places, as I don't have an agent atm.  Got a much better quote today, so it's looking up atm!

 Appreciate it!