If you own more than twentyfive percent (25%) of an LLC, corporation or partnership, then you need to know how to comply with the Corporate Transparency Act to avoid fines and possible jail time!

In this video, I explain (i) whether you have to comply, (ii) how to comply, and (iii) when to comply with the Corporate Transparency Act (CTA). Noncompliance can result in fines of up to $10,000 plus criminal charges, including up to 2 years in jail!

Note that I will be adding a video stepbystep walkthrough showing you how to actually file the report after the FinCen filing option is live. Please SUBSCRIBE and get alerted as to when this video is ready.

To file the Beneficial Ownership Information (BOI) Report (after January 1, 2024), go here:
https://www.fincen.gov/boi

For the FinCEN frequently asked questions, go here: https://www.fincen.gov/boifaqs

For the FinCEN Small Entity Compliance Guide, go here: https://www.fincen.gov/sites/default/...

Here is what I'll be covering in this video:

00:00 Intro: Corporate Transparency Act
02:08 What is the Corporate Transparency Act?
02:32 What Companies Must Comply?
02:50 What Companies are Exempt?
04:03 Whose Information Must You Disclose?
04:25 Who are the Beneficial Owners?
07:21 Who is the Company Applicant?
08:04 What Information Must You Disclose?
09:29 When to File the Disclosure Report
10:02 What about Annual Reports or Updates?
10:31 Who Can Access Your Information?
11:13 What are the Penalties for NonCompliance?
12:13 How to File the Beneficial Owner Information (BOI) Report
12:37 Outro

If you have formed an LLC, and you are not sure what steps to take after setting up your LLC, go here to learn more:    • What To Do After Forming an LLC  6 C...  

If you have not yet formed an LLC and are curious what are the best states in which to start an LLC and why, go here to learn more:    • Best State to Form an LLC  

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If you want more details on what should go into your LLC Operating Agreement, go here:
   • What to Include in Your Operating Agr...  

If you aren't sure whether you should have a Manager Managed LLC or Member Managed LLC, go here:    • Manager Managed vs Member Managed (Wh...  

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If you are in California and prefer to hire an attorney to set up your LLC in California (or elsewhere) and/or to draft Operating Agreements or other related documents, feel free to reach out to me at https://www.chrisjacksonlaw.com'>https://www.chrisjacksonlaw.com

Thank you!

Best regards,
Chris Jackson
https://www.chrisjacksonlaw.com'>https://www.chrisjacksonlaw.com

//BIO//
My name is Chris Jackson. I have over 25 years of experience as a Californialicensed business attorney. I'm also an entrepreneur who has owned, managed and sold at a significant profit multiple franchise coffee houses. In addition, I have finance and operational experience as a Chief Operating Officer (COO) of a large company.

//DISCLAIMER//
Disclaimer: Note that nothing in this video is intended to create an attorneyclient relationship. This video and my channel are for general information and entertainment purposes only and should not be construed or relied upon as legal or tax advice (generally or specifically). You should not act or rely on any of the information contained herein without seeking professional legal advice.