Let's Play Southern Orange County's Favorite Game Show: Who Owns That LLC?
The good news is, winning this game will soon be much, much easier.
Starting last month, LLC and corporation owners are now required to disclose the identity of their owners to the federal government. If an LLC does not comply, they’ll be subject to daily fines of $500 and potential jail time.
This was done as part of a larger effort to stop criminals from laundering money here in the United States, which has become a haven for such crimes.
Anyone who owns 25% or more of an LLC are now required to submit their name, date of birth, personal address, and a government issued photo ID.
(There are two exceptions: If you make over $5M in annual revenue or if the LLC has been inactive prior to 2020 and it’s just sort of sitting there.)
So, this mean you can — in the not too distant future — submit FOIL requests to FinCen, which is the department managing and overseeing the LLC information gathering for the Department of Treasury.
But it won’t be an overnight thing.
LLCs have until December 31st, 2024 to comply with the new law.
That’s on the federal level.