Prepare Now for Your FinCen Filing
If you have one or more LLCs, corporations or partnerships (other than a general partnership) that have multiple owners other than you and your spouse and the companies are reporting companies it is critical that you do the following now to prepare for the FinCen filing each reporting company must make:
- Notify the beneficial owners of the existence of the CTA and its penalties.
- Create a legal obligation in a new or amended Operating Agreement, Stockholders Agreement or Partnership Agreement or in a side agreement that obligates each beneficial owner to give to the reporting company the required information that must be filed with FinCen. Currently the beneficial owners of your reporting company are not obligated to give the required information to the company, which means it cannot comply with the CTA and will be subject to the $500/day fine for not filing. You must obligate all beneficial owners to deliver the required information to the reporting company.
- Collect the required information from all beneficial owners and prepare to file it with FinCen.
- Add the due date of the required FinCen filing to our calendar and/or tickler system.
Buy CTA Text for Your Reporting Company’s Owners’ Agreement
If you have a multi-member reporting company you should cause all of the members, stockholders or partners who are beneficial owners to sign an agreement that obligates them to give the required information to the company before the due date of the FinCen filing, fines them for failing to give the required information to the company timely and obligates them to indemnify the company if the company is fined by FinCen because of the beneficial owner’s failure to deliver required information timely or delivering false information.
We now include language in all of our LLC Operating Agreements, Stockholders Agreements, and Partnership Agreements that covers the issues stated in the paragraph above.
If you have a reporting company that has multiple beneficial owners other than a married couple, you should buy my CTA text for the owners to sign now. To buy an editable Word version of my CTA language click on the appropriate link below and pay with your major credit card. Immediately on payment our system will send you an email that has the CTA language attached as a Word file.
- CTA language for a corporation
- CTA language for a partnership
Hire FinCEN Filer, LLC, to Collect Your Reporting Company’s Beneficial Owner & Applicant Information & File its FinCEN Report
We recommend our sister company FinCEN Filer, LLC, to prepare and file your reporting company’s CTA FinCEN report. To learn more about FinCEN Filer, LLC, and its FinCEN report filing services see its website at www.fincenfiler.com.
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