eckert16
Active member
Bottom Line: Entrepreneurs are being targeted.
Are you Registered to do business in your STATE?
Do you make less than $5 million a year?
Do you have less than 20 employees?
If you answered yes to all three: Did you provide your photo ID, and your personal Residence address to the Dept of Treasury yet? ... the fines start at $500 per day.
Like other deceptive gov pieces of legislation (Inflation Reduction Act, etc), the name of this ACT is the opposite of what it does. This Act doesn’t provide the ‘so called’ big “CORPORATE TRANSPARENCY” that socialist cry about … it positively identifies individuals with entrepreneur ambitions... targeting small 'business' owners specifically.
Requires ‘businesses’ that register with their STATE in order to legally conduct business in their STATE (making<$5M year, <20 employees, in a State) and it’s beneficial owners to file specific self identifying information.
REQUIRES positive ID (name, birthdate, photo ID, residential physical address, business address, etc) of INDIVIDUALs that own/operate/control a Small Business legally registered in a state, to be provided to the Department of Treasury’s Financial Crimes Network (FinCEN)?
Supposedly to fight criminal money laundering.
Simple article. Huge implication given the history of the Fed Gov requiring Positive Identification.
Quick article starts on page 25, it presents the information as it applies to a person starting their own LLC to rent out an a property.
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