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If you operate as a Sole Proprietor, is there any reporting since we are obviously 100% owner?
I just hope I can still use turbo tax
I found this in a google search under the link to fincen.gov
" Is beneficial ownership required for sole proprietorship?
Exclusions: The following legal entities are excluded from the Beneficial Ownership Rule and do not require the collection of Beneficial Ownership information or evidence supporting their exclusion: Sole Proprietorships."
From what I read in that FinCen article, it applies mainly to corporations and limited liability companies along with large financial institutions and anyone who has a beneficial interest in a foreign or offshore account.
I have nothing filed with the state. All I have is my name notary public with a business license in my County only.
Ah the complicated world of business. Did you forward a copy of this to Trump?
Billionaires already know
Thank you for your insight and the links. Being new to the Notary business this is not in my top 10 concerns. But it is now on my watchlist.
NICE ! Thank you
This isn’t a political matter. In Trump’s case his businesses entities aren’t hidden. He’s too high profile to get away with what FINCEN is targeting.
The target are LLCs set up in States that have strong privacy laws guarding the owner’s identities.
I think Riverpoint Tax’s presumption that notaries are operating as LLCs is shaky. Sure, there are some, but a great many notaries operate under their own name as a natural person, and another substantial group operate as DBAs. Those who are DBAs will want to keep an eye on this in case DBAs are required to file the form.
Ashton, Do you have the fractional breakdown regarding how our colleagues operate under various business entities? I provided several links to support my professional opinion, so our colleagues can make informed decisions as to how they may wish to proceed in light of these regulatory changes. Pointing out that those operating under DBAs need to stay alert, is repeating my earlier advice offered to another of our colleagues. While none of us are irrefutable experts, I have greater respect for substaiated opinions.
I do not have any statistical information on the proportion of notaries that operate as sole proprietors in their own name, sole proprietors with a DBA, LLC, employees of a private business, or government employees.
I do keep in mind that starting with the main page of this site, and working ones way to the forums, and then this thread, is not the only way to arrive at this thread. People may also wind up here through web searches. I have no statistics to prove it, but I believe the vast majority of notaries are not mobile notaries, nor are they notary signing agents, so will not understand that posts in this forum tend to be aimed at notary signing agents.
Much appreciated. I Have not had my first signing yet. Fingers Crossed it happens before the end of 2023.
I don’t agree that most of us are LLCs. Also, Sole Proprietors are not necessarily DBAs since some states have business owners register Trade Names in lieu of a DBA.
Know your state law and how it applies to FinCen.
Kindly point where I stated “…most of us are LLCs”. That came from another of our colleagues. If that narrative bothers you, take it up with that other colleague.
FINCEN is a Federal Law/Regulation, that’s not subject to State Laws, it’s the other way around. A careful read of my original post will show I stated businesses operating under DBAs or other State recognized entities, that are not corporate entities, are still under review.
I don’t appreciate the false narrative, putting words in my mouth, that were uttered by another colleagues.
Sadly @RiverpointeTax no, you said it - it’s in one of your deleted posts - specifically your post from 4 days ago:
" Most of us operate under an LLC, that will need to report. "
So sorry to see you got your knickers in a twist over discussion about your original post, which was highly informative and appreciated.
Actually that’s in error and taken out of context; Most of us [who] operate under and LLC will need to report. I stated this twice, so it wouldn’t be missed. It seems there was/is and effort to discredit my statements based on what some imply would be a low number of notaries operating under a corporate entity. The number of notaries operating solo or under a corporate entity is irrelevant. Several missed the point that the CTA will impact LLC holders. Reading through the comments it became obvious that many of the commenters didn’t actually read what was presented.
I knew I read it too but it was conveniently deleted after the hissy-fit.