Montana LLC's, let's talk about a new filing.

OptimizePrime

OptimizePrime

Goblin Guru
Speaking with some friends, they brought up a new filing for LLCs that will be put into place starting Jan 1, 2025. In loosely researching this filing, it's relevent to Montana LLC's as they do not create an EIN, which is required for this filing. We may have to obtain an EIN from the IRS at the end of the day and file taxes every year.(see more below) Hoping we can crowdsource infomation around this subject.

Reporting companies (so corporations, LLCs and similar entities) must provide their:
  • Full legal name
  • Trade names and “doing business as” (DBA) names
  • Complete current U.S. address
  • State, tribal or foreign jurisdiction where formed
  • Internal Revenue Service taxpayer ID number (so probably your EIN)
The penalties for failing to file? Pretty brutal. The daily penalty equals $500 (with a $10,000 maximum).

evergreensmallbusiness.com

BOI reports and Your Small Business - Evergreen Small Business

Starting in 2024, small business corporations and LLCs will need to file a beneficial ownership information report.
evergreensmallbusiness.com evergreensmallbusiness.com
 
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Ark :D

Ark :D

Goblin Guru
Besides the push to sell their services, the note I received after inquiring about this with the Montana agent makes this sound almost like a nothing-burger. Here is what they said when I asked how it would impact the LLC registration and owning a car via the LLC:

"Good afternoon!

Thank you for taking the time to reach out to us! Since the BOI is a federal requirement and not a State requirement, nothing would change with your company set-up as it is now, anonymously with the State of Montana!

As of January 1st 2024, companies that do business in the US are required to file a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). Companies, such as yours, formed prior to 2024 have until December 31 2024 to file a BOI.

If you would like to hire us to fulfill this compliance filling for a fee of $9, we would be happy to do so HERE!

What are the filing requirements for the BOI? Unless you have been exempt from filing, the BOI requires basic information about your company:
  • Legal business name and any trade names or DBAs
  • US business street address
  • Formation jurisdiction
  • Tax ID number

The BOI report also requires basic information about beneficial owners and company applicants:
  • Full legal name
  • Date of birth
  • Residential address
  • Copy of non-expired ID (e.g., license or passport)

For years now we’ve offered a range of federal filing services, including EINs and S-Corps. We’re proud to add the BOI report as an option, and we’d be glad to file for you quickly, correctly, and securely.

Please don't hesitate to reach out to us with any further questions or concerns, and have a wonderful day!


Warm regards,

Shannon Watson
All Day $49 Montana Registered Agent, LLC.
1001 S. Main St Ste 49
Kalispell, MT 59901
(406) 552-0004"

I have replied, asking what the cost would be, beyond the $9 service fee they charge for submitting the report. I will post more when I know more.
 
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OptimizePrime

OptimizePrime

Goblin Guru
@Ark :D Your LLC likely doesn't have an EIN. Getting your EIN requires you to file taxes every year. Probably a fairly easy tax filing given there's no activity. I'd be interested to see if $49 would use their address for this.

I'm not sure what the long term implications are for LLCs with no revenue / activity every year.
 
devianteng

devianteng

Well-Known Member
While I don't have a LLC, I do recall from a business class years ago (and confirmed on the IRS website), a single-member LLC does not require an EIN, and instead the name and TIN (Taxpayer ID Number, aka SSN) should be used.

Quote from IRS:
"A single-member LLC that is a disregarded entity that does not have employees and does not have an excise tax liability does not need an EIN. It should use the name and TIN of the single member owner for federal tax purposes"

In short, for most folks creating a single-member LLC for registering a vehicle in Montana, this is a nothing burger. File the BOI using your SSN, and done.
 
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KSLunsfo

KSLunsfo

Well-Known Member
Just kind of thinking out loud... how can they ever actually get money out of a company, LLC or whatever that's effectively worth nothing? Also, they cannot go after individuals related to the company correct? Thought that was kind of the point of an LLC.
 
devianteng

devianteng

Well-Known Member
KSLunsfo said:
Just kind of thinking out loud... how can they ever actually get money out of a company, LLC or whatever that's effectively worth nothing? Also, they cannot go after individuals related to the company correct? Thought that was kind of the point of an LLC.
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LLC exists as a separate entity from the owners. If you have a car registered via LLC, the LLC technically owns the car so the LLC has assets. I guess it could be possible for someone to sue your LLC, and if your LLC lost, be forced to sell the car to pay and liabilities. That's from a legality perspective.

From an IRS perspective though, a LLC with a single member is classified as a disregarded entity, while a LLC with 2 members is considered a partnership. In the case of a disregarded entity though, the IRS is not going to tax the LLC as an entity separate from the owner, it's all the same from a tax perspective.
 
KSLunsfo

KSLunsfo

Well-Known Member
devianteng said:
LLC exists as a separate entity from the owners. If you have a car registered via LLC, the LLC technically owns the car so the LLC has assets. I guess it could be possible for someone to sue your LLC, and if your LLC lost, be forced to sell the car to pay and liabilities. That's from a legality perspective.

From an IRS perspective though, a LLC with a single member is classified as a disregarded entity, while a LLC with 2 members is considered a partnership. In the case of a disregarded entity though, the IRS is not going to tax the LLC as an entity separate from the owner, it's all the same from a tax perspective.
Click to expand...
I see, thanks for the clarification. Yeah, also can see how the car comes into the picture, kind of a scary thought.

Guess this also takes some of the possible anonymity out of the LLC and it's owner when dealing with an LLC that was created through an agent like this? One of the somewhat selling points with 49 and others is keeping your info private. I'm sure I'm missing things or just not understanding it all, but seems as soon as you've filled out some kind of federal form with your SSN and the LLCs name you're effectively linked in some database somewhere now... again just the thoughts coming to mind lol...
 
OptimizePrime

OptimizePrime

Goblin Guru
@Ark :D You're a legend my friend. Everything pointed towards an EIN / Tax ID

If you're with 49, you can't use the link in Ark's email as it's specific to him. Login and go to 'Add Other Services and Products' > Search 'BOI' and go through the steps to purchase it for $9 > they'll immediately ask for more info and that's where you fill stuff out.

46327


46328


Besides my ssn, I used the registered agent address, uploaded my driver's license and used that info.

Ultimately we're not who they are targeting. Hoping this stays a nothing burger and doesn't rot into a sh*t sandwhich.
 
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