FinCEN.gov – Corporations will soon be required to disclose owner information

Re:FinCEN.gov – Corporations will soon be required to disclo... by ddmitriev on Saturday September 16, 2023 @12:30AM (#37532057)

Thank you for providing the context.

To me, it's the 20 FTEs requirement that is the most unexpected. The small businesses that I or the people I know have worked at or have interacted with were generally in the 2-10 FTE range.

For what it's worth, I personally have nothing against the spirit of this regulation. Corporations and LLCs are legal structures provided by the government. The (federal) government not always knowing who the beneficial owners are is an implementation artifact. FinCEN should have access to this information; I just wish that they would talk to the states about it instead of threatening individual owners with penalties and jail for not reporting to them directly.

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Re:FinCEN.gov – Corporations will soon be required to disclo... by rsynnott on Saturday September 16, 2023 @03:53AM (#37532866)

I suppose the theory is that if they exempted all businesses with paid employees and actual premises, someone might simply set up their shell company with an employee or two. 20 is probably too high a burden for all but the most dedicated crooks.

[ Parent | on HN ]