4 ms·
Ask HN: Should startup founders with 25%+ ownership report it to US Treasury?
I saw a blog today that says:
"Corporations, limited liability companies, and other similar entities formed in the U.S. or foreign entities registered to do business in the U.S. must now report their beneficial owners (any U.S. or foreign individual who owns 25% or more equity interest in a U.S. legal entity) to the U.S. Department of the Treasury." [1]
Is this true?
[1] https://blog.armaninollp.com/tax/2021/01/12/new-law-requires-small-companies-to-report-25-owners-us-or-foreign/
- pdevr 6y agoDisclaimer: Not a lawyer. I think companies with a physical office in the US, where they also have a operating presence, are exempt. But looks like you still have to report that you are exempt. If you are not exempt, you need to provide your name, address, date of birth, and an ID. That is all. At this point, it looks like FOIA is not applicable for this information, so privacy is not impacted.
- selfishgene 6y agoOver time they will probably start requesting a lot more information ... basically anything that the IRS would find useful is in play here. It probably makes sense to start out by not asking for too much data in order not to scare people for what's coming down the line. As Scott McNealy once told an audience years ago: "You have zero privacy anyway. Get over it."
- QueensGambit 6y agoThanks! Do you know how to submit this information to US Treasury? Is there a form or link where I can submit?
- pdevr 6y ago(I am not a lawyer disclaimer applies) They are yet to issue the final regulation - existing entities have around two years to comply. This is HUGE, so I am sure we will hear more about this in the coming months.