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My understanding was you could have to pay 500 a day (inflation adjusted to ~600) for each day you're late. That's a quarter million after a little over a year.
by guywithahat 1y ago
My understanding was you could have to pay 500 a day (inflation adjusted to ~600) for each day you're late. That's a quarter million after a little over a year.
When I last incorporated with stripe atlas they told me I had to do it, although maybe they just wanted an extra fee. Either way I maintain this sort of thing adds complexity and makes it hard for people to start businesses who are experts in things other than incorporation law
- JumpCrisscross 1y ago> you could have to pay 500 a day (inflation adjusted to ~600) for each day you're late. That's a quarter million after a little over a year That’s not filling it out improperly, it’s forgetting to file. I’m also not familiar with any cases where this fine was unfairly applied. (I agree with you that BOI is as over broad as it’s badly named.)
- guywithahat 1y agoWell the BOI went into effect in 2024, so I wouldn’t be surprised if nothing has happened. The concern is in 10 years, when someone decides to “crack down” on “corrupt” business and fine small companies millions of dollars. I know it’s fun to hate crypto (much of it is a scam) but this is essentially what the SEC and Biden admin did to them. It’s a quiet law that has potential to explode, and I was quite scared of it when I incorporated.