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Entity Filing obligations / Corporate Transparency Act

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    Entity Filing obligations / Corporate Transparency Act

    As I understand this, a one person office filing a schedule "C" has no filing obligation under this act.
    A recent seminar solicitation by a local law firm posted a list of circumstances for entities that would be required to file.
    One of these appears to be certain investment partnerships.
    I own 100 shares/units in Enterprise Products Partners L.P., a publicly traded limited partnership in the oil & gas business.
    Was wondering if I would have an obligation to file due simply to owning shares in this company.
    Thanks for comments.


    #2
    I should have posted that I'm a one-person office filing a schedule"C" as a sole proprietor.

    Comment


      #3


      C. 1. What companies will be required to report beneficial ownership information to FinCEN?
      Companies required to report are called reporting companies. There are two types of reporting companies:
      • Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
      • Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
      There are 23 types of entities that are exempt from the reporting requirements (see Question C.2). Carefully review the qualifying criteria before concluding that your company is exempt.
      FinCEN’s Small Entity Compliance Guide for beneficial ownership information reporting includes the following flowchart to help identify if a company is a reporting company (see Chapter 1.1, “Is my company a “reporting company”?”).

      "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

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