Do you use an LLC or Corporation in Oklahoma (or any other state) for your real estate business? If so, you need to know about the new federal Corporate Transparency Act filing requirement with FinCEN. This includes real estate agents, REALTORS®, and other real estate professionals who operate their business through an LLC or Corporation. Do you work with investors? It will also include all those LLCs or Corporations they setup to hold investment properties. 

This new requirement may shock you, but failing to comply carries penalties of $500 per day up to $10,000 and 2 years in jail. Don’t worry though, R Pro Academy is here to help you get in compliance and stay in compliance.

The Corporate Transparency Act require virtually all small business LLCs and Corporations to complete a Beneficial Ownership Information filing with the Financial Crimes Enforcement Network (FinCEN). What goes into that filing?

• Information about the business like its name, all registered DBAs, EIN, address, and more.

• Personal information on every owner with at least a 25% ownership interest. Personal information includes full name, residential address, driver’s license or passport number (including a picture of the identification).

• The same personal information for anyone who is not a 25%+ owner but has “substantial control” over the entity, which includes senior officers, important decision-makers, and others that fit within the FinCEN rules for filing. 

When do you have to file?

• For any entity formed before January 1, 2024, you have to complete the filing by the end of 2024. But please, don’t wait. I get it, we all procrastinate, but let’s knock this thing out.

• Any CHANGES to the information listed above (change of address for you or the business, a new driver’s license, a new DBA, etc.) must be reported on an amended report within 30 days of the change.

• For any new entity formed in 2024, you have to complete a report within 90 days. Any entity formed in 2025 and beyond, a report must be done within 30 days.

• The bottom line, get this taken care of sooner than later. If you wait, you might forget and will be that person scrambling to file on December 31. That’s no fun for anyone.

Is your entity exempt from filing?

• Probably not. There are some very limited exemptions and exceptions to filing, but they are very narrow. 

How do you report? You have two options:

• Handle it all yourself and file over at www.fincen.gov.

• You can contact our partner, GDL Legal PLLC, and use their custom FinCEN BOI filing system that is user-friendly, simple, and will not only get you in compliance but will help you stay in compliance through reminders and our simple amendment process.

Why file with GDL Legal PLLC and not on your own?

• They want your life to be as easy as possible. There are significant penalties for not doing this stuff correctly, and they want to help you avoid any risk of penalties.

• You have enough to worry about as a small business owner. Let someone else worry about this part. GDL Legal PLLC will help you gather all the information needed for reporting. They will help you determine who is a “beneficial owner,” including all those “senior officers” and “decision makers” FinCEN wants included. They will provide oversight and review the filings to ensure they are correct. They will file the report for you. After all that, they will handle amendments in case you having something that changes and we will send reminders to make sure you don’t forget to do an amendment.

• What if you have questions about filing? You have a lawyer there to help. That’s included in the cost of filing with GDL Legal PLLC. No extra hourly cost or additional fees.

• Who does the filing? You get the full service of an attorney, Geoffrey Long, to help navigate the process and complete the filing.

How much will it cost?

• They want to keep your costs minimal, so your filing cost with GDL Legal PLLC is $350 for your first entity.

• Have more than one entity? Save a little with multiple entity discounts.

• What about an amendment? They make amendments easier than filing on your own with their custom reporting system and affordable at $100 for an amended report.

Ready to file? Email Geoffrey Long at [email protected] or call/text him at 405-613-3630. You can also visit his website online at https://www.gdl.legal/.