Remote Business Services News & Information

I. Introduction Online businesses often prioritize privacy when forming legal entities to protect owners from harassment, identity theft, or unwanted solicitation. One structure designed to maximize ownership privacy is the  anonymous limited liability company  (“anonymous LLC”), a type of LLC whose public formation documents do not disclose the names of members or managers. This article defines anonymous LLCs, identifies the states that permit anonymity in formation, discusses the laws enabling such filings, and compares the five anonymous LLC states, Delaware, Missouri, Nevada, New Mexico, and Wyoming. It addresses filing costs, annual report requirements, registered agent obligations, the  Organizer  role, and recent developments affecting anonymity—most notably the Financial Crimes Enforcement Network’s (“FinCEN”) Beneficial Ownership Information rule. The article also examines trade name (“DBA”) considerations for online operations where the domain name differs...

By Staff The rise of limited liability companies (LLCs) in the United States has often been accompanied by concerns regarding anonymity and the potential for misuse in illicit activities such as money laundering and tax evasion. To address these concerns, the FinancialCrimes Enforcement Network (FinCEN) implemented the BeneficialOwnership Information (BOI) collection as part of the CorporateTransparency Act (CTA). This short article explores whether the BOI collection has effectively ended anonymous LLC filing in the U.S. Background: The Corporate Transparency Act The Corporate Transparency Act was enacted in January 2021 as part of the National Defense Authorization Act. Its primary goal is to combat financial crimes by requiring certain entities to disclose their beneficial owners to FinCEN. A beneficial owner is defined as an individual who directly or indirectly owns or controls at least 25% of the ownership interests of a reporting company or exercises substantial control over...

By Staff As the landscape of financial transactions evolves, particularly with the rise of cryptocurrencies and digital assets, regulatory bodies like the Financial Crimes Enforcement Network (FinCEN) are stepping up their efforts to monitor and combat financial crimes. While these measures aim to enhance security and prevent illicit activities, they also raise significant privacy concerns for individuals and businesses. This article explores the implications of FinCEN's data collection practices, the potential risks to privacy, and the balance between regulation and individual rights. Understanding FinCEN's Role FinCEN, a bureau of the U.S. Department of the Treasury, is tasked with safeguarding the financial system from illicit activities, including money laundering, terrorist financing, and other financial crimes. To fulfill this mission, FinCEN collects a wide range of data from financial institutions, including banks, money services businesses, and cryptocurrency exchan...