Intended to thwart money-laundering and other financial crimes facilitated by shell companies, the beneficial ownership information (BOI) rule would have put the ownership information of more than 32 million entities in a US Treasury database, with no exemption for even the smallest. Business owners were supposed to report each beneficial owner's name, birthdate and address to the Financial Crimes Enforcement Network (FinCEN) -- and upload an image of a drivers license, passport or other acceptable form of identification.
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46 sats \ 0 replies \ @kurszusz 6 Mar
And this is just one of the many tools that the state uses to track everyone, to have all the information about its citizens. But all this only "in their own interests"...of course :)
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46 sats \ 5 replies \ @kepford 6 Mar
Good news. This was incredibly bad.
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57 sats \ 4 replies \ @Bell_curve 6 Mar
large companies were exempt from this reporting requirement
utterly corrupt legislation
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84 sats \ 3 replies \ @siggy47 OP 6 Mar
Which makes sense since large company ownership would be more difficult to hide anyway. That doesn't excuse the bullshit law.
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80 sats \ 2 replies \ @Bell_curve 7 Mar
This legislation is another attack on small businesses and 1099s
edit: every large company started small, growth rates obviously differ
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79 sats \ 0 replies \ @siggy47 OP 7 Mar
Definitely
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10 sats \ 0 replies \ @kepford 7 Mar
Indeed. For all the talk of loving small businesses the government hammers anyone that wants to start one.
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36 sats \ 0 replies \ @Bell_curve 6 Mar
all the exemptions were for large businesses or 5 million plus in annual revenue
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