Painting business owners must file a Beneficial Ownership Information report with FinCEN by December 31 or face penalties after January 1. Any dormant or unused LLCs need to be formally dissolved with the state to avoid fines.
Dissolve any LLCs by January 1st. If you have an LLC, you are required to file a Beneficial Ownership Information Report with FinCEN by December 31st. Most companies are way behind in doing this. There are penalties and fines for being late. So file your report. What if you have an LLC that you haven't used in a while? Maybe it was set up several years ago. There's no money in it, but it's still on the state's register. You want to get it off, officially dissolve that LLC. With the state in which it was formed. Also let the IRS know that this business is closed. After January 1st, FinCEN is going to look at all the people who filed their BOI report. They're gonna look at all the people on the state's records. Anyone who doesn't have a report gonna receive a nasty letter with penalties and fines. Don't let that be you. If you've got an LLC out there that you're not using, make sure you put it down, get rid of it.
What’s REALLY Holding Your Painting Business Back? (Find Your Bottleneck in 5 Minutes)
