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⚾ Fastball? ⚾ Slider? ⚾ Curve? What is the most important quality of a great baseball pitcher? 💪 Strength? The hall of fame walls prove “not”! 🎓 Smarts? Coaches and catcher can compensate for that. 😎 Composure? Nice, but first comes skills. 🎮 Control? 🏁 Bingo! If you don’t believe me, ask the 🏛 Feds. They think control is the key factor as well! The Corporate Transparency Act requires any person who “exercises substantial control” over an entity to be 📝 reported on the Beneficial Ownership Information Report (BOIR). For a Pitcher throwing the ball to an exact 🎯 spot is substantial control. What about for an LLC? There are 4️⃣ categories of substantial control according to the Feds ☝ Senior Officers This includes any of those 👔 “C” guys such CEO, CFO…. as well as general counsel. Even if someone performs the role of a senior officer without having the title they still will be considered to have substantial control. ✌ Important Decision Makers Anyone who has substantial influence over important decisions with regard to business, finances, or structure of the reporting company. This can even be 🖊️ Someone outside the company such as a lender who has a contractual right to make certain decisions. 🖊️ Or someone who has a majority voting rights and can affect the important decisions. 👌 Indirect Control 🖍️ Board of Directors 🖍️ Individual who can appoint or remove a majority of the board 🖍️ Individual who can appoint or remove a Senior Officer 🖍️ Trustee of a Trust that has substantial control And of course every pitcher needs a good Catcher and every Federal regulation needs a good “Catch All” So… 🖖 Any individual that has any other form of substantial control over the reporting company. I guess all of us are fair ⌖ game now! Now that we’ve covered both parts of who needs to be reported on the BOI the old saying truly 💡 resonates… "Once I thought there were only a few ✨ stars in the sky, until I looked up and realized the universe was 💫 infinite." Let’s all 🙏 thank the Fed for turning our little LLCs into 🌟 stars! 💥 💥 💥 Bonus Question! Who in your opinion is the greatest pitcher of all time! #corporatetransparencyact #llcformation #BOIreport #fincenfilings ====================================== 🔥LLC Specialists 🔥SMART & FAST & Protect them for LIFE 🔥Registered Agents in 50 States 🔥CTA & FinCEN Filings Experts ☎️ Reach out to Shmooz LLCs! 🏆Because Champions🏆 Work with Champions🏆!
Do you remember the spitball Tzvi Weiser - JD-MBA ?
Love the sports comparison, let’s try for basketball in the next one 😉
Tzvi Weiser - JD-MBA who is your favorite pitcher of all time? I’ll go first. Greg Maddox. And he exemplifies your point on control.
Tzvi Weiser - JD-MBA not my favorite but Matt Harvey in 2015 when the NYM went to World series was next level form , if he gets out of that inning he has a different career
Tzvi Weiser - JD-MBA, Nolan Ryan
Tzvi Weiser - JD-MBATzvi! Love how you've used baseball to break down the Corporate Transparency Act. Your point about control hits home. But let's not forget about adaptability - it's like a pitcher adjusting his throw depending on who’s at bat. In business, being able to change your game plan when faced with unexpected situations can make all the difference!
Being a former catcher myself, this was a great connection! Thanks for sharing Tzvi Weiser - JD-MBA
love the way you weave stories into your core offer, you are a star! I like Rollie Fingers from the brewers, his name is legit!
Always appreciate a good baseball analogy. I think you hit a homerun with this post 😆
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7moHaving a small portfolio, the impact is quite minimal. What is the anticipated impact to large organizations? This seems like it's going to cause a tremendous amount of work for large companies.