Michigan small business owner and NFIB member Nancy Marr appeared on NFIB’s podcast, “The Small Business Rundown,” to discuss her experience with the unconstitutional and invasive Beneficial Ownership Information reporting requirements.
Reporting Requirements
Marr explains the difficult reporting process and says she eventually had to send it to her attorney to handle: “I’m going to turn this over to our attorney and just have them file the paperwork. And I did not realize how expensive it was going to be.
Marr owns and manages about 242 apartment homes in the greater Lansing, Michigan area. The cost of filing the beneficial ownership paperwork was $400 per LLC, times 16 LLCs, plus some inter-office email stuff to the tune of $7,001.
NFIB continues to strongly advocate for the permanent repeal of the beneficial ownership reporting requirements and for FinCEN to remove it from the books forever.
Original reporting: NFIB (National Federation of Independent Business) — read the source article.
