The manager of the vintage mall just sent email that LLCs need to submit a BOI [View all]
I have a small booth in this vintage mall. I have been downsizing using the booth. When I started up, I didn't create an LLC or get a dealer's license. There was no requirement to fill out tax forms. I think the manager said they'd collect (sales?) taxes and file the paperwork.
I got an email from the manager today that any of us with an LLC needs to file a BOI. Does BOI stand for Beneficial Ownership Information form? I wanted to be sure I'm looking for information about whatever the manager is talking about. The manager said in the email not to ask them, because they don't know.
I don't pay any taxes on what I sell, because I'm 72 and getting SS. I thought I could make a certain amount without getting taxed, and then unlimited when I got to be a certain age. If I owed taxes, I would pay them, but I thought I was following the guidelines.
If I can find out what the BOI is, I can look for information about any action I should take.
As always, many thanks!