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Personal Finance and Investing

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Marthe48

(19,742 posts)
Sat Nov 23, 2024, 01:47 PM Nov 23

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!

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