New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
We have a sub s corporation started in Delaware. You answered a question about having a Wyoming LLC, with them banking in New York, and the company getting an exemption from filing as a foreign corporation because their accountant wrote a letter saying that the company was not going to do business in New York. Would this apply in our case?
Dear Bruce,
It wouldn’t matter what type of company that is and what state it is registered in – as of today that’s what most banks require: either your company’s proof of registration in the state where the bank is located, or a letter from a company CPA or attorney stating that this company does not conduct business in that state.
Having a bank account does not necessarily create “nexus” in a given state, however its either the banks nowadays are cautious and want to protect themselves with some extra bureaucracy, or there are new regulations that require them to do that – I wouldn’t be able to say for sure, but thats the reality so far.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
