Most Goats On The Go® affiliates (or their farms) are either limited liability companies (LLCs) or sole proprietorships. A few may be S-Corporations or some other type of business entity.
Generally, it’s a great idea to separate your personal finances from your business finances by registering as an LLC or corporation with your state. LLCs in particular have lots of advantages for small businesses, and they’re easy to set up. Sole proprietorships typically don’t require any registration with your state, but they also don’t provide that separation of business and personal finances.
The Federal Government believes its’ too easy, in fact, to set up LLCs which can be used as shell companies for all sorts of illegal stuff. So, the U.S. Department of the Treasury under the authority of the 2021 Corporate Transparency Act, is now requiring LLCs and corporations to register with the Beneficial Ownership Information (BOI) Registry. All companies formed after January 1, 2024 must register within 90 days of their formation. All companies formed before January 1, 2024 have until the end of this year to register.
The penalties for not registering on time are stiff, so you’ll want to get on it ASAP. There are rumblings of legal challenges to the new requirement, but most of us can’t afford to wait around to see what happens.
If you have questions, contact your accountant or attorney. Other than calling it to your attention, this is not something that the GOTG staff can provide much help with. If any of you have completed your registration, share your experience on the Affiliate Facebook Group.