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#786980 - 08/01/07 03:14 PM Exemptions/name Change
VirginiaBanker Offline
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Joined: Nov 2005
Posts: 112
Our customer, a sole proprietorship owner of a gas station, has had an exemption for CTR reporting for almost 3 years. he recently formed an LLC and changed the name of his company: Example: was "Joe Smith", is now "Smith's, LLC". Do we have to re-file the exemption to show the name change?

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#787063 - 08/01/07 04:09 PM Re: Exemptions/name Change VirginiaBanker
cbinder63 Offline

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cbinder63
Joined: Dec 2001
Posts: 674
Colorado
Yes. Not only is it a name change, the ownership has changed as well. Revoke the original DOEP, then file a new DOEP. If using BSA E-File wait for the acknowledgement before filing the new one, if still on paper - wait at least a week.
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#787085 - 08/01/07 04:30 PM Re: Exemptions/name Change cbinder63
nemsi Offline
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Joined: Nov 2005
Posts: 383
New entity, new EIN? I would wait the 12 months, 8 transaction to exempt. Just my opinion.

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#787092 - 08/01/07 04:33 PM Re: Exemptions/name Change nemsi
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
I agree with Nemsi (even if the LLC uses the owner's SSN), but in their telephone advice FinCEN personnel oftentimes say that if it is truly the same operation revoking the exemption and waiting 12 months is not necessary.

That's hearsay. Call them yourself and see what they tell you. If they say an amendment will suffice, document the phone call.
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#787110 - 08/01/07 04:50 PM Re: Exemptions/name Change Elwood P. Dowd
nemsi Offline
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Joined: Nov 2005
Posts: 383
Thanks Ken. I didn't think about the single member LLC, using their social. Luckily you think of everything.

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