Question:  Homer Simpson and Marge Simpson own 25% of World Wide Widgets, LLC, as community property.  Ned Flanders, a single man, owns 75% of the LLC. World Wide Widgets, LLC, owns 100% of two subsidiary LLCs called Sub 1, LLC and Sub 2, LLC.  Which companies must file FinCEN reports and who is/are the beneficial owner(s) that must be named in the FinCEN report?

Answer:  Each company must file a FinCEN report.  Ned, Homer and Marge are all deemed to be beneficial owners of all three LLCs and their names and information must be disclosed in each LLC’s FinCEN report.