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Old 01-15-2017, 10:46 AM
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Question Disclosing ownership in other companies?

I have been working for a technology consulting company for 11 years. That company recently form a new corporation and I bought in for 10.5% equity (for the new corporation only). I also am the sole owner in my own LLC and have been for six years. The owners at the company I've been with for 11 years are now telling me that I have to disclose any ownership I have in any companies because there is a tax sheet or form that they need to file with the Department of Labor. They are asking the following questions for the form they need to file - In how many companies do you have ownership? Do they have employees? Do they sponsor retirement plans?

My question for this forum is, do I need to provide this information for all companies where I have ownership?



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Old 01-16-2017, 12:53 AM
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Quote:
Originally Posted by samedens View Post
I have been working for a technology consulting company for 11 years. That company recently form a new corporation and I bought in for 10.5% equity (for the new corporation only). I also am the sole owner in my own LLC and have been for six years. The owners at the company I've been with for 11 years are now telling me that I have to disclose any ownership I have in any companies because there is a tax sheet or form that they need to file with the Department of Labor. They are asking the following questions for the form they need to file - In how many companies do you have ownership? Do they have employees? Do they sponsor retirement plans?

My question for this forum is, do I need to provide this information for all companies where I have ownership?
you need to contact the corp for help; in general, Administrators or sponsors of retirement plans are generally required by law to report certain information with the IRS, the Department of Labor, and the Pension Benefit Guarantee Corporation, and disclosure to affected parties depending on the plans? type, size, and circumstances This Reporting and Disclosure Guide for Employee Benefit Plans was prepared by the IRS as a quick reference tool for certain basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and provisions of Employee Retirement Income Security Act of 1974 (ERISA) administered by the IRS



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