formal

Beneficial owner: Legal term describing a person with all of the benefits of ownership but without the formal title, as in some kinds of trust.

Beneficial owner: Legal term describing a person with all of the benefits of ownership but without the formal title, as in some kinds of trust.

Given these incentives, which FinCEN acknowledges derive from assumptions, FinCEN believes that the amount of individuals who will obtain a FinCEN identifier will likely be relatively low. FinCEN is estimating that number to be approximately 1 percent of 32.6 million reporting companies in Year 1 and 1 percent of 5 million new reporting companies every…