10/22/2024
Krowne CPAs
Northridge, CA
Dear Krowne CPAs:
This representation letter is provided to Krowne CPAs (“Firm”) in connection with the preparation and filing of the “newly exempt” Beneficial Ownership Information (“BOI”) report for <Client> (herein referred to as “Management,” “we,” “our,” or “us”) to the Financial Crimes Enforcement Network (“FinCEN”) as required by the Corporate Transparency Act (“CTA”) and Monthly Verification Service enrollment.
To the best of our knowledge and belief, Management confirms the following representations:
- Management understands and acknowledges that Firm’s engagement is limited solely to providing administrative assistance / limited advisory services to our company for the preparation and submission of our “newly exempt” BOI report to FinCEN as required under the CTA, enrollment in the Monthly Verification Service and for the preparation and submission of an “update”, “correct” or “newly exempt” BOI report as needed.
- Management understands that Firm’s limited services do not include providing legal advice with respect to determining if an exemption applies to our company or whether any relationships constitute “beneficial ownership.” As such, Management understands that the Firm will not be responsible for certifying or opining on our company’s compliance with the CTA. Management accepts full responsibility to engage separate legal counsel to assist in addressing any legal issues that may arise.
- Management has made available to Firm all the required information and documentation necessary under applicable CTA regulations for the company, our beneficial owners, and if applicable, any company applicant(s).
- Management acknowledges and understands that Firm will notify Management each month to affirm if reportable updates or corrections have occurred. This notification will occur by, but not be limited to, automated email, which will require Management to take action. Management accepts full responsibility for monitoring all reportable changes for our company and our beneficial owners (e.g., a change in beneficial owners; any change to a beneficial owner’s name, address, or unique identifying number; or any other information previously provided to FinCEN) and for ensuring that such changes are reported timely to FinCEN through the Monthly Verification Service and an “update”, “correct” or “newly exempt” BOI report. Management agrees to release and indemnify Firm and its personnel from any and all claims, liabilities, costs, and expenses attributable to failure of Management to respond timely to the Monthly Verification Service communications.
- Management acknowledges that Firm is under no obligation to provide such additional services unless mutually agreed to under a separate engagement.
- Management authorizes Firm to file our “newly exempt” BOI report on our behalf, to enroll us in the Monthly Verification Service and to file our “update”, “correct” or “newly exempt” BOI report if applicable.
- Management acknowledges this engagement will last for twelve months from the date of signing and will automatically renew upon receipt of annual autopayment. Failure to provide annual payment will result in the immediate termination of this engagement.
- Management represents, certifies, and warrants to Firm that all information provided to the Firm for purposes of the preparation and submission of the “newly exempt” BOI report as required under the CTA is true, correct, and complete, and we agree that Firm may rely solely, without independent verification, on the accuracy and completeness of the information provided.
- Management acknowledges the importance of oral and written management representations in the performance of Firm’s limited services and agrees to release and indemnify Firm and its personnel from any and all claims, liabilities, costs, and expenses attributable to any misrepresentation by Management and our representatives.
