Main Street Business # 466 The #1 Oversold Legal Strategy in America
Business owners are constantly oversold legal strategies they don't need, even if it's working for others. Always take the time to understand your needs!
Legal strategies should be tailored to your specific situation. Otherwise, you end up paying more in fees, maintenance costs, and unnecessary complexity.
Don’t be persuaded by fear or the fact that everyone else is doing it.
For an affordable and simple consultation to build your strategy please book a call with one of our tax lawyers serving business owners nationwide at kkoslawyers.com
In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen explore the tricky world of legal entities and the upcoming changes due to the Corporate Transparency Act.
Here's what they cover:
- The common pitfalls of creating too many legal entities such as LLCs, trusts, and corporations.
- The new requirement to register every LLC with FinCEN, with penalties including a $500 per day fine and potential jail time.
- The importance of understanding when to set up an LLC or an S Corp, and how these entities can be used strategically for asset protection and privacy.
- A discussion on the use of C Corporations, cautioning small business owners about the potential complexities and tax implications.
- The need for business owners to consider an annual review with a competent tax lawyer and the importance of a tailored approach to small businesses.
- The importance of properly closing unused entities in light of the new Corporate Transparency Act to avoid hefty penalties and potential legal complications.
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