The Rich Somers Report 2 Big LLC Changes in 2024 You Need To Know About | Saturday Edition E135
Jan 13, 2024
Real Estate Syndication Attorney Mauricio Rauld and Rich discuss 2024 LLC changes, including the Corporate Transparency Act and Texas becoming a charging order state. They analyze the impact on LLC owners and speculate on the government's reasons for the changes.
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Corporate Transparency Act Overview
- The Corporate Transparency Act requires LLC owners to report personal information to the government.
- This includes names, addresses, birth dates, and identification numbers, raising privacy concerns.
Compliance Requirements and Penalties
- If you own 25% or more of a company, have substantial control, or file the LLC, you must comply.
- Penalties for non-compliance are $500 per day per infraction (unintentional) or $10,000 per day and two years imprisonment (willful).
Filing Assistance
- For simple LLCs, self-filing is possible.
- For complex ownership structures, use third-party services like Prime Corporate Services or Corporate Direct.