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.
11:04
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Quick takeaways
- The Corporate Transparency Act in 2024 mandates LLC owners to disclose personal info to prevent illicit activities, raising concerns about privacy.
- Texas becoming a charging order state in 2024 offers asset protection for single-member LLCs, providing real estate investors with another option.
Deep dives
Impact of the Corporate Transparency Act on LLC Owners
The Corporate Transparency Act, implemented in 2024, requires those who have filed LLCs to disclose personal information and details about company ownership to prevent money laundering and illicit activities. Beneficial owners with 25% or more ownership must provide significant personal details, leading to concerns about privacy and complexity, potentially increasing compliance costs for setting up entities.
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