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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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