In this episode of the Ask Brien podcast, host Peter Bronstein and guest-host Alex Grossman dive into the crucial topic of corporate compliance for small businesses. They’ll explore the intricacies of the Corporate Transparency Act, which requires businesses to file a Beneficial Ownership Information Report. They break down who needs to file, the penalties for non-compliance, and how to complete the filing process. The conversation also covers other vital compliance tasks, including maintaining corporate minutes, appointing a registered agent, and filing annual reports with the Secretary of State.

IN THIS EPISODE: 

• [10:35] Who needs to file beneficial ownership reports
• [15:34] Penalties for failing to file reports
• [19:58] How to file beneficial ownership reports
• [24:26] The importance of corporate minutes and resolutions
• [29:17] Consequences of not keeping proper records
• [32:13] Four key compliance requirements for businesses
• [34:45] Legal Steps compliance package details

KEY TAKEAWAYS:

• Corporate Transparency Act Surprise: The new law targets small businesses, not big corporations. Companies formed through state secretaries must file a Beneficial Ownership Information report by December 31, 2024, or face steep penalties.
• Minutes Matter for LLCs: While not legally required, keeping minutes for LLCs can protect owners from personal liability. This simple practice could be the difference between financial safety and personal ruin in a lawsuit.
• One-Stop Compliance Solution: Legal service providers now offer comprehensive corporate compliance packages. These bundles can include Beneficial Ownership reports, annual minutes, registered agent services, and state filings - simplifying the process for busy entrepreneurs.

LINKS MENTIONED:

FinCEN Website