Key Takeaways
- A multi-entity, multi-state portfolio may have 20+ annual compliance events—each must be tracked and calendared.
- The Corporate Transparency Act requires BOI reports for each LLC with FinCEN, with penalties of $500/day for non-compliance.
- Loss of good standing can prevent an entity from suing, defending lawsuits, transferring property, or obtaining financing.
- Entity management software ($200-$500/year) is far cheaper than missing compliance deadlines ($500-$2,000 in reinstatement costs).
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Test Your Knowledge
1.What does the Corporate Transparency Act require for most LLCs?
2.How frequently should good standing be verified for entities in a multi-entity portfolio?
3.What is the most cost-effective way to manage compliance for a portfolio of 5+ entities?