#543 This Law Will Cost Your Business THOUSANDS.. Do This NOW

Main Street Business

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen bring you the latest on federal regulations that could land business owners in hot water. With the Corporate Transparency Act now in effect, they’re here to guide you through what the Business Owner Information (BOI) report is, why it matters, and how to tackle it without stress.

Here are some of the highlights:

• Mark & Mat unpack the new federal mandate requiring business owners to file a Business Owner Information (BOI) report.
• Explanation of exemptions, including criteria for "large companies" and "inactive entities" set up before 2020.
• How maintaining compliance can support asset protection and why business owners should stay on top of annual entity requirements.
• Non-compliance with BOI filing can result in $500/day penalty and up to 2 years in prison.
• Insights into the government's reasons for the Corporate Transparency Act, focusing on combating money laundering and fraud through enhanced transparency.
• Mark & Mat breakdown the challenges for nomadic individuals or those using privacy services to provide residential addresses.
• Details on Main Street Business Services' compliance services for handling BOI filings and maintaining entity compliance.

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Chapter

1. Beware (00:00:00)

2. Business Entity Structure Cleanup and Compliance (00:11:45)

3. Entity Reporting Exemptions and Requirements (00:16:53)

4. Ownership and Reporting Entity Requirements (00:29:10)