The Deadline That Could Cost LLC Owners $10,000

If one of these applies to you, or someone you know/love, not reading this email could cost you $10,000 and 2 years in jail:

• You own an LLC, S-Corp or PLLC

• You’re a member of an LLC, S-Corp or PLLC

• You work for one of these entities and are either in leadership or have a succession plan that could put you in leadership

• Your family has a trust that holds ownership in one of these entities

I know that’s vague, and you have to be thinking … $10,000?! And .. (gasp) … 2 years in jail?!

This must be clickbait, right?!

Nope, it’s real. And it has to do with The Corporate Transparency Act.

This Act was created a few years ago, and it’s designed to make it harder for people to launder money through entities like LLCs by forcing them to be transparent about the real people benefitting from the entity’s activities.

How do they accomplish this goal? By forcing each one to file a list of what’s called “Beneficial Owners”. And that term is misleading, because there are several types of people that could be considered a beneficial owner … even if they’re not actually an owner.

Why is all of this so important? Because for many LLCs, the deadline to file this report is coming FAST, as in New Year 2025.

And the penalty for not filing? You guessed it: over $500 PER DAY, up to $10,000, and 2 years in jail.

So if you’re still reading, you may be impacted. And if so, that means you need to take 20 minutes of your life and listen to our episode about the Act, how to be compliant, and a few best practices.

Take a listen and save yourself some money… and possibly your freedom!

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The Deadline That Could Cost LLC Owners $10,000

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FINCEN

Beneficial Ownership Information

The New Money New Problems Gap Finder was created to identify potential areas of opportunity - or areas of concern - in your financial life.

The NMNP Gap Finder is a questionnaire that assesses your preparedness in key areas of your finances.

Based on your responses, we identify potential shortfalls in your money strategy that could expose you to risk, or hamper your ability to build wealth. The questionnaire takes 15 to 20 minutes to complete, and is an excellent launchpad for future financial conversations.