Most Powerful Business Entity Law Ever

12 Dec 2023 · 1 min

Watch on YouTube

1:01

In this video, the speaker warns that a new federal business‑entity law, the most far‑reaching ever passed, takes effect on January 1 2024. The legislation will automatically apply to all existing corporations, LLCs, limited partnerships, business trusts and similar entities—an estimated 32.6 million businesses—with no grandfathering provision. Violations carry daily fines of $500 up to a maximum of $10,000 per violation, potentially amounting to hundreds of thousands of dollars and even criminal penalties, including prison. The speaker frames the act as a seismic shift in corporate reporting requirements in the United States and directs viewers to a prior video for detailed information.

Chapters

The most powerful and farthest-reaching federal business entity law ever passed in this country goes into effect on January 1, 2024. Many of you that own LLCs and other similar types of entities are not at all happy with this. It's been estimated that it will affect 32.6 million current businesses in this country. This act will affect corporations, limited liability companies, limited partnerships, business trusts, and other similar entities. There is no grandfathering into this act. All of these business entities in existence on January 1, 2024 will be included. Look at my video from yesterday for more specific information, but I told you that the violations would be $500 per day up to $10,000. Keep in mind that is $10,000 per violation of the act. That could add up to hundreds of thousands of dollars, not to mention possible prison time. This act is a seismic shift of the reporting of corporate information in the United States. Whether you like it or hate it, it has been