Lisa and the Law

Beware – Third-Party Filing companies may not ask all the right questions

Posted on October 10, 2024

I know of no third-party reporting company that is making a distinction between businesses formed in community and non-community property states. Failure to report a spouse as beneficial owner may result in civil fines of $591/day so be sure that if you are filing BOIRs or if you are sending your clients to a service that the community property interests that may exist are being properly analyzed. It is not enough to get the report filed; it has to be accurate as well.

Related Services: CTA Compliance

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