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I haven’t had to do much to prepare but I know that the firm has sent notices to the clients about the change and what will be required. We also have a team of staff working to build a spreadsheet of all business entities formed here at the firm. The spreadsheet has been tracking all newly formed entities and we’ve started asking for IDs anytime we form an entity now.
Yep! I believe that our paralegals will be handling all the assembly and then both the paralegals and attorneys will be registering their info as they are the applicants.
idk what this is so as of now, nothing
Can someone give a brief summary of the changes/implications?
Highly doubt there will be substantial compliance
How can attorneys practically be involved with formations if they have ongoing compliance requirements with steep penalties even after they leave a firm? Is there an option to replace the attorney’s name and reporting obligation? I guess firms could theoretically do this when off-ramping attorneys who leave. There has to be a helluva tracking system though. $500/day and the potential of jail time is crazy.
Yeah it's nuts. I think the utility of requiring lawyers to report is negligible. If they really want us to report, I think the best option would be to allow firms to apply for blanket IDs.