How Entity Management Automation Frees Corporate Counsel Time & Ensures Compliance
Your corporate counsel is a valuable and highly compensated team that can easily get bogged down in the minutiae of annual business registration compliance. Filing state level annual reports, DBA renewals and license renewals for every legal entity in every jurisdiction is tedious and time-consuming work.
Some corporate counsels turn to registered agents for help; others avail themselves of “automated” solutions that provide due date reminders; or they do it themselves. Without true automation, however, timely upkeep of these critical but time-consuming annual compliance tasks requires a substantial hands-on effort.
Manual Filing Problems
Some general counsels use associate counsels or paralegals to manage these filings. In smaller organizations, the general counsels often do it themselves. As a manual process, however, it’s an undertaking prone to many types of errors and risks, including:
- Missing entities and DBAs
- Application errors
- Late filings and incurred fines
- Compliance errors
- Risk of dissolution
- Slow resolution of issues
- Lack of back-up for AP
- Weakened corporate governance
Paralegals and others who perform this work manually are using time that could be better spent assisting with higher level tasks and compliance needs, including:
- Product licensing
- International trade
- Corporate securities
- Real estate
- Intellectual property
Additionally, routine entity management can feel like drudgery and negatively affect job satisfaction.
Entity Management Software
Some general counsels try to make entity compliance more efficient by using entity management software. Unfortunately, the only “automation” provided by entity management software is automated reminders. Your team still has to do the work manually.
Because of the challenges associated with ensuring entity compliance internally, many outsource the work to a registered agent: third parties that also manage entity compliance. But registered agents also typically do the work manually, leaving you with the same error risk as doing it in-house, only now you’re paying for it.
How to Automate Entity Compliance
Luckily, there is a better way. With Filejet cloud-based entity management software for organizations of all sizes, all of your entity compliance can be truly and completely automated.
Fun fact: 66% of Filejet clients discover during onboarding that they have entities out of compliance; 44% find entities or “orphans” they didn’t know they had. (Often set up by other people, long ago.)
We don’t provide automated notifications that leave you to do the actual work – we provide complete automation of the entire entity management lifecycle.
It starts with Filejet’s legendary onboarding process. Your Filejet account team performs a comprehensive review of your requirements to ensure nothing is overlooked:
- An exhaustive compliance audit to identify all entities
- Identification of additional DBAs and licenses that need to be maintained
- Identification all states, counties, cities, and other jurisdictions with applicable compliance requirements
- Creation of your portal and dashboard to provide you with status updates, cost information, and a comprehensive suite of reporting tools and options.
With Filejet, entity compliance is genuinely “set and forget.” Adding new entities is easy and Filejet can also produce expense back-ups your accounts payable department will appreciate.
Get Started Today
Speak to one of our entity management experts and request a compliance audit or demo of the software.
Let Filejet show you how you can benefit from automated entity compliance you never have to think about – and put your time and expertise to better use.