For those who manage multiple entities, keeping track of it all in a spreadsheet or bundles of emails might not be good enough. While our brains are pretty sharp, managing the nuances of LLCs, shareholder agreements and dozens of other details for multiple companies is not easy. Tom Shroyer of EntityKeeper help me better understand the value of a service such as EntityKeeper:
Would this be useful for a small business?
Yes, any business that owns even a few legal entities must track a large volume of related information, including ownership records, filing dates, administrative contacts, officers and more. At $299 per year for our starter package the cost is easily justified. In many jurisdictions across the U.S., the penalty for a single missed filing date will exceed the annual cost of EntityKeeper.
What would some use cases be?
Real estate investors, Family Offices, Private Equity firms, Venture Capitalists or any firm with more than a few legal entities to track. Businesses that incorporate multiple holdings are required to manage and maintain a large volume of information over time. Tax returns and annual reports must be filed and banks need to see the relationships among various entities in order to make loan decisions. EntityKeeper provides an inexpensive and easy-to-use replacement that is far more efficient and secure than the average spreadsheet.
Who is an ideal customer and what pain does this solve?
Real estate investors, in particular, tend to use Limited Liability Corporations (LLCs) to protect their legal interests. Many of our customers have hundreds of holdings, each of which is incorporated and requires multiple people to have access to entity data on-demand. Using EntityKeeper allows a real estate investment company to easily and securely allow access to entity information by a wide variety of individuals like managers, administrators, outside consultants, attorneys and many others. Access is available 24/7 and there are a variety of custom permission levels available.
EntityKeeper is aimed at providing a superior alternative to current methods of managing, maintaining and visualizing legal entity information. For small and medium size companies with dozens to hundreds of entities to track, this information is almost certainly managed with some form of spreadsheet or custom database currently. Neither option is ideal and either can be more costly than EntityKeeper.
A recently press release from EntityKeeper reads: “Maintaining accurate, up-to-date information for all legal entities is paramount to the well being of any organization. EntityKeeper mak
“A single missed filing deadline can cost hundreds of dollars in penalties, so EntityKeeper can pay for itself with features like automated email alerts,” said John Hosmer, COO of QuietStream Financial. “EntityKeeper is perfect for family offices, real estate investors, private equity firms and venture capitalists. Customers can sign up online and start using EntityKeeper instantly.”