Services
Legal Entity Management
Legal entity structures grow increasingly complex over time as a result of acquisitions, tax planning, legal requirements, and other factors. These complexities can lead to increased risk of missed filing deadlines, incorrect application of trading models, and misstated filings and tax returns.
Now more than ever, companies need to evaluate the investor and reputational risks associated with their global operating models in order to avoid negative press and the perception of poor financial record keeping. Does your organization have numerous legal entities all across the globe? Are they adding more cost than value to your strategic objectives?
Solutions
Whether initiatives call for business-as-usual compliance, rationalization, liquidation, or consolidation of legal entities, the knowledge and experience required involves global expertise, specific accounting skills, and strong planning, communication, and project management capabilities. MorganFranklin's careful attention and focus on legal entity local reporting requirements is needed to maintain accurate records and prepare timely reconciliations—especially if your consolidated and local filings are prepared using different accounting standards.
MorganFranklin will lead your project, execute accounting step plans, prepare pro forma financial statements, and help you implement processes to improve financial records, document accounting transactions, and achieve your desired end state. By allowing your resources to focus on daily activities and key objectives, our team will help you create value, save costs, and think strategically about your organization's structure.
With MorganFranklin's help, one client was able to reduce its legal structure from more than 400 entities to just 50 over a two-year period.
Our capabilities
- Statutory reporting support
- Legal entity simplification and rationalization
- Prepare parent and subsidiary financial statements
- Transaction support
- Post-acquisition integration and support
- Intercompany transaction analysis
- Forensic review of legal entity books and records
- Consolidation of legal entities
- Establishment of separate legal entity records
- Historical record management best practices and process design
Value
- Reduce compliance and processing costs
- Eliminate complexity and duplicate legal entities
- Automate recurring transactions to increase efficiency
- Ensure appropriate treatment of rationalization transactions
- Identify and implement process enhancements
- Protect brand reputation by eliminating missed deadlines, penalties, and fines
- Lower risk profile by eliminating unneeded entities
