The simplest way of protecting an interest in a business after death is to transfer it to a revocable (living) trust when the owner is alive. This avoids probate and other complications relating to interest ownership after the original holder’s death. Before proceeding with the transfer, the owner should review the applicable agreement adopted by the entity […]
Protecting Business Interests in the Event of Death Read More »
Key Takeaways The U.S. Department of Labor’s test for determining whether a worker is an independent contractor or an employee for purposes of the federal Fair Labor Standards Act has been subject to changes in the last several years. A new final rule took effect March 11, 2024. The Trump administration applied a more business-friendly
New Independent Contractor Versus Employee Classification Rule Read More »
Key Takeaways On March 1, 2024, a U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”), which requires most reporting companies to file a beneficial ownership information report (“BOI Report”) with FinCEN, is unconstitutional. The ruling asserts that Congress exceeded its powers by mandating companies to disclose personal stakeholder information
Corporate Transparency Act Update Read More »
On March 1, 2024, a U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) which requires most reporting companies to file a beneficial ownership information report with the Financial Crimes Enforcement Network (“FinCEN”) is unconstitutional.The CTA, aimed at combating money-laundering and financial crimes, met with significant opposition. The
ALABAMA JUDGE RULES CORPORATE TRANSPARENCY ACT IS UNCONSTITUTIONAL Read More »
New Beneficial Ownership Reporting E-Filing System Starting Jan. 1, 2024, most companies created or registered to do business in the U.S. will need to report information on their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), a federal anti-money laundering law which we highlighted in our last newsletter “What
NEW BENEFICIAL OWNERSHIP REPORTING Read More »
Are you thinking about selling your business? If so, are your business books ready for review and scrutiny? Many owners don’t realize how incomplete their files are until a potential buyer starts sifting through every page, pointing out gaps or inconsistencies. Some issues crop up more often than others in due diligence reviews. They can
Common Legal Mistakes Made by Small Business Owners Read More »
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