In April 2024, the Federal Trade Commission (FTC) issued a controversial new rule banning virtually all non-compete agreements in the employment setting. This rule was scheduled to take effect on September 4, 2024. However, it faced legal challenges, culminating in a significant ruling on August 20, 2024, by U.S. District Judge Ada Brown in Texas. […]
STATUS OF THE NON-COMPETE BAN Read More »
IDENTIFYING BENEFICIAL OWNERS. The beneficial owner is an individual who (1) exercises substantial control over a reporting company, directly or indirectly, or (2) owns or controls at least 25% of a reporting company’s ownership interests. Corporations, limited liability companies, trusts, or other legal entities are not considered beneficial owners, so, in each case, beneficial ownership
NAVIGATING BOI REPORTING Read More »
Step 1: Gather Information Collect the following details about each beneficial owner of your company: For the company: Step 2: File the BOIR Report Go to the FinCEN BOI E-Filing website: https://boiefiling.fincen.gov/ and select the pdf or online filing option. • Submit/Receive Confirmation Important Note on Updating Your Filing If any of the information in
HOW TO FILE YOUR BENEFICIAL OWNERSHIP INFORMATION REPORT Read More »
The Corporate Transparency Act, which went into effect in January 2024, imposes on entities created or registered in the United States by the filing of a document with the secretary of state (or similar office), a duty to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The Act defines a beneficial owner
DECONSTRUCTING BENEFICIAL OWNERSHIP UNDER THE CORPORATE TRANSPARENCY ACT Read More »
For a more detailed version of this post visit https://www.linkedin.com/feed/update/urn:li:activity:7219393336216858624/ Much has already been said about the June 6, 2024, case of Connelly v. Internal Revenue Service, where the U.S. Supreme Court held that a corporation’s contractual obligation to redeem shares was not a liability that reduced the value of the shares for federal estate
Key Takeaways On April 23, 2024, the Federal Trade Commission (FTC) voted to finalize a rule prohibiting employers from entering or enforcing non-compete clauses with U.S. workers. Under the rule, “worker” is defined as an employee, independent contractor, extern, intern, volunteer, apprentice, or sole proprietor who provides services. The rule bans traditional non-competes and other
FTC Noncompete Ban Read More »
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