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 […]

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

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

The sale of a business is often a starting point for the business owner to gather and organize business records. Until then, record-keeping and document archiving usually take a back seat. As the business expands and contracts, employees come and go, and hundreds of policies, contracts, and agreements are adopted and signed, it is easy

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a final rule establishing beneficial ownership information reporting requirements pursuant to the Corporate Transparency Act (CTA) adopted by Congress on January 1, 2021. FinCEN estimates that the final rule implementing these requirements will impact more than 32 million existing entities. The rule takes effect on

On January 5, 2023, the Federal Trade Commission (FTC) proposed a new sweeping rule banning employers from imposing non-compete agreements on their employees. If implemented, the proposed rule would nullify most existing non-compete agreements and ban new ones, releasing millions of U.S. workers from the restrictive contracts. Scope of The Proposed Rule The proposed rule