Insights

A federal district court in Texas has held the Corporate Transparency Act’s beneficial ownership reporting law likely violates the U.S Constitution, justifying a stay and injunction preventing enforcement of the law pending the resolution of the case. As a result, business owners are not required to file “Beneficial Ownership Information…

On July 3, 2024, the court in Ryan, LLC v. FTC, a case in the Northern District of Texas, stayed the Federal Trade Commission’s (FTC’s) Non-Compete Clause Rule and granted the plaintiff’s emergency motion for a preliminary injunction. The court limited the scope of the stay and injunctive relief to…

The Corporate Transparency Act (“CTA”) has arrived, ushering in a new era for Reporting Companies. This landmark legislation mandates crucial changes, making swift and accurate compliance a top priority. Entities must be proactive, with compliance deadlines varying based on their formation date. Deadlines: Entities formed during 2024 have a 90-day…

Although there are various categories of entities exempt from reporting to FinCEN, as discussed in Part 3 of this blog series titled, “Entities Exempt from Reporting to FinCEN under the Corporate Transparency Act,” it is unlikely the exemptions will be as frequently applicable to small businesses or real estate holding…

As discussed in Part 1 of this blog series titled, “The Corporate Transparency Act’s Implications,” there are various exemptions as to which types of businesses do not have to report to FinCEN under the Corporate Transparency Act (CTA). The following twenty-three business types are exempt from being considered “reporting entities”…