Blog Posts: Business

"In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports." --FinCENThe Corporate Tr...

The Fifth Circuit has removed the nationwide injunction concerning Corporate Transparency Act reporting. The Fifth Circuit’s decision overrides the earlier nationwide relief granted by the district court.Litigation will continue in this matter, but, as of now, the CTA/BOI reporting requirements are active and enforceable. However, FinCEN has granted certain e...

The Corporate Transparency Act (CTA) plays a vital role in protecting the U.S. and international financial systems, as well as people across the country, from illicit finance threats like terrorist financing, drug trafficking, and money laundering.  The CTA levels the playing field for tens of millions of law-abiding small businesses across the United States and...

Update as of 12-30-2024 “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”...

Whether a customer list is, in fact, a trade secret depends on a two-step analysis to be applied on a case-by-case basis. The first step relates to efforts to keep the list secret. If so, the second step is a four-factor analysis detailed below. First, a trial court must determine whether the customer list has been kept secret or there have been reasonable efforts ...

When forming your LLC, you may wonder the importance of specifying your company’s “purpose,” and may be tempted to provide a hasty response or use a generic phrase such as “any purpose authorized by law.” The reason defining your company’s purpose is important is because the actions that the members or managers may legitimately take on behalf of the co...

I have previously written about the impact of the coronavirus (COVID-19) pandemic on force majeure provisions in a commercial contract. A force majeure clause may excuse a party from performing its contract because of an unforeseen disaster. Whether it does depends on what the clause says and the particular facts and circumstances of each case. See “Does Your Con...

Arizona's new Limited Liability Company Act (the "New Act"), which goes into effect for all Arizona LLCs on September 1, 2020, and already governs limited liability companies (each an "LLC") formed on or after September 1, 2019, sets forth default provisions regarding member and manager voting that may impact you and your LLC. This article specifically focuses on ...

The New Arizona Limited Liability Company Act (the "New Act"), applicable immediately for all Arizona limited liability companies (each, a "LLC") formed on or after September 1, 2019 and applicable September 1, 2020 for all existing Arizona LLCs allows for oral and implied Operating Agreements. While it is preferable to have a written Operating Agreement that ref...

The Revised Arizona Limited Liability Act ("New Act") has been effective since September 1, 2019 for new limited liability companies ("LLCs"). It now becomes effective for any existing LLCs on September 1, 2020. Especially with the pressures of dealing with COVID-19, many business owners are probably thinking about why they have to take on the additional cost ...