Who Should Be Your Successor Trustee? If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The […]
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Ensure Your Compliance with the Corporate Transparency Act (CTA) Latest update as of February 19, 2025 Based on a new ruling in Smith v. U.S. Department of the Treasury, FinCEN issued an announcement that reporting companies are once again required to file BOI reports. For most reporting companies, the new deadline to file an initial, updated, or corrected BOI
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Why Are Corporate Formalities Important? Corporate formalities play a crucial role in maintaining the legal and financial integrity of corporations and limited liability companies (LLCs). One of the most significant advantages of forming a corporation or LLC is the protection of personal assets through limited liability. However, this liability protection isn’t automatic. Owners must adhere
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In a landmark decision, the Federal Trade Commission (FTC) has voted 3-2 to enforce a sweeping ban on noncompete agreements across the nation. This move, passed along party lines, marks a significant shift in the legal landscape surrounding employment agreements. Let’s delve into the details of this groundbreaking ruling and its implications for both employers
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DOL Issues Final Rule on Worker Classification under the Fair Labor Standards Act Employee or Independent Contractor Classification Under the Fair Labor Standards Act, 29 C.F.R. § 780, 29 C.F.R. § 788, 29 C.F.R. § 795 (Jan. 10, 2024) On January 10, 2024, the Department of Labor (DOL) published a final rule establishing a six-factor
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Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of
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What Is Reverse Veil Piercing and How Should You Protect Against It? Normally, limited liability business entities, which include corporations and limited liability companies (LLCs), prevent the entity’s creditors from going after an owner’s personal assets to satisfy their claims. But in rare circumstances, courts allow piercing of the corporate veil. When this occurs, creditors
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As a small business owner who puts in long hours to build your enterprise, it can sometimes feel like there is no separation between your personal and professional lives. You are probably willing to make this sacrifice to build a company that reflects your values and vision. But without a comprehensive asset protection strategy, everything
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In today’s rapidly changing business landscape, economic uncertainty has become the new norm. From global crises to market fluctuations, businesses face numerous challenges that can significantly impact their stability and success. In such times, having a robust business plan, ensuring compliance with regulations, and implementing effective asset protection strategies are vital for safeguarding your business
In times of economic uncertainty, estate planning becomes even more important than usual. With the COVID-19 pandemic and its impact on the global economy, many people have experienced financial setbacks and instability. In such times, it is essential to have a solid estate plan in place to ensure that your assets are protected and your
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