This is a reminder that pursuant to the Corporate Transparency Act (“CTA”), most new and existing business entities are required to submit a beneficial ownership information (“BOI”) report to the Financial Crimes Enforcement...more
Beginning on January 1, 2024, the vast majority of new and existing business entities will become subject to beneficial ownership information reporting requirements under the Corporate Transparency Act and its related rules...more
The Department of Commerce’s Bureau of Economic Analysis (“BEA”) conducts a benchmark survey on foreign direct investment every 5 years. The BE-12 survey is the BEA’s most comprehensive survey and produces statistics on the...more
In 2021, as part of the Anti-Money Laundering Act of 2020, Congress enacted the Corporate Transparency Act in an effort to prevent and combat illicit activities such as money laundering, terrorist financing, corruption, and...more
On December 9, 2020, the Small Business Administration (the “SBA”) released Paycheck Protection Program (“PPP”) Loans FAQ #53, which provides additional information regarding the Loan Necessity Questionnaires (SBA Forms 3509...more
When tragedy hits, there are always nefarious people who will try to profit. The ongoing COVID-19 pandemic is no exception.
There have been recent instances in which scammers have successfully used publicly available...more
On August 26, 2020, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), released a Statement on Modernization of the Accredited Investor Definition. This Statement reflects the SEC’s commitment to...more
There has been recent attention, both in the media and by the Small Business Administration (SBA), on the good faith certification required by applicants for Paycheck Protection Program (PPP) loans. The loan application...more
In our previously published client alerts regarding the coronavirus, we highlighted the importance of reviewing the terms of existing agreements in light of the threats posed by novel coronavirus COVID-19 (“coronavirus”)....more
As businesses contend with the uncertainty caused by the novel coronavirus (COVID-19), evidenced by warnings of an imminent recession and empty grocery store shelves, one potential source of relief is the force majeure clause...more
With anxiety over a potential coronavirus (also known as COVID-19) pandemic spreading more quickly than the virus itself, people across the United States are being advised to take the common-sense approaches of washing their...more
With the start of the New Year comes the enforcement of one of the country’s most anticipated pieces of legislation, the California Consumer Privacy Act (CCPA). In many ways, the CCPA is similar to its European counterpart,...more
When starting a company, founders are immediately faced with a series of decisions, many of which will have long-lasting impacts that may not become apparent for months or years. Founders need to decide in which state to form...more
We routinely recommend to clients that they develop a written information security program (“WISP”), to safeguard sensitive information on a day-to-day basis. In fact, businesses (wherever located) that collect, store or use...more
Too many closely-held businesses suffer from poorly drafted operating or shareholder agreements, or have no written agreements in place at all. Without good documentation, there is no road map to guide the partners when the...more
Privacy protection continues to be a theme at the Rhode Island General Assembly. As we reported in our April 1, 2019 Client Alert, the “Consumer Privacy Protection Act” was introduced on March 29, 2019 proposing more...more
On March 29, 2019, a bill was submitted to the Rhode Island General Assembly entitled “Consumer Privacy Protection Act – 2019 H 5930” (the Proposed Act). If enacted, the Proposed Act would place more stringent requirements on...more
On January 10, 2019, Massachusetts Governor Charlie Baker signed new legislation to amend Massachusetts’ data breach notification law. The new law, which will be effective as of April 11, 2019, makes a few changes that are...more
January is a good time for all businesses to review and update their cybersecurity policies and practices.
We are only a few days into 2019, and already we are hearing breaking news about new data breaches. The German...more
As companies dash toward year-end, scammers are also hard at work. In one common scam, known as “spoofing,” an employee receives an email that appears to be from within an organization in order to trick the recipient into...more
Are your online Terms of Service enforceable? Businesses should review their account registration process in light of a recent court decision. In Meyer v. Uber Technologies, Inc., the U.S. Court of Appeals for the Second...more
New Law – Direct Assessment of LLC Tax Liability -
The Tax Equity and Fiscal Responsibility Act (“TEFRA”) has governed the procedures for auditing partnerships since 1982. Under TEFRA, if the IRS audited an LLC taxed as a...more
Is your business divided into separate entities? It isn’t an uncommon practice. Business owners often establish separate legal entities to manage different aspects of their business. One reason for doing so is to prevent the...more
If you have a 401(k) plan and are trying to increase participation, you are aware of this frustrating trend: a participant comes to you when she turns 59.5 or is about to retire, and wants to withdraw everything and roll it...more
You probably know when you can withdraw/rollover money from your 401(k) plan (generally when you leave employment, turn 59.5, or retire). But many folks don't realize that in most cases, those withdrawals/rollovers are...more