Yesterday afternoon (August 20, 2024), the United States District Court for the Northern District of Texas blocked the Federal Trade Commission’s (FTC) Final Rule banning most non-competition agreements between employers and...more
8/21/2024
/ Employees ,
Employer Liability Issues ,
Employment Contract ,
Federal Bans ,
Federal Trade Commission (FTC) ,
Final Rules ,
FTC Act ,
Non-Compete Agreements ,
Popular ,
Set-Asides ,
Statutory Authority
The Corporate Transparency Act (CTA) will require most privately-owned entities to file Beneficial Ownership Information (BOI) reports with FinCEN no later than January 1, 2025. The purpose of this Client Alert is to check in...more
7/2/2024
/ Beneficial Owner ,
Business Ownership ,
Compliance ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Noncompliance ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
Recent Development -
On March 1, 2024, a federal court in Alabama ruled that the Corporate Transparency Act violates the U.S. Constitution and is unenforceable on its face. The decision (NSBU v. Yellen) is highly...more
The Corporate Transparency Act became effective January 1, 2024 and will require more than 30 million U.S. entities to register in 2024 with FinCEN (a bureau of the U.S. Treasury Department). Most large companies and...more
2/15/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Enforcement ,
Exemptions ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Noncompliance ,
Penalties ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Smaller Reporting Companies
This is an update to the August 18, 2023 article published on the Maine Venture Fund's website. The article on this site was orginally published on November 27, 2023 and has been updated since the CTA Reporting Regime went...more
The article was orginially posted on November 28, 2023 and has been updated to reflect changes that took effect in 2024.
During 2024 the Corporate Transparency Act (CTA) and related CTA Rule will require an estimated 32.6...more
This article was originally posted on November 30, 2023 and has been updated to reflect changes that went into effect in 2024.
The Corporate Transparency Act (CTA) took effect on January 1, 2024. The Act is administered by...more
1/30/2024
/ Beneficial Owner ,
Business Entities ,
Corporate Transparency Act ,
Filing Deadlines ,
Financial Regulatory Reform ,
FinCEN ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The article was originally posted on November 29, 2023 and has been updated to reflect changes that went into effect in 2024.
Under the Corporate Transparency Act (CTA), more than 30 million “Reporting Companies” will...more
1/30/2024
/ Beneficial Owner ,
Business Entities ,
Corporate Transparency Act ,
Filing Deadlines ,
Financial Regulatory Reform ,
FinCEN ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The Corporate Transparency Act (CTA) takes effect starting January 1, 2024. The Act is administered by FinCEN, a bureau of U.S. Treasury charged with combatting money laundering and other financial crimes. The central feature...more
Under the Corporate Transparency Act (CTA), more than 30 million “Reporting Companies” will need to register with FinCEN (a bureau of the U.S. Treasury Department) and file Beneficial Ownership Information (BOI) reports...more
In 2024 the Corporate Transparency Act (CTA) and related CTA Rule will require more than 30 million “Reporting Companies” to register with FinCEN, a bureau of U.S. Treasury. Registration occurs through online filings of...more
11/30/2023
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Governance ,
Corporate Transparency Act ,
FinCEN ,
Policies and Procedures ,
Registered Investment Advisors ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
Presently, forming a corporation, LLC or other entity in the U.S. can be done on a largely anonymous basis, without naming its owners and with only limited disclosures about managers, officers and directors. Under the...more
11/2/2023
/ Beneficial Owner ,
Business Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Doing Business ,
Filing Deadlines ,
Financial Regulatory Reform ,
FinCEN ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
Presently, forming a corporation, LLC, or other entity in the U.S. can be done on a largely anonymous basis, without naming its owners and with only limited disclosures about managers, officers, and directors. Under the...more
9/20/2023
/ Anti-Money Laundering ,
Beneficial Owner ,
Business Entities ,
Corporate Transparency Act ,
Doing Business ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
Most private companies in the United States will soon need to disclose sensitive ownership and control information to FinCEN, a bureau of the U.S. Treasury Department. The new reporting regime arises under the Corporate...more
How to use this article: You already know that the Paycheck Protection Program (PPP) is highly complex, with intertwining conditions, exceptions, and definitions that defy simple explanation. This article assumes that you are...more
Originally enacted on March 27, the Paycheck Protection Program (PPP) offers loan support and (potentially) loan forgiveness to qualifying small businesses – generally defined as those with not more than 500 employees....more
On June 11, the Small Business Administration (SBA) and the Treasury Department published important guidance that the revised 60% condition under the Paycheck Protection Program Flexibility Act will be applied...more
On June 4, attorneys Greg Fryer and Ben Ford represented Verrill's COVID-19 Response Team and virtually presented with the Portland Regional Chamber of Commerce on the Paycheck Protection Program (PPP) loan forgiveness...more
On June 5, the President signed into law the Paycheck Protection Program Flexibility Act. This is the second amendment to the Program, the first being on April 24, to increase funding levels to $659 billion from the original...more
The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due to...more
In response to prior posts on Paycheck Protection Program math, I did receive several messages suggesting that 30 hours – and not 40 as I had stated – was the proper basis for computing FTEs...more
The Punch Line: On Friday, May 15, the Small Business Administration published a new form entitled Loan Forgiveness Application Instructions for Borrowers which, at long last, provides a great deal of guidance on how to...more
NOTE: You may have seen Verrill’s earlier introduction to the complexities of Paycheck Protection Program math. The article below provides an even deeper look into the loan forgiveness portion of that math.
Thousands of...more
Thousands of articles are circulating about the new Paycheck Protection Program under the CARES Act signed into law on March 27. Having a general idea about how this Program works is good. But if you have questions about the...more
The SBA has published an interim final rule that describes the Paycheck Protection Program. This includes a useful explanation of various elements of the Program...more