On March 26, 2025, FinCEN issued an interim final rule removing the beneficial ownership reporting requirement for domestic U.S. persons & entities under the Corporate Transparency Act. The definition of “reporting company” will now be limited to entities formed under the law of a foreign country and that have registered to do business in the…
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Anti-Assignment Clauses in Commercial Contracts and Their Impact on Sale Transactions
In every sale transaction, among the initial considerations to be addressed is the impact of the potential structure of the transaction on the ongoing conduct of the business being sold. Generally speaking, determining the appropriate transaction structure is a function of tax, continuity of business operations and legal liability. Critical in that determination is understanding…
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IMPORTANT UPDATE ON BENEFICIAL OWNERSHIP REPORTING
FAQ: Corporate Transparency Act Update (12/26/2024) 1. What is the current status of the CTA? The enforcement of the reporting requirement has been reinstated and is now back in effect. 2. What are the applicable deadlines to file? a. Companies created or registered before January 1, 2024, must file by January 13, 2025 (previously January…
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Corporate Transparency Act – Injunction Lifted
On December 23, 2024, the U.S. Fifth Circuit Court of Appeals in Texas Top Cop Shop, Inc., et al. v. Garland, et al, issued an order lifting the nationwide preliminary injunction against the enforcement of the CTA. In its ruling, the Fifth Circuit determined that the government had successfully demonstrated the nationwide injunction was not…
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