On December 3, 2024, a Texas Federal Court issued a nationwide injunction blocking the enforcement of the Corporate Transparency Act and staying filing requirement deadlines for Beneficial Ownership Information (BOI) reports. A copy of the Order can be found here. Please be aware that this is only a preliminary injunction. Currently, it is not known
The Corporate Transparency Act (CTA), effective January 1, 2024, requires certain business entities (reporting companies) to report beneficial ownership information (BOI) to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The deadline for businesses that were created before January 1, 2024 have until January 1, 2025 to file their initial BOI report. For reporting
On August 20, 2024, a federal court struck down the FTC’s Rule banning most Non-Compete Agreements. WHAT DID THE COURT DECIDE? The U.S. District Court for the Northern District of Texas granted summary judgment to the plaintiff, Ryan LLC, in its case challenging the FTC’s rule banning most non-compete agreements, holding: that the FTC promulgated
On September 4, 2024, the Federal Trade Commission’s (“FTC”) final rule banning most non-competes with workers is scheduled to go into effect. WHAT DOES THIS FTC RULE PROHIBIT? The FTC’s rule declares that an entity under the FTC’s authority engages in unfair competition if, regarding an worker other than a senior executive, it: Enters into or
Starting on January 1, 2024, certain privately held companies in the United States will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) as part of the Corporate Transparency Act. Any corporation, limited liability company, limited partnership, or other similar entity which was created or registered to do business
