BOI REPORTING STATUS UPDATE

On December 26th, the 5th Circuit reinstated the pause on the beneficial ownership report filing requirements. HOW DID WE GET HERE?  The Corporate Transparency Act (CTA) went into effect on January 1, 2024 and required all entities that qualified as reporting companies to file beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network

CORPORATE TRANSPARENCY ACT BLOCKED NATIONWIDE

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

NEW BENEFICIAL OWNERSHIP REPORTING DEADLINE APPROACHES

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

BREAKING: Federal Judge Strikes Down FTC Non-Compete Ban

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

EFFECTIVE DATE FOR FEDERAL TRADE COMMISSION RULE BANNING NON-COMPETES APPROACHES

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