Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA) is back in effect following a February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al. In response, the Department of the Treasury has extended certain deadlines […]
Widerman Malek Law Blog
Action Required: File Your BOI Report Before January 1, 2025
Many small businesses are required to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act by January 1, 2025. Non-compliance can lead to fines up to $500/day and criminal penalties, including imprisonment. For companies formed before January 1, 2024, the BOI filing deadline is January 1, […]
The Corporate Transparency Act Goes Into Effect 01/01/2024 – Here’s How It Impacts Your Business and What You Need to Know
What is the Corporate Transparency Act? The Corporate Transparency Act (the “CTA,” 31 U.S.C. § 5336) was enacted in 2021 and goes into effect on January 1, 2024. It is intended to assist law enforcement in dealing with money laundering, tax fraud, financing of terrorism, etc. through the use of anonymous shell and front companies. […]
Starting a Nonprofit? Learn the Basics and Take the First Step Towards Making a Difference
Have you considered starting a nonprofit but don’t know precisely what that means or where to start? The following is a brief overview of what constitutes a nonprofit organization and how to start one. This is a basic overview and is not intended to cover every matter of concern if you’re considering starting a nonprofit. […]
Buying or Selling a Business: Asset Purchase vs. Stock Purchase
When buying a business, should you structure the transaction as a purchase of the assets of the business or as an acquisition of the stock of the selling corporation? Most transactions involving the sale of a business can be structured either as an asset purchase or a stock purchase. Asset Purchase An asset purchase is […]
What Is a Holding Company and How Does It Work?
In essence, a holding company is formed to control something. Often that means it holds the control of assets that may be utilized by a subsidiary company of the holding company. The subsidiary operates the assets as part of its business and is referred to as the operating entity. The assets, which could include land, […]
Foreign-owned companies must have U.S. employer identification number
EIN for Foreign Person Can someone who is not an American citizen, or a resident of the U.S., form a corporation or LLC in Florida or any other state? The answer is yes. There is no requirement that the owners of an entity registered in the U.S. are American citizens or residents of this country. […]
