Corporate Transparency Act Compliance: Important Updates on Corporate Compliance Requirements Effective January 1, 2024
Beginning on January 1, 2024, individuals who own and/or control companies (and company applicants) will need to comply with the Beneficial Ownership Information Reporting Rule of the Corporate Transparency Act, which requires certain information about the individuals that own and control companies to be reported to the Financial Crimes Enforcement Network (“FinCEN”) within the United States Department of the Treasury. The information to be provided includes the individual’s name, date of birth, current address, and identification. Businesses also have to report the company’s legal name, trade names or DBAs, principal place of business, jurisdiction of formation, and IRS taxpayer identification number.
FTC Takes Aim at Non-Compete Clauses
On January 5, 2023, the Federal Trade Commission published a proposed rule that would ban (and importantly, nullify existing) non-compete agreements with limited exceptions. The rule would go into effect 60-days after it becomes final. Employers would have 180-days after publication of the final rule to comply. Under the proposed rule, a “non-compete clause” includes […]
