Posted In: Business Transactions & Corporate Counseling
Business Blog: The Corporate Transparency Act: Reporting Requirements for Business Entities; Burdens for Small Businesses
on December 30, 2021
The new federal Corporate Transparency Act (CTA) imposes significant new reporting requirements for foreign and domestic business entities in the United States. The CTA represents an effort by the federal government to update and strengthen the country's anti-money laundering laws. However, these new requirements will impose a considerable burden upon small businesses in the form of additional administrative work, compulsory disclosure and loss of anonymity, and compliance costs....
Posted In: Business Transactions & Corporate Counseling
Business Blog: Ohio's Revised LLC Act Effective January 1, 2022 - Issues for Existing Companies
By Molly Z. Brown on October 6, 2021
The changes brought by the Revised LLC Act should command the attention of all LLC owners as the statute will govern LLCs in Ohio, both domestic and foreign. LLC owners should revisit their current operating agreement to ensure compliance with the new statute....
Posted In: Business Transactions & Corporate Counseling
Business Blog: Corporate Formalities Matter… Even for Limited Liability Companies
on June 3, 2020
In a recent case, the Court of Appeals for Ohio's Third District (Hancock County) permitted a plaintiff to pierce the veil of a single-member limited liability company. The court's analysis in this case has underscored the importance of observing corporate formality, even for single-member limited liability companies....
Posted In: Business Transactions & Corporate Counseling
Business Blog: Main Street Lending Program Provides Critical Support for Mid-Sized Businesses
on April 17, 2020
On April 9, 2020, the U.S. Federal Reserve Bank (Federal Reserve) released new details regarding the Main Street Lending Program. Once opened, the program will extend much-needed government support to mid-sized businesses....
