IMPORTANT INFORMATION – PLEASE READ – Reminder – CTA Deadline Approaching
This year, the Corporate Transparency Act (CTA) imposed new reporting requirements on many companies in the U.S. Enacted to combat money laundering, the CTA is being used to identify people who form, control, or own many companies operating in the U.S. The information is being gathered by requiring companies to report information about their “Beneficial Owners.” The reports are called “Beneficial Ownership Information Reports,” and they are filed online with the Financial Crimes Enforcement Network (FinCEN).
Selling Your Business? The Final Price Isn’t Always Right.
Fair warning if you are selling your business: The price you and the buyer agree to may not be the price you actually get due to a common and very important term known as the “working capital requirement.” If you’ve never sold a business before, the working capital requirement may come as a big surprise. You are likely to encounter it for the first time in the letter of intent, the first occasion when major terms of the deal are put down in writing.
Non-Disclosure Agreements: Not All NDAs are Harmless!
“NDA” is an abbreviation for a “non-disclosure agreement.” They exist in different forms and have different uses. Employers typically require NDAs as a condition of employment in order to protect confidential company information and trade secrets. NDAs are also used when one party wants to disclose information to someone else but needs protection regarding its use. When both parties want to exchange information, a mutual NDA is used.
The Rules on Independent Contractors Change Again!
The rules for deciding who is really an independent contractor and who must be classified as an employee are changing again. If your business issues 1099s, prepare to take another look at your independent contractors (ICs) in the context of the new rules.
The Corporate Transparency Act Take Two: Is Your Entity Required to Report or Is It Exempt?
On January 1, 2024, the Corporate Transparency Act (CTA) began requiring corporations, limited liability companies and otherentities to file reports with the Financial Crimes Enforcement Network (FinCEN) division of the U.S Treasury Department.
The Corporate Transparency Act: What It Is & How We Can Help
Revised Version of Form I-9
If you’re a business owner in the United States, you’re likely familiar with Form I-9, the Employment Eligibility Verification form. It’s essential to the hiring process, ensuring all your employees, both citizens and non-citizens, are authorized to work in the U.S.
Starting a Business in Virginia? Here are the Legal Steps to Take
Did you begin the new year with the goal of starting a new business in Virginia? If so, you’ll want to take all the necessary steps to get your business set up correctly. From deciding on the business structure to obtaining licenses and permits, there is some legwork involved. We’ll cover what you need to do to get your business up and running in Virginia.
Don’t DIY Your LLC
Over the last 20 years, limited liability companies have become the preferred way of doing business for many small and medium-size enterprises. That is primarily due to the fact that LLCs are easier to form than corporations. Unfortunately, that simplicity lulls many people into trying to do it themselves or working with forms provided online. Sure, if your LLC is only going to operate a kid’s lemonade stand for a couple of months over the summer, that might be good enough. But for most people engaged in real businesses with significant risks, it’s not.