Category Archives: Business

The Corporate Transparency Act: What Business Owners Need to Know

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In an effort to combat the proliferation of anonymous shell companies used for criminal purposes in the United States, Congress enacted the Corporate Transparency Act (the “CTA”), which requires Reporting Companies to report personal identifying information about the Beneficial Owners and Company Applicants to the Financial Crimes Enforcement Network (“FinCEN”), which will maintain the personal identifying information in a secure database for use by governmental authorities and certain financial institutions.

What is a Reporting Company?

Reporting Companies include domestic corporations, limited liability companies, or other entities created by filing with a secretary of state or similar office under the laws of a state or an Indian tribe and corporations, limited liability companies, or other entities formed under the laws of a foreign country that has registered to do business in the United States. Continue reading →

WEBINAR: 3 Key Issues for Maryland Business Owners in 2024

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Complimentary Webinar for Maryland Business Owners: Tuesday, January 16, 2024, 10:00 – 10:45 a.m.

Maryland companies face new and evolving obligations in 2024. Prepare your business now by understanding the issues most likely to affect your organization’s financial and legal positions.

Join us for this complimentary webinar on three key developments that business owners should be thinking about in 2024. We will provide an overview of:

  • MarylandSaves, a new retirement program created by the state of Maryland
  • Corporate Transparency Act (CTA), which was passed to enhance transparency in entity structures and ownership to combat illicit activities
  • Maryland Family Paid Leave, which guarantees workers the right to up to 12 weeks of paid, job-protected leave to attend to family matters
REGISTER NOW

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FTC Proposes to Ban Non-Competes

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The FTC claims its latest effort to promote competition will increase the wages of America’s workers by “nearly $300 billion per year,” but what will this effort do to employers and the sellers of businesses?

The subject of the FTC push is a proposed rule that would ban the use of non-compete clauses except where they are imposed, with limitations, on the sellers of a business. The FTC seeks public comment through March 6 on its January 5, 2023, proposed rule. The rule was “encouraged” by President Biden’s July 2021 Executive Order promoting competition. In it, he encouraged the FTC to use its authority under the Federal Trade Commission Act to curtail what he called the unfair use of non-competition clauses and other agreements that may “unfairly limit” worker mobility. Continue reading →