At Equinox, we champion transparency as the ultimate best practice. In today's business landscape, the trend of "radical transparency" can either be a strategic advantage or a self-destructive move. In this post, we delve into the complexities of transparency, guiding you through legal, regulatory, compliance, and cost considerations.
As you prepare to dive into your goal and budget planning for 2024, remember that legal planning isn't just a sideline item on your to-do list – it's a strategic cornerstone for your business's success. In a world where entrepreneurship moves at lightning speed, failing to plan can indeed be planning to fail. So, as you chart your course for the year ahead, make sure legal planning is firmly integrated into your annual strategy. It's not just about avoiding problems; it's about proactively seizing opportunities, aligning with your goals, ensuring compliance, and securing your business's long-term sustainability. Embrace legal planning as a key ingredient for your business's growth and protection in 2024.
The Corporate Transparency Act (CTA) is a federal law enacted as part of the Anti-Money Laundering Act of 2020 meant to reduce financial crime in small businesses across the United States. Specifically, the CTA requires that smaller, otherwise unregulated, companies file a report with the US Department of Treasury’s Financial Crimes Enforcement Network within their new Beneficial Ownership Secure System (BOSS), which the network may share with other government agencies and financial institutions who request it. The Act will come into effect on January 1st, 2024, for newly formed companies and on January 1st, 2025, for already existing companies.
Does your business need its head examined? The mind of your business influences decision-making processes, governance, security, and safety. When healthy, it can lead your business towards long-term prosperity. Check out 3 Ways To Strengthen The Mind Of Your Business.
Discover the vital role of the spirit of your business plays in driving success and shaping decisions, including legal infrastructure. Equinox recognizes the significance of the spirit and purpose of your business as a guiding light, setting you apart, attracting customers, unifying your team, and gaining stakeholder support. Through our comprehensive Business Health Assessment, we take a holistic view of your business's spirit, mind, and body, providing personalized guidance to fortify your business's health through a strong legal foundation. Start your assessment now to empower your journey towards success.
Equinox Business Law Leagal Update: The California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) created new privacy rights for consumers and data protection obligations for businesses operating in California. The CPRA, which went into effect on January 1, 2023, includes additional protections for consumers, employees, and small and non-profit businesses, and establishes a new government agency for data privacy enforcement. The CPRA applies to businesses with a gross annual revenue exceeding $25 million, those that buy, sell, or share personal information of more than 100,000 consumers or households per year, or those that derive 50% or more of their annual revenues from selling or sharing consumers' personal information. Businesses need to update their collection notices, privacy policies, opt-out notices, and financial incentive notices and implement proactive risk-based controls. The best way to prepare for compliance is to perform a data audit, map out data flows, construct a privacy policy, and establish good data hygiene processes.
While your competitors may have ownership issues bogging down their decision making, you will be able to grow together -- or to separate -- with confidence. Learn how to leverage the legal infrastructure tools – the Shareholder Agreement or Operating Agreement, key insurance policies, and a limited liability entity structure, to create strong relationships among owners and ensure the individual owners are protected from the activities of the company and from one another.
When it comes to legal matters and liabilities your business may face, there must be a shield of separation in place to protect your personal liabilities and everything you have work to accomplish in your business. It’s time to deploy the "corporate veil" – strategically leverage your business’ legal entity structure as a risk mitigation tool.
You’re probably aware that Washington State is the first in the nation to implement a state-run long-term care trust to provide funds to residents to cover long-term care costs under the Long-Term Services and Supports Trust Act (“Washington Cares Fund”). We previously shared the details of the Act in one of our latest blogs. The... View Article