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.
Equinox Business Law believes leading successful entrepreneurship and small business is akin to nurturing a well-rounded self. Just as individuals require a harmonious balance of mind, body, and spirit, businesses also thrive on holistic attention. Following articles on spirit and mind, Equinox now delves into the tangible core of businesses: their body. Think of your business as a living entity with physical assets forming its muscles, bones, and organs. Facilities, inventory, intellectual property, and talented personnel all contribute to its strength. This synergy drives operations, protected by risk-mitigation strategies and contracts, acting as the business's immune system. Nurturing your business's health, much like caring for your own well-being, involves leveraging legal infrastructure tools: contracts, insurance and legal entities. Embrace this holistic perspective, and take advantage of Equinox's complimentary Business Health Assessment to chart a fortified path forward.
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.
In both medicine and business law practice, a generalist approach with a holistic perspective is crucial for achieving the best outcomes. General practitioners, whether in medicine or law, provide historical and contextual insight, holistic evaluation, comprehensive treatment or guidance, identification of unusual or hidden issues, and guidance on optimal options. This comprehensive approach ensures that all aspects of health or business are considered and addressed, leading to more effective and sustainable solutions for patients or clients.
This article we explore the difference between specialized and general expertise for entrepreneurs and focus on why a generalist approach can be more beneficial, especially for legal affairs. A generalist approach can provide several advantages, including problem-solving skills, adaptability, leadership skills, innovation, and cost-effectiveness. By leveraging a strategic general counsel approach, small businesses can benefit from the broad viewpoint of a generalist lawyer, ensuring they make the right legal decisions and avoid costly mistakes. The Equinox approach finds a balance between specialized and general expertise for entrepreneurs to help them level the playing field with megacorps who employ general counsel on the payroll.
How small businesses and entrepreneurs can affordably and effectively implement the benefits of legal infrastructure (entity structure, insurance, and contracts) for both a preventative and proactive strategic advantage for growth.
It’s hard to have a successful business without a healthy Sales and Marketing operation. As a business grows so does the complexity of protecting product production, sales, and marketing from liabilities and vulnerabilities. Yet many business leaders go blindly at it alone “not knowing what they don’t know” leads to mistakes. “Learn from the mistakes... View Article
The people of your organization are one of the most important and one of the riskiest aspects of business. The laws are state specific, and they change frequently. Employers are held to a high legal standard and entrepreneurs often aren’t fully aware of the risks associated with employment compliance. It’s hard for business leaders to keep up, but it’s critical to do so. In this post, Equinox Business Law CEO and Founder, Michelle Bomberger looks at how the three key legal infrastructure tools can work to protect the business from employment risks.
