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.
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.
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.
While business owners are well-acquainted with the concept of risk, that term has likely taken on a whole new meaning in light of the coronavirus pandemic. Even the most risk-averse business owners likely did not see this massive global crisis coming, and certainly did not anticipate the rapid and overwhelming impact it would have on... View Article
We all want to close deals quickly, without strife, and with financial flexibility. However, if professional relationships are just casual, you may lose that opportunity to improve cash flow and profitability. Don’t fear the best tool in your belt: Contracts. For businesses, formalized contracts are the most important tool to secure revenue and protect assets.... View Article
For many companies, a commercial lease is one of the most critical and high-value contracts into which they’ll ever enter. While the average commercial lease term is between 3 to 5 years, these leases can run up to 10 years, plus extension periods. Unlike most other contracts that a business might sign, a commercial lease... View Article
Contract management is at the heart of effectively building relationships with partners; ensuring compliance with local, state, and federal laws; anticipating and eliminating potential deal delays; and increasing profitability. Not surprisingly, the importance of effective contract management cannot be overstated. And yet, it’s a process that’s paid little attention to until an issue arises. In... View Article
There is no doubt that data privacy is a hot topic in boardrooms and courtrooms across the U.S. and globally. With the privacy landscape evolving quickly and heavily publicized breaches, many businesses now see that the collection and processing of personal data are more closely governed. However, with so much attention being directed to regulatory... View Article
