On July 8, 2024, the Financial Crimes Enforcement Network (“FinCEN”) released an interpretive update to the beneficial ownership information (“BOI”) reporting requirement applying to legal entities that have been dissolved or otherwise ceased to exist after January 1, 2024. Some view this update as expanding the reporting requirement, while others view this interpretation as a […]
Update to BOI Reporting Requirement Read More »
As of January 1st, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting all required Beneficial Ownership Information Reports (BOI reports). The passing of the Corporate Transparency Act SEC. 6401 is intended to “help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activities.” The Corporate Transparency Act mandates
Corporate Transparency Act Mandatory Filings Read More »
With certain exceptions, Colorado law prohibits the enforcement of covenants not to compete. The assumption is that the State of Colorado wishes to have its citizens engaged in gainful employment. Specifically, Colorado Revised Statute § 8-2-113 provides that “it shall be unlawful to use force, threats or other means of intimidation to prevent any person
Covenants Not to Compete in Colorado Read More »
We live in a litigious society. We see news stories about the latest lawsuit, and how a jury awarded a zillion dollars for something that appears minor. (Paging, the McDonald’s My coffee is too hot award.) There are also social networking sites dedicated to spreading the word about frivolous law suits. (https://www.facebook.com/ColoradoLawsuitAbuseWatch?) Countless clients, after
Ways to Minimize Your Businesses’ and Your Personal Liability Read More »
The average person has likely never heard of the Federal False Claims Act (the “FCA”). 31 U.S.C. §§ 3729 – 3733. Yet, it will likely touch the lives of most Americans directly or indirectly at some point. The FCA imposes liability on individuals and companies who defraud governmental programs and is widely used in the
After recent tax changes, owners of small businesses face a question: Should the business continue to function as an S corporation, or should the entity revoke its election under Subchapter S of the Code? Despite a number of statutory constraints, conventional wisdom has generally favored an S corporation classification. An S corporation is a pass-through
For most small business owners, the most complex and expensive legal arrangement they enter into is their lease for their business premises. The purpose of this article is to highlight for small business owners some of the standard provisions of a typical business lease. One of the most common initial misperceptions of a lease
Lease Issues for Small Business Owners Read More »
The Colorado Employment Verification Law (C.R.S. § 8-2-122) requires that Colorado employers affirm the legal work status of a new employee within 20 days of hire and retain copies of the new hire’s identification documents. This requirement is separate and apart from Form I-9, whereby the employer verifies the legal work status of a new
Colorado Employment Verification Law Read More »
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