STEP – Advising Families Across Generations’ Post

The UK Supreme Court's recent ruling on the transfer of beneficial interests in private company shares has significant implications for businesses and individuals alike. While this decision offers flexibility in certain scenarios, it's crucial to approach such arrangements with caution. Key takeaways from this ruling: - While oral agreements can be legally binding, proving the terms of such agreements can be challenging. - To mitigate risks and ensure clarity, written agreements are still strongly recommended. - Seek legal advice Could this ruling lead to increased disputes and litigation as parties seek to enforce oral agreements? More work for our legal friends.

The nationwide injunction prohibiting the enforcement of the Corporate Transparency Act has been overturned by the United States Court of Appeals for the Fifth Circuit. The filing requirement remains in effect, but the deadline is extended to January 13, 2025.   Reporting companies formed before January 1, 2024, which are not exempt from filing under the law, should plan to file Beneficial Ownership Information no later than January 13, 2025. Read More: https://lnkd.in/dkVGKnny #corporatetransparencyact #beneficialowners #businessowners #fincen

Update: Back to not having to file! Stay tuned and be prepared. Business Owners: Court overturns injunction, businesses must file Beneficial Ownership Information by the extended deadline of January 13, 2025. Read below for link to filing.

A U.S. District Court recently issued a nationwide preliminary injunction, temporarily halting the Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act. For now, businesses that have not yet filed their BOI reports can hold off while the judicial process unfolds. This pause provides time to assess how the ruling might shape the implementation of these requirements moving forward. For more details, click the links below. https://lnkd.in/gDqJYNJJ... https://lnkd.in/gvFqZXrc...

If you've been waiting to file your company's Beneficial Ownership Information Report, now is the time. The Fifth Circuit Court of Appeals ruled that the Corporate Transparency Act is enforceable, and has provided a new deadline of January 13, 2025 to file your company's BOIR. The injunction is lifted, and to avoid being out of compliance, be sure to file. #business #BOIR https://lnkd.in/gAAXyh4n

A federal judge in Texas has issued a preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) and its requirement for small businesses to file Beneficial Ownership Information (BOI). This ruling temporarily halts the CTA’s January 1, 2025, compliance deadline. The lawsuit, filed by Texas Top Cop Shop and others, argues that the BOI requirements violate constitutional rights and impose excessive burdens on small businesses. #CorporateTransparencyAct #SmallBusiness #BOI #FederalCourt #PreliminaryInjunction #PrivacyRights #LegalNews #BusinessCompliance

Yesterday, the Fifth Circuit Court of Appeals stayed the nationwide preliminary injunction issued by a Texas district court against the Corporate Transparency Act (CTA), reinstating the CTA and its January 1, 2025 deadline for filing of beneficial ownership information (BOI) reports by reporting companies formed prior to January 1, 2024 READ MORE: https://lnkd.in/gFXu4NTt #compliance #cta #corporatetransparencyact #usdistrictcourt #enforcement #corporatelaw #wolfsonboltonkochis

On December 23, 2024, the United States Court of Appeals for the Fifth Circuit stayed the nationwide preliminary injunction against enforcement of the federal Corporate Transparency Act (CTA) previously issued by the U.S. District Court for the Eastern District of Texas in a case challenging the constitutionality of the CTA.1 As a result of the stay, the CTA has gone back into effect nationwide after having been suspended since December 3. However, also on December 23, FinCEN announced that it was extending several beneficial ownership reporting deadlines, including extending the initial reporting deadline for companies formed prior to 2024 from January 1, 2025 to Monday, January 13, 2025. Read the full Legal Alert from Louis Barbieri, David M. Eaton, and Kate Kanabay here: https://lnkd.in/eDXRPamN

On December 26, the US Court of Appeals for the Fifth Circuit vacated the stay entered by a motions panel days earlier. This would have allowed the government to enforce the Corporate Transparency Act (CTA) while it appeals a lower court's ruling. The latest decision reinstates the district court's nationwide preliminary injunction that halted enforcement of the CTA, including the requirement to file beneficial ownership information (BOI) reports. Learn more in our alert: http://spr.ly/6044vpB3q #CTA #FinCEN #FifthCircuit #Treasury

Barrister Tom Bushnell has been quoted in a Law360 article on the FCA's recently-announced change to evidence disclosure in enforcement proceedings. Tom explained how the recently announced change could benefit defendants by helping them build a fuller picture of the case against them. “[...] the ability to marshal all the relevant evidence can prove crucial in allowing the target of enforcement action to fully understand what took place, and thereby provide a cogent response to allegations", Tom said. https://lnkd.in/eP_GzMt9