New Federal Corporate Transparency Act Will Add Owner Disclosure Requirements For All Business Entities

Business Law News, business operations, Company, corporation, corporation law, family business, government agencies, Illinois corporations, LLC, Majority owner, small business, tax compliance

Congress included the Corporate Transparency Act (CTA) in the National Defense Authorization Act for FY 2021. The legislation requires filing of information on beneficial owners of new (and eventually, of existing) US entities and foreign entities which apply for permission to do business in the US.  These requirements will be effective on promulgation of regulations…

How Do We Get Rid Of Junior?

buy-sell agreements, family business, Majority owner, mergers acquisitions recapitalization, Uncategorized

More than three quarters of all businesses in the US are family run. (The proportion is even higher elsewhere.) Family ownership means that family relationships, for good or for bad, often trump (or at least complicate) whatever the corporate documents say should be done about distribution of profits; hiring, firing, and promotion of managers; purchase…