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002: John Wick - What You Need To Know about the Corporate Transparency Act
Manage episode 436767078 series 3596038
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Today, I’m joined by Farella Braun + Martel's Greg LeSaint to discuss the movie John Wick and the Corporate Transparency Act (CTA).
Greg breaks down what you need to know about this federal law, which went into effect on January 1, 2024—what it is, its purpose, and some common exemptions.
Does this law affect The Continental? What would John Wick name his living trust?
We talk about those questions and more, so let’s get right into it.
‘Cause yeah, I'm thinkin' I'm back!
Show Notes:
IMPORTANT UPDATE: A recent federal court decision eliminates the present need for any person or company to comply with the Corporate Transparency Act (CTA) and its implementing regulations. This decision may be reversed upon appeal, but as of December 3, 2024, any person or company that was compelled under the CTA and its implementing regulations to file a beneficial ownership report with FinCEN or provide beneficial ownership information to a reporting company is no longer required to do so.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction against the government's enforcement of the CTA. The plaintiffs in the case, Texas Top Cop Shop, Inc., et al. v. Garland, et al., argued that the CTA improperly compels speech, contradicts the right of anonymous association guaranteed by the First Amendment, and violates the Fourth Amendment by forcing the disclosure of private information. In its decision, the court stated that the CTA is likely unconstitutional as it is outside Congress's power. Read more here.
DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.
Greg LeSaint, partner, Farella Braun + Martel
Hons Yung, Partner, Farella Braun + Martel
FinCEN’s Beneficial Ownership Information website: fincen.gov/boi
DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.
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