Author: Rob Garagiola

Attention business owners!

Under the Federal Corporate Transparency Act of 2021, many businesses need to take action before January 1, 2025, and file Beneficial Ownership Information (BOI) to the U.S. Treasury Financial Crimes Enforcement Network (FinCEN). This new mandate is part of an initiative to combat financial crime.

Don’t risk non-compliance! If your business does not qualify for one of 23 exemptions, then you must file a report with the federal government. In addition, any changes to beneficial ownership of your business will necessitate filing updates no later than 30 days after such change.

Identifying who is a beneficial owner is critical for this filing. To do this, you need to determine who exercises “substantial control” and who owns at least 25 percent of your company’s interest. If your business was formed after January 1, 2024, additional reporting requirements may apply.

To help you navigate this process, Compass Law Partners is here for you. For the remainder of 2024, we are offering a discounted flat fee of $500 to analyze whether you need to file such a report and to handle the filing on your behalf.

Time is of the essence! Don’t delay—ensure your business is compliant with these new regulations and avoid potential penalties. Contact Compass Law Partners today!

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As a result of the Federal Corporate Transparency Act of 2021, certain companies must report Beneficial Ownership Information (BOI) to the U.S. Treasury Financial Crimes Enforcement Network (FinCEN) no later than January 1, 2025 [1]. In addition, any changes to BOI filings must be filed with FinCEN within 30 days of such change. This new requirement is part of the U.S. Government’s effort to go after bad actors seeking to hide gains through shell companies and other less than transparent ownership structures.

There are 23 exemptions to such filings, but if your business doesn’t qualify for one of them, then you must file a report. Compass Law Partners has assisted businesses in determining whether such a report must be filed and has experience filing such reports. Unfortunately, even with the exemptions, most small businesses will need to file a report and periodically update it.

Once a business determines whether or not it must file BOI reports, it must also determine who the beneficial owners of the company are for such filing. There are two qualifiers: (1) someone who exercises “substantial control”; and (2) someone who owns at least 25 percent of the ownership interest of the company. In addition, for businesses formed after January 1, 2024, there are additional reporting requirements.

For the months of September and October 2024, Compass Law Partners is offering clients a discounted flat fee of $500 to conduct the analysis of whether you need to file such report to the U.S. Treasury’s FinCEN; such fee also includes filing the report on your behalf.

In honor of the Paris 2024 Olympic Games, we are here to help you go for the gold!

At Compass Law Partners, we believe in helping businesses reach new heights through expert legal guidance tailored to your unique needs. Our firm excels in providing comprehensive support in advising and drafting essential business formation documents. Whether you’re starting a new venture or refining an existing entity, we’re here to ensure your business is primed for success from the starting block.

Expertise in Business Formation

Forming a business requires the precision of an Olympic athlete. We specialize in drafting critical formation documents, including Articles of Incorporation, Articles of Organization, Organizing Resolutions, and By-Laws. These foundational documents create the blueprint for your business, establishing governance structures, defining shareholder or member rights and responsibilities, and setting operational guidelines.

Tailored Legal Solutions

Just as every athlete has a unique training regimen, every business requires personalized legal strategies. At Compass Law Partners, we take a personalized approach to each client, offering strategic advice that aligns with your specific goals and vision. Whether you’re a nimble startup or a seasoned contender in the corporate arena, our aim is to equip you with the legal tools and insights needed to navigate business formation effectively.

Comprehensive Support

Our commitment to your success extends beyond the initial formation phase. We provide a full spectrum of services to support your business throughout its lifecycle:

• Drafting Operating/Partnership/Shareholder Buy-Sell Agreements: Structuring agreements that define ownership transitions and ensure continuity during buyouts, departures, or changes in partnership.
• Transactional Guidance: Advising on mergers, acquisitions, partnerships, and joint ventures to propel your business forward.

Partnering for Long-Term Success

At Compass Law Partners, we’re dedicated to forging lasting partnerships built on trust, integrity, and a shared commitment to excellence. We’re here to serve as your trusted legal advisor, providing steadfast support and guidance as your business evolves and reaches new milestones.

Reach Out Today

Join us on this journey to legal victory. Contact Compass Law Partners today to discover how we can assist with your business formation needs.

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• Have you decided how to be taxed?
• Have you prepared an initial organizing resolution?
• Have you prepared an operating agreement?
• Are you doing business in other states?

The Maryland General Assembly has passed legislation that will establish a new family and medical leave insurance program that will be applicable to businesses with 15 or more employees. While the bill is still awaiting final enactment, it is nearly certain that it will become law and take effect on June 1, 2022.

Under the program, both employers and employees would have to contribute to a new fund that would establish a state family and medical leave insurance program. The new program will likely get underway after the Maryland Department of Labor promulgates regulations, which are anticipated in June 2023.

As this is going to eventually affect most Maryland businesses, it will be important to have an employment law attorney to ensure proper compliance. Compass Law can help you navigate this new family and medical leave insurance program as well as other laws affecting businesses.