The U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a Notice of Proposed Rulemaking on September 27, 2023 to amend the final Beneficial Ownership Information (“BOI”) Reporting Rule to extend the deadline from 30 to 90 days following formation or registration for reporting companies created on or after January 1, 2024 to file BOI reports. The purpose of requiring BOI reports, which disclose companies’ beneficial owners to law enforcement agencies, is to help them combat money laundering and other crimes. The purpose for this extension of the filing deadline is to provide additional time for reporting companies to understand the reporting rules and, in turn, increase compliance.
On June 20, 2023, Governor Tony Evers signed 2023 Act 12 (“Act 12”) into law. Notably, Act 12 repeals Wisconsin’s personal property tax. The repeal takes effect on January 1, 2024 and eliminates the time-consuming and costly process for business owners trying to ensure compliance with personal property tax laws. Business owners may also need to review assets previously classified as personal property to determine whether they are now classified as real property.
MGM Resorts is the latest victim of a cyberattack occurring on September 10th, which has set back the gambling and leisure giant substantially, both in terms of business function and income. MGM is not alone. Household names such as Amazon, Facebook, Alibaba, Marriott, and many others have been victimized, as have governments around the world.
“I love you, but you are not serious people.” This is the curse that Logan Roy, the founder and business titan of Waystar RoyCo, intones to his three stunned children during a poignant family moment. The three siblings (Kendall, Siobhan and Roman) vie for control of Dad’s media empire, and are monsters to each other. Yet, despite the hyperboles and cartoonish nature of the characters, the show reveals essential truths about succession planning for family businesses.
If you are a business owner, with the mergers and acquisitions market continuing to be active, you may have decided it could be the right time to sell your most valuable asset – the company that you’ve spent years building. Now that you have decided to sell your business, it is important to consider five things in order to receive the maximum value in this market.
Welcome to the Amundsen Davis Corporate Legal Update where our attorneys blog about insights on corporate governance, securities regulations, M&A news and more.
- Enhancing Transparency in Real Estate: FinCEN's New Reporting Requirements for Non-Financed Transfers
- Pros and Cons of Online Templates and Examples
- What the Corporate Transparency Act Means for Financial Institutions
- FinCEN to Extend Initial Reporting Deadline for the Corporate Transparency Act
- Wisconsin Personal Property Tax Repealed: What it Means for Business Owners
- Is Nothing Sacred? Cyberattacks May Impact Director and Officer Fiduciary Duties
- What the Show Succession Teaches Us About Planning for a Family Business
- Five Tips for Business Owners When Selling
- Federal Antitrust Agencies Propose New Guidelines for Review of M&A Transactions
- U.S. Supreme Court Opens Door for Companies to Face Lawsuits in Any State They Are Registered to Do Business