[Lafayette, IN] — December 20, 2024 — Gutwein Law, a business law firm representing some of the most forward-thinking businesses in the world, is proud to announce that Shannon Middleton has been named a partner at the firm. Middleton’s promotion to partner is a testament to her exceptional work ethic, dedication to client advocacy, and unwavering commitment to the firm’s goal of delivering unparalleled legal services.
...Read More%20-%20What%20This%20Means%20for%20Your%20Business&p[summary]=The%20Corporate%20Transparency%20Act%20(CTA)%20requires%20most%20companies%20to%20file%20a%20Beneficial%20Ownership%20Information%20(BOI)%20report%20with%20FinCEN.%20The%20filing%20deadline%20for%20existing%20companies%20is%20January%201,%202025,%20and%20newly%20formed%20companies%20in%202024%20must%20file%20within%2090%20days.%20However,%20on%20December%203,%202024,%20a%20federal%20court%20in%20Texas%20issued%20a%20nationwide%20injunction,%20temporarily%20halting%20the%20enforcement%20of%20the%20CTA.%20The%20court%20ruled%20that%20the%20law%20is%20likely%20unconstitutional.%20What%20Does%20This%20Mean%20for%20Your%20Business?%20No%20Immediate%20Filing%20Requirement:%20You%20are%20not%20required%20to%20submit%20the%20BOI%20report%20(or%20amendments%20to%20previously%20made%20BOI%20reports)%20and%20will%20not%20face%20penalties%20for%20failing%20to%20do%20so%20while%20the%20injunction%20remains%20in%20effect.%20Appeal%20Uncertainty:%20The%20government%20is%20expected%20to%20appeal%20this%20ruling,%20but%20it%20remains%20uncertain%20whether%20the%20appeal%20will%20be%20successful.%20If%20the%20filing%20requirements%20are%20reinstated,%20businesses%20could%20face%20last-minute%20deadlines%20and%20should%20be%20prepared%20to%20comply%20by%20collecting%20the%20necessary%20information.%20Voluntary%20Filing:%20Companies%20can%20still%20choose%20to%20file%20voluntarily%20now,%20which%20may%20help%20avoid%20a%20rush%20if%20the%20injunction%20is%20lifted%20and%20deadlines%20are%20reinstated.%20This%20ruling%20is%20temporary,%20and%20the%20situation%20could%20change%20depending%20on%20the%20outcome%20of%20the%20appeal.%20Please%20contact%20Gutwein%20Law%20with%20any%20questions.)
The Corporate Transparency Act (CTA) requires most companies to file a Beneficial Ownership Information (BOI) report with FinCEN. The filing deadline for existing companies is January 1, 2025, and newly formed companies in 2024 must file within 90 days.
However, on December 3, 2024, a federal court in Texas issued a nationwide injunction, temporarily halting the enforcement of the CTA. The court ruled that the law is likely unconstitutional.
What Does This Mean for Your Business?
- No Immediate Filing Requirement: You are not required to submit the BOI report (or amendments to previously made BOI reports) and will not face penalties for failing to do so while the injunction remains in effect.
- Appeal Uncertainty: The government is expected to appeal this ruling, but it remains uncertain whether the appeal will be successful. If the filing requirements are reinstated, businesses could face last-minute deadlines and should be prepared to comply by collecting the necessary information.
- Voluntary Filing: Companies can still choose to file voluntarily now, which may help avoid a rush if the injunction is lifted and deadlines are reinstated.
This ruling is temporary, and the situation could change depending on the outcome of the appeal. Please contact Gutwein Law with any questions.
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A federal court in Texas issued a nationwide injunction setting aside a Department of Labor regulation increasing salary thresholds for the white collar exemption and highly compensated employees set to go into effect on January 1, 2025. The salary thresholds had increased on July 1, 2024 and were set to increase again on January 1, 2025 with automatic increases every three years.
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When the first spouse passes away, whether expected or not, it’s a difficult time for the surviving spouse. Contacting family members, making funeral arrangements, and of course, the grieving process are mentally and emotionally draining. But on top of all that, there are also legal concerns to consider when a spouse passes away.
What does a surviving spouse need to do from a legal perspective? Well, it will depend on the nature of the assets owned by the deceased spouse, and it will depend on how well the couple had planned. There may be a lot of material to process, so it typically helps to prioritize.
...Read More,%20the%20Federal%20Trade%20Commissions'%20non-compete%20rule%20has%20been%20enjoined.%20Just%20two%20weeks%20before%20the%20Federal%20Trade%20Commission's%20()
As an update to our previous blog posts (FTC Bans Noncompetes and Noncompete Update), the Federal Trade Commissions' non-compete rule has been enjoined.
Just two weeks before the Federal Trade Commission's ("FTC") rule to federally ban non-competes was to go into effect (the "Final Rule"), on August 20, 2024, a Texas federal judge issued a nationwide injunction which barred the implementation of the Final Rule. The court held that the FTC lacked statutory authority to adopt the Final Rule and creation of the Final Rule was an unlawful agency action by the FTC.
...Read More