Corporate Transparency Act – Effective January 1, 2024 OverviewThe Corporate Transparency Act (“CTA”), which was enacted in 2021 as part of the National Defense Authorization Act, is a federal law that aims to prevent and combat financial crimes by identifying the individuals associated with US companies. Additional information may be found here: https://www.fincen.gov/boi In order [...]
Are there tax consequences when admitting a new partner to an LLC? Imagine that a friend from college calls you up with a great idea for a new business. Your friend asks you to join his business as the CEO and, although he can’t pay you for your services, you will be a 50% owner [...]
What is the Difference between an LLC and Corporation? The first major decision for any new business owner is, “how do I protect myself legally?” Whether through a google search or a discussion with a friend or lawyer, a new owner inevitably hears about limited liability companies and corporations. Since both offer the liability protection [...]