This month’s Business Bytes highlights the Corporate Transparency Act, employee non competes, and cyber attacks.
Required Corporate Transparency Act Filings. The Corporate Transparency Act requires businesses created by a state authorization and its 25% or more owners to file a report with the Treasurer’s Financial Crimes Enforcement Network (FINCEN) by December 31, 2024. While an Alabama court ruled that the requirement is unenforceable as to one group of plaintiffs, FINCEN continues to accept reports and intends to prosecute or fine non-filers. We are doing filings for our clients and recommend that others required to file comply. READ MORE.
Employee Non-Competes. Like many states, the Federal Trade Commission is banning many employee non-compete agreements, preventing enforcement and threatening fines and penalties on employers. All employers should review their employment documents to ensure compliance and not initiate enforcement without counsel. READ MORE.
Cyber Attacks on the Rise. On an almost daily basis we hear about cyber-attacks, hacking, malware, and data ransom incidents of major corporations and entities. These criminals are also attacking smaller businesses and individuals but without the same notoriety. Protect your business and assets from these losses or consider hiring professionals to help. READ MORE.
