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Are Law Firms Ready for the Corporate Transparency Act?
With the beginning of a new year around the corner and the introduction of new compliance obligations under the Corporate Transparency Act (CTA), many law firms are scrambling to determine how they will assist clients who may be subject to these additional regulations.
In conversations with attorneys, we learned that law firms vary widely in their readiness to address the new CTA regulation for their own firm and their clients.
There is a lot at stake for the estimated 32.6 million corporations, LLCs and other entities that FinCEN expects will be impacted by the new beneficial ownership information (BOI) reporting requirements in the first year the CTA goes into effect, 2024. Qualifying companies that fail to submit beneficial ownership information may be subject to a civil penalty of up to $500 per day, a criminal fine of up to $10,000, as well as imprisonment.
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'Huguenot LLC v. Megalith Capital Group Fund I, L.P.': A Tutorial On Contract Liability for Real Estate Purchasers
In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
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