Corporate Governance

Wisconsin’s marital property laws impact compliance with the Corporate Transparency Act (the “CTA”). As discussed in other Ruder Ware CTA Focus Team insights, the CTA requires a “reporting company” to report information about its “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”). The CTA defines a beneficial owner as “any individual who, directly or indirectly, exercises substantial control over a reporting company or owns or controls at least 25 percent of the ownership interests of a reporting
Continue Reading Understanding the Corporate Transparency Act: Implications for Marital Property and Beneficial Ownership

The Corporate Transparency Act (the “CTA”), part of the federal government’s effort to curtail money laundering by means of shell company structures, imposes disclosure requirements on most entities registered to do business in the United States.  As discussed in other Ruder Ware CTA Focus Team insights, there is a presumption that all entities are bound by these new disclosure rules. However, the CTA carves out and exempts twenty-three different categories of entities from the regime.  Many of these
Continue Reading The CTA’s Large Operating Company Exemption in Focus

A crucial aspect of compliance with the Corporate Transparency Act (“CTA”) is understanding the various due dates and obligations. A “reporting company” must meet CTA reporting deadlines to avoid potential regulatory penalties. To avoid such penalties for non-compliance, a reporting company must plan ahead to ensure there is sufficient time to conduct CTA analysis, gather beneficial ownership information, and update any outdated corporate records.

1. Initial Reporting Deadline:

CTA requires a reporting company to submit Beneficial Ownership Information (“BOI”)
Continue Reading Timing is Key: Navigating Due Dates of the Corporate Transparency Act for Seamless Compliance

Own a Business?

Read this: The U.S. Government may be entitled to some of your personal information, thanks to The Corporate Transparency Act

What is it?

Passed on January 1, 2021, the Corporate Transparency Act (CTA) requires most private  businesses operating in the United States to identify and report to the federal government certain details regarding individuals with ownership or control of the business. Reporting obligations begin January 1, 2024.

The CTA was created in response to concerns over
Continue Reading The Corporate Transparency Act

Dec. 7, 2023 – More than 40 lawyers gathered at the Italian Community Center in Milwaukee for the State Bar of Wisconsin’s 2023 Diversity Counsel Program on Monday, Dec. 4.

The State Bar of Wisconsin’s Diversity and Inclusion Oversight Committee organized the program, emceed by Milwaukee County Circuit Court Judge Kori Ashley.

Launched by the State Bar in 2004, the Diversity Counsel Program was modeled after the original American Bar Association Minority Counsel Demonstration Program.

Originally designed to increase
Continue Reading Diversity Counsel Program: ‘There’s a Space for You Here’

One of the biggest challenges a compliance officer faces is establishing a strong commitment to creating a culture of compliance and obtaining recognition–there needs to be a compliance “tone from the top” of an organization.  There are numerous potential challenges to getting buy-in for this concept.  This can create frustration for compliance officers aware of the concept of compliance program effectiveness and the importance of a compliance culture beginning at the top of the organization.  A common potential challenge
Continue Reading Compliance Officer Challenges and Commitment to Compliance Culture

Non-profit organizations, by their nature, provide great value through their missions and services. That is at least part of the reason why they typically receive tax-exempt status, including under Section 501(c)(3) of the Internal Revenue Code (IRC). However, that tax-exempt status is fragile and contingent on meeting and maintaining certain requirements, and an organization can end up losing the status without intending to do so.

One of the requirements of 501(c)(3) organizations is that “no part of the net
Continue Reading What’s the Deal with 501(c)(3)’s? (Part 1)

For a relatively short and simple document, a corporate resolution can be of the utmost importance. The use of corporate resolutions are imperative to the lawful continuation of your business. So today, I am going to walk you through the basics of corporate resolutions and why they are so important.

What is a corporate resolution?

A corporate resolution is a document that creates a formal written record of decisions made by a corporation’s board of directors. Resolutions are binding
Continue Reading Resolved: The Importance of Corporate Resolutions