On April 23, 2024, the Federal Trade Commission (FTC) adopted a sweeping rule banning virtually all future non-compete clauses with workers and invalidating existing non-compete clauses with all workers other than “senior executives.” The three Democratic commissioners voted in favor of the rule, while the two Republican commissioners voted against the rule. The rule deems … Continued
The Corporate Transparency Act (CTA) is a new U.S. federal law requiring most U.S. corporations, LLCs, and other entities, as well as similar non-U.S. entities registered to do business in the U.S., to report their beneficial ownership to the U.S. government.1 These requirements are detailed, burdensome, and involve the disclosure of personal information, and, therefore, compliance will … Continued
The Business Law Section conducts most of its activities through individual committees that focus on various areas of business law. Membership in any committee is open to any section member. While active participating is encouraged, there is no required time commitment. To join a committee, email [email protected]. For contact information for current chairs, see page … Continued
Starting January 1, 2024, most newly formed privately held businesses formed or qualified to do business in the U.S. will be required to report the identities of those individuals who own and control them to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). By the end of 2024, most businesses formed before 2024 will … Continued
Aretha Franklin’s 1967 “(You Make Me Feel Like) a Natural Woman” became one of her most popular songs.1 Written by Carole King and Gerry Goffin for Franklin,2 it was later covered by King herself on her 1971 “Tapestry” album.3 Incredibly, the song later became a hit for Franklin on the United Kingdom’s singles chart almost 51 years … Continued
When forming a new legal entity, choosing the state of formation is an important first step that should be considered carefully. Often, business owners based in New York are faced with the choice to form either at home or in the popular formation state of Delaware. This article will summarize a few of the factors … Continued
I. Introduction A fundamentally recognized principle in corporate law is that shareholders are not personally liable for the obligations incurred by a corporation.1 Corporate entities are generally treated as distinct from their shareholders.2 Judgments against corporations for liability stop at the corporation and cannot be enforced against their shareholders.3 This is the theory of the corporate form.4 The … Continued
As the needs of businesses keep changing, so do those of our Business Law Section members and we, your section officers and Executive Committee, remain focused on helping business lawyers to keep their clients abreast of the continually changing legal landscape. Our CLE and educational programming have been, and will be, robust and diverse. The … Continued
Spotlight Two Sides of the Same Coin: Analyzing the Recent Ripple and Terraform Decisions This article was originally published August 31, 2023, on Reuters Legal News and Westlaw Today, Thomson Reuters businesses. Key Points In July 2023, Judges Torres and Rakoff in the Southern District of New York issued rulings on whether digital asset sales through trading platforms constitute … Continued
I. Introduction This year, JPMorgan Chase and Deutsche Bank paid millions of dollars to victims of Jeffrey Epstein for failing to flag and report suspicious transactions while doing business with the child sex trafficker.1 Epstein routinely withdrew large amounts of cash to pay his victims, and both banks failed to flag these transactions that were allowing Epstein … Continued