The Corporate Transparency Act (“CTA”) is a federal law that was enacted in 2021 and took effect on January 1, 2024. Under the CTA, certain businesses must report the beneficial owners of the company to the U.S. Department of the Treasury’s Financial Crime Enforcement Network (“FinCEN”). This blog post is intended to alert you to […]
Blog
On April 23, 2024, the Federal Trade Commission (the “FTC”) approved a new rule prohibiting employment related non-compete clauses. FTC Commissioners voted 3-2 along party lines to approve the new rule. The rule will be effective 120 days after publication in the Federal Register, and employees and employers should expect the rule to become effective […]
In Massachusetts, the Supplier Diversity Program is a state program that encourages state agencies to award state contracts to certified diverse businesses. To qualify for the program, companies must be certified as a diverse business in any of the following categories: Minority Business Enterprises Women Business Enterprises Service-Disabled Veteran Business Enterprises Veteran Business Enterprises Lesbian, […]
Most astute entrepreneurs will avoid running a business as a sole proprietor or as part of a partnership and opt to limit their personal liability by forming a separate entity to operate the business. A corporation or a limited liability company (“LLC”) is often the best vehicle to shield the business owner’s personal assets from […]
Creating incentives for employees to perform better can take many forms, such as merit bonuses or grants of equity through restricted stock or stock options. Each strategy should have the effect of aligning the employee’s interests with the long-term success of the company, and hopefully creating an economic incentive for the employee to increase their […]
The old adage “Failing to plan is planning to fail” can easily be applied to owning a business. Business owners need to be prepared for the many contingencies that come up during the lifecycle of their business. Much like a person’s estate plan, proper planning should be taken to ensure as little disruption as possible […]
