Business law deals with the creation, structuring and maintenance of new and existing businesses and the related issues that arise as businesses interact with the public, other companies and the federal, state and local governments. The Firm’s business law practice draws on a variety of legal disciplines, including (but not limited to):
Tax law
Corporate and partnership law
Intellectual property law
Real estate law
Employment law
Bankruptcy
Debtor and creditor rights law
Business law attorneys specialize in transactional work, meaning they do not represent clients in court. In fact, business lawyers are often hired for their planning and negotiation skills, to avoid future litigation. Business formation of the right entity is a necessary step when opening a business and makes the business a distinct legal entity, separate and apart from its owners. There are five primary types of business formation options: limited liability company (LLC), corporation, limited partnership, general partnership and sole proprietorship.
The business law attorneys of Musgrove Law Firm, P.C. handle all the above issues and more, often acting as the de facto general counsels for our privately-held clients. The Firm’s business attorneys provide business law counsel and bring a collective experience of over 70 years of law practice to bear for our clients. Firm shareholders H. Len Musgrove, Jr. and C. Bruce Willis, II also head the expansive Business Law practice of the Firm.
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On March 21, 2024, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that significantly narrows the scope of beneficial ownership information (BOI) reporting requirements.
Under the revised rule, only companies formed under the law of a foreign country and registered to conduct business in the United States are considered “reporting companies” subject to the Corporate Transparency Act (CTA) BOI filing requirements.
The revised rule removes the requirement that U.S. companies and U.S. persons report BOI to FinCEN. The rule also removes the requirement that foreign companies report BOI for U.S. persons. Additionally, the rule extends the previously set March 21, 2025, BOI report filing deadline by 30 days, and requires newly registered foreign companies to file a BOI report within 30 days after receiving notice that their registration is effective.
Although the interim rule is effective immediately, FinCEN has implemented a 60-day public comment period, and intends to issue a final rule before the end of the year.
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