“Non-profit organization” is a broad-based term that encompasses all organizations that are known as charities, not-for-profits and educational and religious organizations. Not-for-profit organizations are regulated by local, state and federal laws. The purpose of a non-profit corporation or association is to conduct business for the benefit of the general public without shareholders and a profit motive. Nonprofit corporations are created according to state law. Like for-profit corporations, nonprofit corporations must file certificates of formation with the Secretary of State and pay a fee, create articles of incorporation, hold regular meetings, and satisfy other obligations to achieve and sustain corporate status.
The firm has extensive experience in forming and advising Non-profit organizations, and many of the firm’s lawyers have served, or are currently serving on the boards of non-profit organizations. Frank Ehman, C. Bruce Willis, II, Cami Boyd and H. Len Musgrove, Jr. each work closely with the firm’s Non-profit organization clients.
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Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting
Deadline; FinCEN Announces Intention to Revise Reporting Rule
Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.
FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
Notice: https://www.fincen.gov/sites/
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