“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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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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