Beneficial Ownership Reporting Simplified: A Conversation with Lawrence Lambert
Cut To The Chase: Podcast Hosted by Gregg Goldfarb
Release Date: 07/10/2024
Boosting Performance & Optimizing Stress Management and Nutrition for Lawyers with Ann Claiborne
Cut To The Chase: Podcast Hosted by Gregg Goldfarb
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Cut To The Chase: Podcast Hosted by Gregg Goldfarb
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Cut To The Chase: Podcast Hosted by Gregg Goldfarb
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Cut To The Chase: Podcast Hosted by Gregg Goldfarb
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info_outlineHave you ever wondered how new legal regulations might impact your business operations or why certain compliance measures are now more critical than ever?
With the recent changes in business laws, especially concerning beneficial ownership and non-compete regulations, staying informed and compliant has never been more crucial. Understanding these changes can make or break your business!
Today, you’ll hear from Lawrence Lambert, a business law expert who’s here to shed light on the complexities of recent business law reforms and what they mean for small businesses across the United States.
Did you know that Lawrence has been asked about the new beneficial ownership rule more times in the past month than any other legal question throughout his career? It's the hot topic that's got everyone in the business community talking!
Tune in as Lawrence breaks down the details of the new beneficial ownership reporting requirements and what every small business owner needs to know to stay compliant. Plus, he highlights the penalties and possible court challenges to this rule.
In this episode of the Cut to the Chase: Podcast, Gregg and Lawrence discuss:
- The beneficial ownership rule under the Corporate Transparency Act
- Key deadlines for filing the beneficial ownership reports
- Which types of businesses must comply
- Specific exemptions and unusual cases like condo associations
- Penalties for non-compliance
- Practical steps for filing the report
- Future implications and ongoing legal challenges
- Coming soon in Part 2: Non-compete agreements
Key Actionable Takeaways for Law Firms:
1. Ensure your clients are aware of the January 1 compliance start date and relevant deadlines.
2. Create a checklist for identifying beneficial owners and decision-makers within your client’s business structures.
3. Offer services to assist clients in navigating the complexities of the reporting requirements, particularly for layered ownership structures.
4. Stay updated on ongoing legal challenges to advise clients accurately about possible changes.
5. Encourage clients to use the FinCEN reporting portal for quick and efficient compliance.
6. Educate clients about the potential penalties for non-compliance to stress the importance of timely action.
As we've learned from Lawrence Lambert today, understanding and navigating new legal requirements like the beneficial ownership rule is vital for small businesses.
Stay tuned for Part 2 for a dive deep into non-compete agreements and what the recent changes mean for you!
Subscribe, rate, review, and share this episode of the Cut to the Chase: Podcast to stay ahead in your legal practice!
Connect with Lawrence Lambert on LinkedIn: https://www.linkedin.com/in/lbllawpa
Law Office of Lawrence B. Lambert: https://llambertlaw.com
Learn more about Beneficial Ownership: https://fincen.gov/boi