Businesses subject to the Corporate Transparency Act (CTA) must now report Beneficial Ownership Information (BOI) to FinCEN by March 21, 2025—an extension from the previous deadline. Key Updates January 7, 2025: A court ruling paused BOI reporting requirements. February 18, 2025: The stay was lifted, reinstating the requirements. FinCEN extended the compliance deadline to March 21, 2025 to allow businesses …
Starting a non-profit in Illinois is a rewarding way to make a difference in your community while benefiting from legal and tax-exempt protections. Whether your mission is to support education, provide social services, or advocate for a cause, setting up a non-profit requires careful planning and compliance with Illinois state laws and federal IRS regulations. At Rincker Law PLLC, we …
Starting a business in Illinois comes with many important decisions, and one of the biggest choices is deciding on the right business structure. LLC vs. Corporation in Illinois: Which One is Right for Your Business? This decision affects everything from taxes to liability protection, so it’s crucial to understand the differences before moving forward. At Rincker Law PLLC, we assist …
On December 29, 2022, President Biden signed into law new legislation expanding the protections of nursing mothers, known as the Providing Urgent Maternal Protections Act for Nursing Mothers Act (“PUMP Act”). The PUMP Act is intended to enhance existing lactation and pumping protections and close some gaps for workers who were previously left uncovered in 2010 when the Breaktime for …
On December 3, 2024, the U.S. District Court for the Eastern District of Texas declared the Corporate Transparency Act unenforceable and issued a nationwide preliminary injunction,[1] which effectively blocks the law from going into effect. As a reminder, the CTA was signed into law in 2023 and was scheduled to take effect in 2024. The law was enacted as part …
The Federal Trade Commission (FTC) has recently issued a new final rule prohibiting all employers from enforcing non-compete agreements against their employees. A non-compete agreement essentially bans a worker from moving to another employer within the same industry for a set period of time, citing the employer’s privacy and competition concerns. Workers have long protested the agreements, citing that they …
The Federal Trade Commission (FTC) implemented a new final rule prohibiting employers from enforcing non-compete agreements against employees. A non-compete agreement essentially bans a worker from moving to another employer within the same industry for a set period of time, citing the employer’s privacy and competition concerns. Non-compete agreements have traditionally restricted employee mobility by preventing workers from joining competing …
The risk of suffering a data breach has never been higher. Small businesses are three times more likely than larger businesses to be targeted by cybercriminals.[1] The costs of a cyberattack, both in terms of financial and reputational damage, can be devastating to small businesses. Although many business owners are aware of the risks of a cyberattack, they have not …
You have spent years building your business, but at some point, the time will come for you to sell the company and exit. While many business owners choose to keep the company in the family, that is not always realistic. Family members may not have the interest or skills needed to run the business. In such cases, selling the company …
Small businesses have been rushing to better understand the implications of the newly enacted Corporate Transparency Act (“CTA”), which entered into effect on January 1, 2024. The CTA applies to over 32 million businesses in the United States, including many companies that filed a document with any secretary of state office. The CTA includes a new reporting requirement for small …
Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company being considered for purchase and its operations, with an eye toward risks that could cause future problems. Obtaining details about pending …
Small business owners are no strangers to government regulations. There are many requirements that businesses must be aware of and comply with, including business license and permit rules. Most businesses must obtain licenses or permits, so it is important for each business to know which ones it needs. Business operations are regulated at the federal, state, and local levels. Each …