
AI 101: A Governance Action Plan
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In the rapidly changing landscape of corporate governance, the Corporate Transparency Act stands out as a significant piece of legislation aimed at curbing illicit activities and enhancing transparency in company operations. For businesses, investors, and legal practitioners, understanding the Act is vital not only for compliance but also to stay ahead in a market that increasingly values transparency and ethical business practices.
Background
The Corporate Transparency Act was enacted as part of the National Defense Authorization Act for Fiscal Year 2021. The Act primarily addresses concerns related to anonymous shell companies, which have, in the past, been utilized for money laundering, financing terrorism, and other illicit activities. One of the primary objectives of the Act is to make it more challenging for individuals to conceal their identities behind such entities.
Key Disclosure Provisions
Timeline for Reporting and Duties to Keep Current
One critical aspect to note about the Corporate Transparency Act is the timeline for reporting and the continuous obligation to update the information provided.
The CTA will affect nearly every company we work with. By keeping abreast of guidance and regulations, you can mitigate civil and potential criminal liability. The wave is coming. Don’t let it crash on you- get paddling now and you can hang ten instead of getting hung out to dry.
ABOUT THE AUTHOR
MANAGING PARTNER
The founder of Milgrom & Daskam, Jonathan (Jon) Milgrom advises businesses of all sizes and works across a variety of sectors. His diverse client-base includes companies in tech, software, fintech, health insurance, brewing and distilling, retail, graphic design, and other creative industries. He also advises a number of family-owned businesses.
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It is simple to sign a lease and stuff it away to (hopefully) never be seen again. It is decidedly less simple to make sure the document protects your business’ interest (and where you are signing a personal guaranty, as is often the case, your personal interests too).
Policyholders pay good money for their insurance. But when a loss occurs or someone sues you, insurance coverage is not automatic. People who make insurance claims face several potential pitfalls that may prevent them from getting what they paid for.
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