Navigating the Corporate Transparency Act: A Step-by-Step Guide to Filing Beneficial Ownership Information

The Corporate Transparency Act (CTA) has imposed new reporting obligations on many businesses. Our  step-by-step guide will help you understand and fulfill your reporting requirements.

Step 1: Determine if You’re a Reporting Company

The first step is to assess whether your company falls under the CTA's jurisdiction. This involves considering factors such as your company's structure, size, and activities.

Step 2: Identify Your Beneficial Owners

Once you've determined that your company is subject to the CTA, you need to identify all of your beneficial owners. This may require gathering information from shareholders, partners, and other stakeholders.

Step 3: Gather Required Information

For each beneficial owner, you must collect the following information:

• Full name
• Date of birth
• Current residential address
• Unique identifying number
• A photocopy of identification

Step 4: Create Your Report

Using the collected information, you must create a BOI report that accurately reflects your company's ownership structure.

Step 5: File Your Report

The report must be filed electronically through FinCEN's Beneficial Ownership Secure System (BOSS). Be sure to follow the specific instructions and deadlines provided by FinCEN.

Step 6: Maintain Records

After filing your report, it's important to maintain accurate records of your beneficial ownership information to ensure compliance with the CTA and address any future inquiries.

Complying with the Corporate Transparency Act can be complex, but by following this step-by-step guide, you can ensure that your company meets its reporting obligations. For more information or to speak with us about your legal issue, please contact our business attorneys in Ann Arbor at 734-665-4441.Schedule an initial consultation. 

Understanding the Corporate Transparency Act: New Reporting Requirements for Businesses

The Corporate Transparency Act (CTA) has introduced significant changes to the way businesses operate in the United States. Effective January 1, 2024, certain companies are now required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN).

Who is Affected?

The CTA applies to a wide range of businesses, including:

• Domestic corporations
• Limited liability companies
• Foreign entities registered to do business in the US

However, some exemptions exist, such as for publicly traded companies, certain nonprofits, and large operating companies.

What Information is Required?

Reporting companies must provide detailed information about their beneficial owners, which are individuals who:

• Exercise substantial control over the company
• Own or control 25% or more of the ownership interest

For each beneficial owner, companies must report:

• Full name
• Date of birth
• Current residential address
• Unique identifying number
• A photocopy of identification

Reporting Deadlines and How to File

The reporting deadlines vary depending on when the company was formed. Existing companies must file by January 1,2025, while new companies have shorter deadlines. Reports must be filed electronically through FinCEN's Beneficial Ownership Secure System (BOSS).

The Importance of Compliance

Failure to comply with the CTA can result in significant penalties, including civil fines and criminal penalties. It is essential for businesses to review their company structure and determine if they’re subject to these reporting requirements. Consulting with legal counsel can help ensure full compliance.

The Corporate Transparency Act has introduced new transparency measures for businesses in the United States. Understanding the requirements and complying with them is crucial to avoid penalties and maintain a positive reputation. For more information or to speak with us about your legal issue, please contact our business attorneys in Ann Arbor at 734-665-4441.Schedule an initial consultation. 

What Does The New Michigan Uniform Power of Attorney Act Change?

Durability of Power of Attorney

If a power of attorney is executed in compliance with statutory requirements, it will automatically be durable without any need for an affirmative statement of durability in the power of attorney. This will help to ensure the principal’s wishes are followed in the event of a serious illness, debilitating injury or devastating accident. 

 

Statutory Forms and Legal Consultation

 

A potential positive outcome is that fewer guardianships and conservatorships will be necessary as the knowledge to create the document becomes more common. 

 

General and Specific Authority

 

General powers include authority over real and personal property, banking, stocks, bonds and other financial investments, insurance, annuities, litigation and claims, retirement and governmental benefits, and taxes. The form allows the principal to grant some or all the general powers to the agent. 

 

Learn more about the new Michigan Uniform Power of Attorney Act here.

 

Get Started Today: Schedule Your Consultation!

 

If you have questions regarding the New Michigan Uniform Power of Attorney Act, talk to an estate planning attorney in Ann Arbor before doing anything.

The New Michigan Uniform Power of Attorney Act

Did you know that the Michigan Uniform Power of Attorney Act (UPOAA), signed into law by Governor Gretchen Whitmer on November 7, 2023, took effect on July 1, 2024? What does this mean for you in regards to estate planning? Pear Sperling Eggan & Daniels, P.C. is here for you when it comes to answering all your legal questions and making sure you’re setup for success.

The UPOAA Act replaces the prior Michigan power of attorney law, designed to promote standardization, consistency and ease of use. The Act will help alleviate problems with enforcement previously caused by laws that varied from state to state. The Act provides the agent with broad powers while protecting the principal against abuse and fraud. It also provides the agent with reimbursement for expenses as well as reasonable compensation, unless specifically prohibited by the terms of the power of attorney. 

 

Learn more about the new Michigan Uniform Power of Attorney Act here.

 

Get Started Today: Schedule Your Consultation!

 

If you would like to learn more about estate planning in Ann Arbor, contact us today! Estate planning attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with your case and everything in between. 

Friend of the Court in Michigan: More Than Just Child Support Enforcement

Friend of the Court (FOC) services go beyond just helping you navigate custody and financial support. They can further assist you during separation by:

• Streamlining the Process: FOC professionals can guide you through the details of separation agreements, including child-rearing arrangements. 
• Reducing Conflict: By acting as a neutral mediator, the FOC can facilitate communication between you and your former partner. This can help you reach agreements that minimize conflict, benefiting both you and your children. 
• Ongoing Guidance: Even after your initial separation agreements are established, the FOC can provide ongoing guidance and support. They can help you with any future issues related to custody, parenting time, or support if your circumstances change.

By utilizing the resources offered by the Friend of the Court, you can navigate separation with more clarity, confidence, and a focus on what truly matters: your children's best interests. 

Learn more about how the Friend of the Court can help you if you’re facing a separation here.

Get Started Today: Schedule Your Consultation!

 

If you would like to learn more about Friend of the Court, contact us today! Our family law attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with your case and everything in between. 

Our attorneys know how to get results for our clients and they’re dedicated to getting a satisfactory outcome. Contact us today at (734) 665-4441 for a no obligation consultation.

Facing Separation with Children in Michigan? Here's How the Friend of Court Can Help

You're not alone. Separating from your partner in Michigan, especially when there are children involved, is a common yet
emotional experience. Unwinding finances, living arrangements, and emotional ties is a complex process, but you don't have to navigate it alone.

The Friend of the Court (FOC) can be a valuable source of support during this challenging time. This department within the Family Division of the Circuit Court offers services specifically designed to help families facing separation with children.

Here's how the FOC can support you:

·       Creating a Roadmap for Shared Parenting: FOC professionals gather information and make recommendations for fair custody and parenting time arrangements. Their focus is on what's best for your children's well-being.

·       Ensuring Financial Security: The FOC helps enforce court-ordered child support and spousal support payments, providing financial stability for your family.

Learn more about how the Friend of the Court can help you if you’re facing a separation here.

Get Started Today: Schedule Your Consultation!

 

If you would like to learn more about Friend of the Court, contact us today! Our family law attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with your case and everything in between. 

Our attorneys know how to get results for our clients and they’re dedicated to getting a satisfactory outcome. Contact us today at (734) 665-4441 for a no obligation consultation.

Real Estate Attorneys Help Fight Fraudulent Deed Scams in Michigan

Are you victim of a fake deed scam? Our real estate attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, P.C. stand ready to help you.

When recording deeds in Michigan, MCL 565.201 provides the register of deeds with recording provisions (e.g. margin size, paper size, color of ink, notary requirement, font size, page size, address information, drafting information, etc.).  Michigan statutes don’t require any register of deeds to be an arbiter of fact. MCL 556.201 specifically provides that “[a]n instrument that complies with the provisions of the act and any other act relating to the recording of instruments shall not be rejected for recording because of the content of the instrument.”  Consequently, it is not a duty of the register of deeds to compare signatures or confirm/verify the notary information or signature. Even though MCL 565.201 requires that certain provisions be met including that deeds are notarized, and the sole purpose of a notary is to prevent fraud, it’s no different than any other statute. It can be violated by fraudulent actions.

 

Fraudulent deeds can only be handled and resolved by a court order which can take several months and be costly for the property owner to re-gain its lawful title.  Usually there’s not coverage available through a homeowner’s insurance policy that applies to this type of fraud.

Learn more about what you should do if you’re the victim of a fake deed scam here.

Get Started Today: Schedule Your Consultation!

It can be very complicated and tricky if you don’t know how to navigate these types of situations. Our competent Real Estate attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, PC, can help you understand this process and file your case. 734-665-4441