New MANDATORY filing for Small Businesses

Update December 5th 2024
Just this week, in Texas Top Cop Shop v Garland et al. (case 4:24-cv-00478 December 3, 2024), the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. This is great news!

Further filings can be paused at this time, but small business owners should monitor developments with the case and be prepared to file promptly if the injunction is overturned.

If you are a small business owner and have questions about what you should do, please seek appropriate legal advice.

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If you have a small business or entity that requires filing with your state, there’s a new rule you need to comply with by registering with FinCen. The filing is mandatory and the consequences are massive for not complying.

It is estimated that 50% or more of small business owners do not know about this rule. Make sure you listen to this episode so you know what to do. Expert Attorney Lee Phillips will explain who, and when you need to register, and also how.

Personal FinCEN ID Application (for people with multiple business interests)
BOI eFiling page
LegaLees Resource page on FinCen Registration

We’ve worked with Attorney Lee Phillips over the years to develop asset protection for businesses and individuals, using things like LLCs, S corps, wills and trusts etc. Attorney Phillips is a great asset, and today you get to learn from him on Wealth Talks Podcast.

Enjoy!

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