O'Rielly & Roche LLP

The Corporate Transparency Act (CTA) introduces new compliance requirements for many U.S. businesses, requiring them to disclose beneficial ownership information to FinCEN. This is part of a broader effort to combat financial crimes like money laundering and terrorism financing. With an early 2025 compliance deadline approaching, businesses must understand their obligations to avoid penalties. Key points to consider: The CTA applies to many small and medium-sized businesses, LLPs, LLCs, and corporations, though some entities are exempt. Businesses must identify and report beneficial owners—those with substantial control or ownership. Compliance includes collecting and verifying specific owner information and filing timely reports. Non-compliance can result in significant penalties, making early preparation essential. As regulatory guidance continues to evolve, businesses should stay informed and develop a compliance strategy. O’Rielly & Roche can help your organization navigate these new requirements and ensure compliance. Learn more by visiting our Compliance Page.

Law firm breakups can occur for many reasons. But is Law Firm Dissolution the right choice for you and your partners? We advise clients on various pre-dissolution factors and risks, including whether dissolution is the best path or if acquisition, merger, buyout, or other options might be more suitable. Before making this significant decision, ensure that dissolution is the best fit for your law firm’s unique situation. Learn More: https://lnkd.in/gum9rnnU

Understanding the Corporate Transparency Act: A Guide for U.S. Businesses https://lnkd.in/gterCHAK

The Corporate Transparency Act (CTA) is changing the compliance landscape for U.S. businesses, including law firms, requiring many firms to report beneficial ownership information to FinCEN. This initiative aims to combat financial crimes but introduces new responsibilities for businesses of all sizes. Most small- to medium-sized law firms, including both LLPs and professional corporations, must comply with the CTA. However, larger firms are likely to be exempt. To ensure compliance, law firms should first determine whether they qualify for an exemption. If reporting is required, they must identify and document all beneficial owners, collect and report the necessary information to FinCEN, and file reports within 30 days of formation for new law firms. Maintaining accurate and up-to-date ownership records is also essential. Failure to comply with the CTA can result in fines of up to $10,000 and potential criminal charges. Businesses should take proactive steps to meet these requirements and avoid penalties. Staying informed and prepared is critical. Learn more: https://lnkd.in/gHSAJ2bz

Handling notice provisions in a law firm partnership agreement can be a challenging? aspect of managing a partner or group departure. What is reasonable? What is required? What best serves the clients? The approach a lawyer takes when giving notice to their firm can significantly impact the outcome. Our Partner Departure Law practice offers tailored guidance and strategies to navigate notice provisions, ensuring compliance with fiduciary and ethical duties while achieving your specific objectives. Learn More: https://lnkd.in/gCku3Bxy

The Corporate Transparency Act is now mandatory again, and the deadline is coming up on March 21st. Here is what business owners should know:

Should Non-Lawyers Own Law Firms? The Debate Continues The Future of Lawyering Subcommittee of APRL has issued a new report proposing revisions to ABA Model Rule 5.4, reigniting the debate over non-lawyer ownership of law firms. Most states, including California, prohibit non-lawyer ownership and fee sharing. However, places like Washington, DC, Arizona, and Utah have tested alternative business structures, while countries like the UK, Canada, and Australia have embraced the model for years. The report argues that allowing non-lawyer ownership could expand access to legal services, drive innovation, and improve financing options for firms—all while maintaining lawyers’ professional independence. Will the push for changes to non-lawyer ownership rules spread to other jurisdictions? #LegalEthics #FutureOfLaw #LawFirmOwnership #LegalInnovation

Any California lawyer facing a California State Bar inquiry—whether related to bar admissions, such as a moral character inquiry or compliance request, or a disciplinary complaint—needs a skilled State Bar advocate. We’ve built our State Bar Defense practice, covering Admissions, Investigations, and Discipline defense, to provide you with the precise support needed in response to a State Bar inquiry or action. Learn More: https://lnkd.in/g-yAk2BG

Reporting under the Corporate Transparency Act (CTA) is now required again. After several months of deadlines on and off, CTA reporting is now mandatory again, and?FinCEN has extended the deadline only until March 21st. https://lnkd.in/eeWvXkG8