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Updates for Businesses in 2024

Changes are coming in 2024 that will affect the entities with which we work.

  • First, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) for most closely held entities become effective in 2024. Existing entities have until the end of 2024 to report their BOI to the federal government.
    • Attorneys in Boardman Clark’s Business Practice Group can advise you on the reporting requirements but currently are not planning to do the actual filings. However, they are evaluating service providers that can assist with your BOI filing if you need it.
    • Several articles on the CTA requirements can be found on Boardman Clark’s website. The Business Practice Group intends to provide additional information on CTA requirements later in 2024.
  • Second, the firm has formed a business services subsidiary, BC Team Business, LLC, which will be responsible for administrative services, including filing articles of incorporation and organization for new corporations and LLCs and offering registered agent services. If Boardman Clark or any of its attorneys historically have served as your registered agent, we will be asking you to transfer that function to BC Team Business, LLC (though of course you are free to choose a different registered agent).

Please feel free to contact Jeff Storch or any other attorneys in Boardman Clark’s Business Practice Group if you have any questions.

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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