As you may have heard, on March 1st, in the case of National Small Business Association vs. Yellen, a federal district court in the Northern District of Alabama found the CTA to be unconstitutional. The plaintiffs in the case, the National Small Business Association (“NSBA”) and one of its members, filed a lawsuit in November […]
SPOTLIGHT: COMMERCIAL SALES PROPERTY SURVEYS:BACKGROUND In real estate transactions typically involving either the acquisition of, or lending against, a piece of property, questions often arise as to whether to perform a survey of the property and, if so, what type. Generally, a survey is a map of given property containing certain information about it. It’s […]
Entity filing deadlines under the corporate transparency act (“cta”)
The most important question under the new CTA is when businesses must file their initial beneficial ownership information (“BOI”) reports. That filing deadline depends on when the entity was formed. Entities created or registered on or after January 1, 2024 and before January 1, 2025 have ninety calendar days from notice of their creation or […]
Although it’s fairly uncommon, individuals or businesses sometimes choose to own commercial property as tenants in common, with no survivorship rights. Although there are some tax benefits associated with such an ownership structure (including, but not limited to, those related to 1031 exchanges), various pitfalls are presented under state real estate law which the owners […]
Member Spotlight – Why John Petrony values his independence and focused legal work in Poland.
John Petrony has spent most of his career running his legal practice in the old steel mill territory close to Pittsburgh. John started his legal career back in 1993 after graduating from law school and soon found his niche focusing in corporate work and commercial real estate in a few law firms. With this experience […]
Which Entities Must Report Under Thecorporate Transparency Act (“Cta”)?
Business entities that fall within the definition of a “reporting company” under the CTA and that are not otherwise exempt face certain reporting obligations under the CTA. Most importantly, for our purposes, the definition of “reporting company” includes so-called “domestic reporting companies.” Domestic reporting companies are defined as corporations, LLCs or other entities created by […]
When it comes to the titling of real estate owned by individuals (especially concerning residential properties), the joint tenancy with right of survivorship is an important planning tool. By way of example, for properties owned by a husband and wife, the deed must state that the property is being conveyed to them for their joint […]
SPOTLIGHT: LIMITED LIABILITY COMPANIES CHANGES TO DISSOLUTION PROCESS Two significant changes were made to the process for dissolving an Ohio LLC in Ohio’s new limited liability company act. First, the following items have been removed as dissolution triggers under the new act: An event that makes it unlawful for all or substantially all of the […]
