Business Law Section conducts interactive program

The Privately Held Businesses forum of the State Bar of Michigan’s Business Law Section will present a virtual interactive program on “The Corporate Transparency Act Mandatory Federal Reporting Requirements for ‘Mom and Pop’ Businesses” Thursday, February 23, from 4 to 6 p.m.

The focus of this virtual program is about the upcoming requirements for privately held small businesses who are defined as “reporting companies” and are required to file personally identifiable information in the form of a “Beneficial Ownership Report” with the U.S.
Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The requirements apply to newly formed entities starting on January 1, 2024, and phase in for existing entities by January 1, 2025.

Mark High, of Dickinson Wright, and Alexis Lupo, corporations division director of LARA, both of whom have written on this topic, will talk with moderator Sharan Levine of Levine & Levine, presenting examples, issues, and suggestions about managing the Act’s requirements for clients and firms.  

Many firms’ small business clients rely on their lawyer to file organizational documents with the state and are confused by the seeming plethora of documents and layers of bureaucracy in establishing a small business. The Beneficial Ownership report to be filed with the federal government is now added to the list. The lawyer for the business owner who customarily makes these applications on behalf of clients may be considered an “applicant”—and may also need to provide documentation.

Participants for this virtual program must register but the program is free of charge. For additional information or to register, visit https://connect.michbar.org/businesslaw.