Business Law Blog

Urgent Compliance Alert: Navigating FinCEN's 2024 Reporting Mandates to Avoid Severe Penalties

Posted by Amanda Butler Schley | Jan 26, 2024 | 0 Comments

The new Beneficial Ownership Information Reporting requirements implemented by FinCEN, effective from January 1, 2024, mandate most corporations, LLCs, and similar entities in the U.S. to report detailed information about their beneficial owners. Entities established or registered before this date have until January 1, 2025, to file their initial reports, while those created or registered in 2024 must file within 90 days of formation or registration. The information required includes personal details of the beneficial owners, such as names, birth dates, addresses, and identification numbers. Entities must update their reports within 30 days of any relevant changes. Non-compliance can result in severe civil and criminal penalties. The regulations are a part of the broader effort to enhance transparency and prevent illicit financial activities. Specific exemptions exist, and entities are advised to consult with legal or financial experts to ensure compliance

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Mastering the Art of Structuring Multiple LLCs: Creating an Operating Entity and Holding Company

Posted by Amanda Butler Schley | Jan 25, 2024 | 0 Comments

This article offers a comprehensive guide on structuring multiple Limited Liability Companies (LLCs) to create an operating entity and holding company. Learn how to achieve legal protection, tax efficiency, and operational clarity while maintaining clear separation between entities. Follow the step-by-step process, consider legal and tax implications, and ensure compliance with expert advice for a successful business structure.

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Don’t Get Slammed Underpaying “Independent Contractors”

Posted by Megan Kelley | Jan 25, 2024 | 0 Comments

The article discusses the new rule under the Fair Labor Standards Act, effective March 2024, for determining if a worker is an independent contractor. It introduces the "economic realities test," which assesses factors like profit or loss opportunities, investments, work permanence, control degree, work's integral nature to the business, and the worker's skill. The article emphasizes the importance of correctly classifying workers to avoid legal issues and maintain work quality, particularly in industries like construction. It advises seeking professional guidance to navigate these regulations.

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Is Franchising Right for You? A Guide for Prospective Franchisees

Posted by Amanda Butler Schley | Jan 24, 2024 | 0 Comments

Considering buying a franchise? It's crucial to start with self-reflection to align your passion and commitment with the franchise industry. Extensive research is key, examining factors like initial costs, franchise history, and legal obligations. Consult with a franchise attorney to understand the contract's terms thoroughly. Financial readiness is paramount, requiring a detailed business plan. Assess the training and support provided by the franchisor, evaluate location options, and commit to active involvement for success. Additionally, consider your long-term plans and exit strategy. Buying a franchise can be a rewarding venture when approached with careful consideration and dedication to the chosen opportunity.

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Can My Food Truck Sell Alcohol?

Posted by Unknown | Apr 06, 2022 | 0 Comments

Do you have a food truck, or other mobile food concept and wish to sell alcohol? Louisiana regulations make it difficult to carve out this niche. But the Class A-General permit, and Class A-Restaurant permit can allow for temporary liquor sales from mobile vendors.

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Who We Are

Business Law Group is a boutique business services law firm in New Orleans, Louisiana. Our focus is on understanding the legal pitfalls of your business and industry, as well as the secrets to maximizing your legal leverage at every opportunity and in every negotiation. We work selectively with clients that aren't ready for the overhead expense of an in-house general counsel, but understand the advantages of having a trusted legal advisor on their team. Amanda Butler has been ranked as a Louisiana SuperLawyer, New Orleans Top Lawyer, Best Lawyers, and in Leaders of Law.

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