Updates on the Corporate Transparency Act: No Current Requirement To Report To FinCEN
Throughout 2024, we’ve been updating business owners on the new requirements under the Corporate Transparency Act (CTA). This includes the need for reporting companies to submit a Beneficial Ownership Information Report (BOIR) to the Financial Crimes Enforcement Network (FinCEN) in early 2025. However, recent developments in the courts have created some uncertainty about when and […]
Understanding Michigan’s Earned Sick Time Act: What Employers and Employees Need to Know
Michigan is gearing up for a significant shift in workplace rights with the upcoming implementation of the Earned Sick Time Act (ESTA), set to replace the current Paid Medical Leave Act (PMLA) on February 21, 2025. This new law represents a more employee-focused approach, offering broader and more generous paid medical leave benefits. Here’s a […]
Nationwide Enforcement of the Corporate Transparency Act Temporarily Paused
Less than a month before the filing deadline, the nationwide enforcement of the Corporate Transparency Act (CTA) has been temporarily halted. On December 3, 2024, a Texas federal court issued a preliminary injunction blocking the enforcement of the CTA, including its requirement for reporting companies to file a Beneficial Ownership Information Report (BOIR). The court […]
Beware: Scammers Using AI to Steal Property Rights
Technology has improved our lives in many ways, but it also has a dark side. One example is deed fraud, where scammers forge property deeds to steal or misuse properties—sometimes without the owner even knowing. What is Deed Fraud? Deed fraud usually involves a scammer creating a fake deed for a property. Once they have […]
Michigan’s New Uniform Power of Attorney Act (UPOAA): What You Need to Know
Effective Date: July 1, 2024 Michigan’s new Uniform Power of Attorney Act (UPOAA) took effect on July 1, 2024. This legislation aims to protect vulnerable individuals from financial exploitation while also streamlining the use of power of attorney (POA) documents, making them more accessible for Michigan residents and ensuring they are recognized by financial institutions […]
FTC’s noncompete ban struck down: What does this mean for employers?
In April 2024, the Federal Trade Commission (FTC) announced a new rule banning most noncompete agreements. The scope of the rule was broad, covering nearly all such agreements. As anticipated, the rule faced numerous legal challenges across various courts. Just as it was about to take effect on September 4, 2024, a federal court in […]
Does your Contract Charge Illegal Interest?
Most contracts provide penalties for defaults. Often a contract will charge interest on outstanding balances. The State of Michigan, like most states, sets a cap on the amount of interest that can be charged. The interest rate limit on money owed by an individual is 5%, or 7% if agreed to in writing. MCL 438.31. […]
Non-Competes Now Unenforceable? Breaking Down the New FTC Rule
In a significant move to address the controversial practice of non-compete clauses in employment contracts, the Federal Trade Commission (FTC) has issued its final rule on the use of these restrictive covenants. The rule, titled “The Use of Non-Compete Clauses in Employment Contracts,” aims to protect workers and promote competition by setting new guidelines for […]