A federal judge in Texas has officially blocked the U.S. Federal Trade Commission (FTC) from enforcing a nationwide ban on non-compete agreements in the United States. This means that the provisions of the FTC’s ban – which were scheduled to take effect nationwide on September 4, 2024 - will no longer take effect for the time being.

In Florida, shareholders of corporations and members of LLCs have legal rights to inspect corporate records. Shareholders can review financial statements, shareholder lists, and other key documents by giving at least five business days' notice, provided the request is made in good faith. LLC members have similar rights under Section 605.0410, with access to records like member lists and financial documents.

IRS Form 5472 is essential for foreign-owned U.S. businesses. Form 5472 is a requirement for entities that are at least 25% foreign-owned and the failure to file can result in penalties starting at $25,000 per form. The Inflation Reduction Act is likely to increase IRS scrutiny of these forms significantly so it is important to stay updated.

The FTC proposed a nationwide ban on non-compete agreements, arguing they limit job mobility, suppress wages, and hinder entrepreneurship. While many states and worker advocacy groups support the ban, businesses have filed lawsuits, claiming the FTC lacks the authority for such a sweeping rule. Courts have issued conflicting rulings, with some supporting the ban and others questioning the FTC’s power. The outcome of these legal challenges could reshape U.S. labor practices.

Updating a Manager's or Director's residential address on Sunbiz is crucial for Florida LLCs and corporations to stay compliant and receive important legal notices. Also, ensure Beneficial Ownership Information is updated with FinCEN within 30 days of the address change. Follow the steps on Sunbiz to update your address, including providing details like business name, registration number, and new addresses.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, enforces regulations to combat financial crimes in the United States. With new BOIR compliance, LLCs and corporations must file reports detailing beneficial ownership to FInCEN. FinCEN issues two types of IDs: one for reporting companies and another for individuals. It is important to understand important distinctions between the two.

The Financial Crimes Enforcement Network (FinCEN) safeguards the financial system against illicit activities using the Beneficial Ownership Information Reporting (BOIR) E-Filing System, enabling electronic submissions by financial entities. Users often face the "Invalid attachment" error, which occurs due to improper file formats (only JPG/JPEG, PNG, PDF accepted) or filenames with spaces/invalid characters. To resolve this, ensure files are correctly formatted and named.

The Corporate Transparency Act (CTA) mandates that LLCs and Corporations in the U.S. report detailed information about their beneficial owners and company applicants to FinCEN. This includes the full legal name, date of birth, residential or business address, and an identifying number from an acceptable ID document (such as a driver's license or passport), along with an image of the document.

Businesses in Florida must file an Annual Report through SunBiz to stay compliant and avoid penalties. SunBiz, the state's official portal, facilitates filings and updates for LLCs, corporations, and partnerships. Key requirements include filing by May 1st, updating registered agents, verifying business info, and paying a fee (about $138.75). Non-compliance can result in late fees up to $400 and/or administrative dissolution of the LLC or Corporation in Florida.

The Corporate Transparency Act (CTA) mandates that entities disclose their beneficial owners—those who control or own at least 25% of a company or exercise substantial control. This legislation aims to combat money laundering and other illegal activities by closing loopholes that allowed anonymity in business ownership. Companies must report beneficial ownership details to FinCEN, including names, addresses, and identification numbers, with severe penalties for non-compliance.