Thomson Reuters Legal Solutions for Corporates’ Post

Like this post if you ever heard of THE CORPORATE TRANSPARENCY ACT! Well, if you haven't heard about it and you own an LLC here in the States, you want to check this out ASAP. The CTA is designed to improve business activity transparency by reporting beneficial ownership information (BOI) and is mainly targeting these smaller businesses. According to the U.S. Small Business Administration, approximately 81.7% of small businesses were considered “non-employer firms” with zero employees. Compliance starts in 2024 and the escalating fines range from $500 to $10,000 per violation and jail time up to two years. Yeah, you read that correctly, two years of jail time... Join Accounted4 and Philadelphia-based Small Business Attorney Jay Borowsky on Thursday, December 21st at 3 PM EST because you don't want fines or jail time. In under 30 minutes, you'll know the steps needed to avoid headaches in 2024, you probably already have enough from 2023. Here's the link to join - https://bit.ly/4ak2IsC

Another busy weekend in store with the monthly round up out tomorrow. Today though we take a look at a new offence being introduced in 2025 - and it will affect large organisations. https://lnkd.in/exUF5TwP #fraud #crimiminallaw #legalupdates #legalrepresentation #falseaccounting #criminaljustice #businesslaw

Individuals involved in corporate wrongdoing may have reason for hope. The DOJ recently unveiled its Criminal Division’s Pilot Program on Voluntary Self-Disclosure for Individuals. The program offers non-prosecution agreements to individual employees while placing DOJ’s crosshairs on companies and their most senior executives. The pilot program announced last month has potential, but its success remains uncertain, as questions about both its viability and impact on legal proceedings are unanswered. In his latest blog post, Robert J. Anello breaks down how the DOJ’s pilot program will operate, discusses some of the program’s incentives for individuals, and analyzes some of the ways in which the DOJ will need to back up its nascent program. https://lnkd.in/ekp7yeed

🤔Is your company formed for a lawful purpose❓ 🗓️As of 4th March 20024 this is a question Companies House is asking subscribers when they incorporate a new company. ✅Companies already on the register will be asked to confirm their intended future activities will be lawful when filing their annual confirmation statement. 🆕The lawful purpose statement is part of a set of new rules brought in by the Economic Crime and Corporate Transparency Act 2023 ("ECCTA"). ⛔️Failure to complete a lawful purpose statement will lead to documents being rejected by Companies House. 👮🏽♀️Will this deter criminals? Arguably not, but making a false statement will be an offence, providing companies house with an “extra hook” for any subsequent prosecution. #reforms #compliance #companieshouse #fraud #ukbusiness #governance #economiccrime De Pinna LLP, Notaries

Good to hear

Innocent until proven guilty At times it can be hard to hold to this principle in the face of news, gossip and speculation. And so the legal profession watches. A swift, thorough investigation to properly get at the truth of what has happened is crucial. In the rarefied world that is the legal bubble the Axion Ince case is very important. Are there systemic problems with the way the sector is regulated? Or perhaps this is a case of a determined and deliberate criminal act - since we all know that those intent on breaking the law can be devious. It may be both and many other things besides. Our profession is in the midst of change and leadership is required now more than ever. Leadership is all about influencing a community to make progress on the things that are important to it. It’s important that we set and maintain high (and relevant) standards and that clients know they can trust their lawyers. After all as a profession we are here to serve and in doing so we are trusted by clients at moments of truth in their lives. Let’s hope the SFO investigation will be a moment of truth for all involved and the wider profession too. #legalprofession #lawyers #law

A high profile new SFO case below. The SFO are a highly valued customer of Opentext. Their work as shown here is so essential and important. #investigations #fraudprevention #regulatorycompliance #legalindustry #legalassistance

Are you familiar with the Statute of Frauds? In its most basic form, the Statute of Frauds is a law that makes certain contracts unenforceable if they are not in writing and not signed by the party that is to be obligated by the contract. As its name suggests, the law was meant to prevent fraud and perjury. According to Co-Founder Andreas Koutsoudakis and Law Clerk Alexander Kalogeras, "The Statute of Frauds most often comes up as a defense against the enforcement of an oral contract or agreement. In other words, when one party (the plaintiff) sues another (the defendant) for the breach of an alleged oral agreement, the defendant may bring up the Statute of Frauds as a defense to argue that the alleged contract is unenforceable because it was not in writing and not signed by the defendant." For example, New York's Statute of Frauds makes any agreement that, by its terms, could not possibly be performed within one year of its formation, unenforceable unless it is in writing and signed by the party who is obligated by the agreement. To learn more about the general unenforceability of oral contracts, contracts for an indefinite term, renewal contracts, and exceptions, read the full article here: https://bit.ly/3siDs4L. Navigating contracts can be a stressful experience, which is why our knowledgeable attorneys are here to get you the peace of mind you deserve. Schedule a free consultation by calling (212) 404-8644 or emailing info@kilegal.com. *ATTORNEY ADVERTISING* *PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME* ~ #Attorney #Lawfirm #NYC #Litigation #CorporateGovernance #OperationalCompliance #ContractAgreements #KILegal #40WallStreet #Paralegal #Transactions #Generalcounsel #Commerciallitigation #Labor #Employment #Restructuring #Corporate #Realestate #Contracts #Negotiations #Investments #Employee #Estates #Assets #Bankruptcy #Landlords #Businessowner #Hiring #HR #Fraud

IMPORTANT OBSERVATION BY HON'BLE SUPREME COURT....... Pradeep Kumar v. Postmaster General (2022) , in those facts and circumstances it was found by this Court that fraud was committed by an officer and employee of the post office. It was held that the Post Office,as an abstract entity, functions through its employees.Employees, as individuals, are capable of being dis honestand committing acts of fraud or wrongs themselves or in collusion with others. Such acts of bank/post office employees, when done during their course of employment,are binding on the bank/post office at the instance of the person who is damnified by the fraud and wrongful acts of the officers of the bank/post office and such acts within their course of employment will give a right to the appellants to legally proceed for injury, as this is their only remedy against the post office. Thus, the post office, like abank, can and is entitled to proceed against the officers for the loss caused due to the fraud, etc. but this would not absolve them from their liability if the employee involved was acting in the course of his employment and duties. Live Nation EntertainmentBar & Bench #lawsikho #law #lawfirm #lawyer #supremecourt #supremecourtofindia

Caselaw is very clear that the client account is sacrosanct. We've published a new warning notice reminding law firms of their duty to replace any shortages on client accounts immediately upon discovery. Shortages on the balance firms hold on behalf of clients might occur for a number of reasons. It could be an administrative error or the firm being subject to a cyber-attack. On rare occasions it could be dishonest acts by employees. Our latest warning notice makes clear that whatever the underlying reason, firms have an obligation to replace immediately any money missing from the account. https://bit.ly/3xzATOl