Category: Business Law
Corporate Transparency Act Update: FinCEN Finalizes BOI Rule
September 3, 2026 | Carole Clark Isakson
<image generated by AI> Rachel R. Schwankl, Paralegal, contributed to this article. On August 11, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule which permanently removes the requirement for United States companies and United States persons to report beneficial ownership information (“BOI”) to FinCEN under the Corporate Transparency Act. The final rule became effective on August 14, 2026. FinCEN also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database by working with the National Archives and Records Administration (NARA). When the deletion will occur is unclear. Updated FAQs directly from FinCEN may be accessed here. Our business practice group here at Barna, Guzy & Steffen is dedicated to staying informed and serving our clients’ best interests. If you have questions regarding your Minnesota business activity, our experienced attorneys are ready to assist you. Please contact your attorney directly, or email us at info@bgs.com or call us at (763) 780-8500. We look forward to connecting with you!
Read MoreMinnesota Business Identity Theft Protections
September 1, 2026 | Carole Clark Isakson
Identity theft is a nationwide problem not just for individuals, but also for businesses. Because of the ease with which an inactive entity can be reactivated at the state level, third parties can take advantage of this for their own benefit and at the expense of the actual entity and its owners. The Minnesota Secretary of State’s Business Services Division has also found that entities have been formed using the name and address of a person without that person’s consent. The primary goals of those engaging in business identity theft are twofold: the use of the entity to apply for credit applications (affecting the good credit of a business or an individual) and soliciting or entering into contracts with unsuspecting victims. These activities may occur without the knowledge of the dormant company’s owners. Prior to January 1, 2026, the only way an injured party could stop these actions and extricate itself from the situation was a court action, which could take many months and incur significant costs. In some cases, assistance was available from law enforcement. On May 23, 2025, Governor Tim Walz signed the Business Filing Fraud Prevention Act into law, which law went into effect earlier this year. Senator Matt Klien noted at the time that “This bill protects the integrity…
Read MoreCalifornia Invasion of Privacy Act Claims Targeting Businesses
August 27, 2026 | Carole Clark Isakson
Privacy Alert: Please be aware that demand letters alleging violations of the California Invasion of Privacy Act (“CIPA”), which often seek statutory damages of up to $5,000 per alleged violation, are being sent to businesses all over the country. Have you received one? We have had many calls about these demands. The California Invasion of Privacy Act (CIPA), originally enacted in 1960 to prohibit the unauthorized recording of confidential communications, is increasingly being invoked against businesses. It forms the basis for claims challenging common website tracking technologies such as cookies, pixels, chat features, digital marketing and other analytics tools. Under the CIPA, every party to a communication must consent to that communication being recorded, which, decades after enactment of CIPA, now implicates these technologies. Businesses with websites accessible to the state of California, even those located elsewhere, may face claims that these technologies collect user data without proper notice or consent. In other words, the fact that your business is located in another state won’t stop the parties currently threatening these suits from reaching out to you. To reduce risk to your business, please review your websites to ensure users receive clear disclosures about what information is collected, how it is used, and options to opt in or opt out of collection. If you have…
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