Category: Business Law
Corporate Transparency Act Part III; Exemptions & Reporting Requirements. DOES YOUR COMPANY HAVE TO REPORT?
June 28, 2023 | Carole Clark Isakson
This article is one in a continuing series of articles on the soon to be effective Corporate Transparency Act. Many entities will need to comply with reporting obligations under the Act or face significant penalties. Read all of these articles on the firm website. The Corporate Transparency Act (CTA), signed into law in January 2021, requires certain companies to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The purpose of this legislation is to increase transparency in the corporate sector and help combat illegal activities such as money laundering, terrorism financing, and tax evasion. The CTA requires that certain entities, known as “reporting companies,” provide information to FinCEN. Reporting companies are defined as any corporation, limited liability company, or other similar entity that is created by filing a document with a secretary of state or similar office under the laws of a state or Indian tribe, or a similar entity formed under the laws of a foreign country and registered to do business in the United States. The information that must be included has been covered in prior blogs and will be addressed in greater detail in future blogs. Our focus here is on WHO must report – not every…
Read MoreNursing Mother/Lactating Employees and Pregnancy Accommodation in Minnesota
June 12, 2023 | Toni PerrierAn Update on the 2023 Changes to the Law By Scott Lepak and Katherine Bogart The 2023 Minnesota legislature amended the prior nursing mother and pregnancy accommodation statute to provide broader protections and clarifications. The law is at https://www.revisor.mn.gov/laws/2023/0/53/ at Article 11, Section 27. It will go into effect on July 1, 2023. Nursing Mothers/Lactating Employees Among the changes to the law, it now requires employers to provide reasonable break times to an employee who needs to express milk. The prior requirement that the employee be expressing breast milk for her infant child has been removed. The twelve month limitation following the birth of the child that was in the law has also been removed. A practical effect of this change is that employees expressing milk in order to sell or donate it are now permitted to take breaks for this purpose. The law also removes the prior exception where an employer could deny break times where it would unduly disrupt the operations of the employer. With this revision in the law, it appears that employer hardship is no longer a defense for employers under the law. The law adds the requirement that the employer make reasonable efforts to provide a room or other location that is clean, private and secure. The…
Read MoreNew Law in Minnesota Voids Most Covenants Not to Compete
June 5, 2023 | Scott M. LepakThe Minnesota legislature is poised to pass a law that generally prohibits employers from entering into new covenants not to compete in Minnesota except in narrow instances. It is expected that the governor will sign the bill when it is presented to him. If signed, it will become effective the day following the governor’s signature and will apply to contracts and agreements entered into on or after that date. Pursuant to this bill, a covenant not to compete is defined as an agreement between an employee and employer that restricts the employee, after termination of employment, from performing work: for another employer for a specified period of time; in a specified geographical area; or for another employer in a capacity that is similar to the employee’s work for the employer that is a party to the agreement. These limitations are important given that the courts in Minnesota have generally refused to enforce covenants not to compete where there is not a specified time limit (i.e. it applies forever) or geographic limit (it applies across the entire planet). This new law will broadly apply to employers who are individual(s), partnership, association, corporation, business, trust, or any person or group of persons acting directly or indirectly in the interest of an employer in relation to…
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