On Tuesday, December 3, 2024, a federal court in Texas issued an order that: (1) enjoins the CTA, including enforcement of that statute and regulations implementing its beneficial ownership information reporting requirements, and, specifically; and (2) stays all deadlines to comply with the CTA’s reporting requirements. Prior to the order, the CTA required companies to file a BOI report by December 31, 2024.
Many of our clients, with our assistance, have already filed these disclosures identifying the beneficial owners of their companies. Going forward, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.
Bruce Loren and Frank Sardinha, III of the Loren & Kean Law Firm are based in Palm Beach Gardens and Fort Lauderdale. Loren & Kean Law is a boutique law firm concentrating in construction law, employment law, and complex commercial litigation. Mr. Sardinha focuses his practice in high-stakes business disputes and employment law. Mr. Loren has achieved the title of “Certified in Construction Law” by the Florida Bar, exemplifying the Bar’s recognition of this expertise. The firm’s construction clients include owners/developers, general contractors, specialty contractors in every trade, suppliers, and design professionals. Mr. Loren and Mr. Sardinha can be reached at bloren@lorenkeanlaw.com or fsardinha@lorenkeanlaw.com or 561-615-5701.
