In the intricate tapestry of business regulations, complying with the Beneficial Ownership Information Reporting is pivotal for your business. At SG Law Group in Miami, we believe in ensuring our clients maintain good standing with the law by ensuring they grasp the nuances of this new and critical compliance requirement. What is Beneficial Ownership Information Reporting? In essence, Beneficial Ownership Information Reporting mandates the disclosure of individuals who hold ultimate control over a legal entity or own at least 25% ownership of the business. These individuals, often behind the scenes, influence decision-making and resource allocation. Recognizing the significance of…Read More
In the bustling, sun-drenched city of Miami, Alex, a young professional, found himself on the hunt for a temporary home. As he navigated the local rental market, he stumbled upon a gem: a charming, fully furnished studio apartment with a mesmerizing view of South Beach. Eager to embrace the Miami lifestyle, he hastily agreed to the landlord's casual month-to-month arrangement. Little did he know that he was about to embark on an adventure that would teach him the importance of having a written lease agreement, even for a short-term rental. The Pitfalls Of A Verbal Agreement: The Unraveling Of Alex's…Read More
When it comes to buying or transferring property, understanding the various types of deeds is crucial. One common type of deed is the quit claim deed. This blog post will discuss whether a quit claim deed protects a buyer from title issues and if not, what you should do to mitigate potential risks. The Quitclaim Deed: A Brief Overview A quit claim deed is a legal instrument used to transfer a grantor's (property owner) interest in a property to a grantee (recipient) without any warranties or guarantees. These deeds are often utilized for property transfers between family members, divorce settlements,…Read More
Understanding Your Role As A Personal Representative In The Probate Process Steps To Complete The Probate Process The Benefits Of Working With A Probate Attorney If you have been named as a personal representative by the courts, it's essential to understand your role and responsibilities in the probate process. Being a personal representative can be a challenging and emotional experience, but it's important to ensure that the deceased person's wishes are fulfilled and that their assets are distributed according to their wishes. As the personal representative, your primary responsibility is to manage the deceased person's assets, pay their debts and…Read More
What Is A Corporate Resolution? Is your corporation facing a significant decision? If so, it is likely that a corporate resolution will be passed by the Board of Directors. A corporate resolution is an important document serving as a formal statement of the Board’s wishes. A resolution is an official expression of the decision or opinion of an official body. Typically, resolutions are passed by one of two groups: a legislative body, such as Congress or a state legislature, or the Board of Directors of a corporation. In the corporate world, a resolution is a written decision passed by the…Read More
What Is Transferability Of Ownership In Florida Corporations, one of the big advantages of having a corporation is the transfer of ownership, being able to sell your shares to whomever you wish. As many people in the legal field know, shares of stock are assets, you can transfer them freely to whomever you want – this is the one advantage to an LLC or a partnership. You can transfer that to any person without asking the permission of the entity or other owners. There can be certain rules in place to kind of restrict it to a certain extent, such…Read More
Section 6403 (a)(b) of the CTA required that, starting in 2022, newly formed U.S. corporations, limited liability companies, and certain other entities classified as a “reporting company” must report their beneficial ownership to FinCEN at the time of formation or registration. Pre-existing reporting companies (those formed before the effective date of the CTA regulations. Changes in reported information will also be subject to the reporting requirements. Reporting Company: CTA 6503 (a)(11) defines a “reporting company” as a corporation, limited liability company, or “other similarly entity” that is created by the filing of a document with a secretary of state of…Read More
Why You Need A Good Lawyer At Your Real Estate Closing By: Shira J. Biegacz The process of buying New York real estate can sometimes prove to be a minefield. Purchasing a home is the largest financial commitment most people will ever face. It can also be a very confusing time and it’s essential that any and all issues are dealt with before the contracts are signed. Most buyers are not experts in real estate law, and there are a few considerations that should be discussed on the benefits of having an expert at your real estate closings: Mortgage Documentation…Read More
The new COVID-19 relief bill was just passed. Among the various parts of the bill, is a provision allowing for the deduction of expenses even if they were paid with PPP funds. This ability to deduct expenses means you could still include those expenses for the purposes of tax debt reduction…Read More
Since the Federal government originally passed the CARES Act to help those suffering the effects of COVID-19, the novel coronavirus, there have been many changes to the Act itself. Coupled with the latest legislation, here are the latest changes to the CARES Act. First, the PPP loan portion that…Read More