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003: RoboCop: Overview of Corporate Basics and Compliance Filings
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Welcome to The Verdict: Estate Planning Through Film. Today, I'm joined by Farella Senior Paralegal Joe Hilliard to discuss the 1987 movie RoboCop. Joe and I discuss the basic features of a corporation, common corporate roles, and certain compliance filings with the Secretary of State.
Does Omni Consumer Products have to update its BOI report following the death of Dick Jones? Why can't RoboCop walk faster?
We talk about these questions and more, so let's jump in because, dead or alive, you're coming with me.
Show Notes:
IMPORTANT UPDATE: A recent federal court decision eliminates the present need for any person or company to comply with the Corporate Transparency Act (CTA) and its implementing regulations. This decision may be reversed upon appeal, but as of December 3, 2024, any person or company that was compelled under the CTA and its implementing regulations to file a beneficial ownership report with FinCEN or provide beneficial ownership information to a reporting company is no longer required to do so.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction against the government's enforcement of the CTA. The plaintiffs in the case, Texas Top Cop Shop, Inc., et al. v. Garland, et al., argued that the CTA improperly compels speech, contradicts the right of anonymous association guaranteed by the First Amendment, and violates the Fourth Amendment by forcing the disclosure of private information. In its decision, the court stated that the CTA is likely unconstitutional as it is outside Congress's power. Read more here.
FinCEN’s Beneficial Ownership Information website: fincen.gov/boi
Hons Yung, Partner, Farella Braun + Martel
Joseph Hilliard, Senior Paralegal, Farella Braun + Martel
DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.
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