Two new California laws directly affecting business owners went into effect on January 1, 2024. California has strengthened the prohibition against noncompete and nonsolicitation agreements, which also posse potential liability for employers who require their employees to sign noncompete agreements or attempt to enforce existing noncompete agreements against former employees.
The Anti-Money Laundering Act of 2020, which is part of the National Defense Authorization Act for Fiscal Year 2021 and includes the Corporate Transparency Act, became law on January 1, 2021. The Corporate Transparency Act requires certain business entities to file, in the absence of an exemption, information on their “beneficial owners” with the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of Treasury.
By Kelly Bagla, Esq.
The world of business leadership is a high stakes game, and top executives bear the heavy responsibility of protecting their companies and their shareholder interests. Yet, amidst the whirlwind of corporate success, many CEOs and business owners often overlook a critical aspect: safeguarding their personal wealth.
Having been a start-up lawyer and entrepreneur, I have been asked many of the following questions over the years by entrepreneurs when starting their company. Sometimes there isn’t an easy answer, and as lawyers often like to say, “it depends on the circumstances.” But here are my short-hand answers to the frequently asked start-up questions:
1. Should I form my company as C corporation, an S corporation, an LLC, a partnership or a sole proprietorship?
Kelly Bagla loves to give back to the community and one of her most passionate causes is Thrive Animal Rescue. Join Kelly in donating to this incredible nonprofit to help their team care for, support, and find loving homes for shelter dogs.