On December 6, 2024, MPS issued an Alert advising that a U.S. District Court judge in Texas had entered a preliminary injunction: barring the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) filing requirements; suspending the deadline of January 1, 2025 for the filing of BOI reports; and declaring that…
On January 1, 2024, the Corporate Transparency Act (CTA) became effective, thereby requiring more than 32,000,000 small businesses to file, on or before January 1, 2025, Beneficial Ownership Information (BOI) reports with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). On December 3, 2024, a U.S. District Court judge in Texas issued a preliminary injunction:…
Meltzer, Purtill & Stelle LLC is pleased to welcome Nick Helmer as a partner in its commercial real estate, real estate construction and finance, commercial tenant leasing, and institutional SFR (Single-family for rent) and BTR (Build to rent) sectors. Nick brings more than 25 years of wide-ranging real estate law experience to MPS Law. His…
On January 1, 2024, the Corporate Transparency Act (CTA) became effective, thereby imposing significant new reporting requirements on more than 32,000,000 small businesses. The stated purpose of the CTA is to expose illegal activities, including the use of shell companies and other opaque ownership structures to launder money and evade taxes. To help uncover such…
EDITOR’S NOTE: In this piece reprinted from the American Bankruptcy Institute’s September 2024 Real Estate Committee Newsletter, Timothy W. Brink examines one of the Bankruptcy Code’s most important, yet underutilized protections for landlords when their tenants file for chapter 11 bankruptcy protection. Section 365(l) of the Bankruptcy Code (“section 365(l)”), which entitles a landlord to…
The president of a small manufacturing business, one of the firm’s three equal founding shareholders, decided to buy out one partner’s interest at market value. He convinced the third shareholder, who at the time was gravely ill with cancer and on leave from the business, to go along with the buyout, making each of them…
On August 2, 2024, Governor J.B. Pritzker signed into law an amendment to the Biometric Information Privacy Act (BIPA). This amendment is intended to address concerns about potentially crippling damages that could be awarded under BIPA following a 2023 Illinois Supreme Court decision in a case brought by White Castle restaurant workers against the fast…
Meltzer, Purtill & Stelle LLC welcomes Isaiah A. Fishman as a partner in its commercial litigation and restructuring groups. Isaiah brings a broad array of experience handling business disputes, particularly those involving commercial real estate, corporate disputes, bankruptcy, and employment issues where he serves as the “outside inside counsel” for several clients. Fishman’s arrival was…
On Tuesday, June 4, MPS is pleased to sponsor the Connect Midwest: Multifamily, Affordable, Student & Senior Housing conference from 1 p.m. to 6 p.m. at the W Chicago – City Center hotel, 172 W. Adams in Chicago. There are three panels covering timely topics and time to meet and converse with industry experts. At…
On January 1, 2024, the Corporate Transparency Act (CTA) became effective, thereby imposing significant new reporting requirements on more than 32,000,000 small businesses. The stated purpose of the CTA is to expose illegal activities, including the use of shell companies and other opaque ownership structures to launder money and evade taxes. To help uncover such…
The Corporate Transparency Act (CTA), which became effective on January 1, 2024, requires a “reporting company” to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. The BOI reports require the disclosure of information about the reporting entity itself and two categories of individuals:…
Rich Payne is a new partner at MPS. He joined the firm on July 1, 2023 from his previous firm, Robinson Payne LLC. Rich’s legal practice crosses a wide range of business law, however his expertise and passion lie in serving family businesses and privately held businesses. Q. How did your practice evolve to focus…
The Josselyn Center NFP in Northfield is a well-known and well-respected resource for individuals who are experiencing mental health challenges on Chicago’s North Shore. Mental health care for everyone is one of the Center’s core objectives. The Center is a not-for-profit corporation that offers counseling and community-based mental health care, as well as what the…
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year on January 1, 2024. The CTA1, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities,…
Several years ago a national retailer became concerned with an increase in shoplifting, break-ins, and “smash and grab” crimes in the vicinity of its Sacramento, California location. It hired a third-party private security service to patrol the store’s parking lot in a marked vehicle. Shortly thereafter, the store manager noted that the marked patrol vehicles…
