This year signaled a major shift in corporate reporting in California. In short, the Corporate Transparency Act (Act) came into effect January 1, requiring certain companies to report on beneficial ownership. While business lawyers at HVP have been preparing for the new reporting requirements under the Act, there have been legal challenges to the Act making its implementation uncertain. Most recently, a federal district court in Alabama has ruled on a case which attacked the constitutionality of the Act. Last week the federal district court ruled that the Act is unconstitutional because it was not within Congress’ enumerated powers. While … Read More
