Business Law Journal

On October 29, 2024, Financial Crimes Enforcement Network (“FinCEN”) announced it was granting limited extensions for certain business entities with respect to the beneficial ownership reporting requirements as required under the Corporate Transparency Act (“CTA”). Notably, the limited nature of this relief appears to indicate that there will be no broad extension granted to the current January 1, 2025 deadline by which time Reporting Companies formed prior to January 1, 2024 must file their BOI Report. This article provides a background to the CTA reporting requirements and breaks down which business entities may take advantage of the extension. A more detailed discussion on the CTA and its general reporting requirements can be found here. 

In Camden Systems, LLC v. 409 North Camden, LLC, a California Court of Appeal recently affirmed that a limited liability company (“LLC”) “shall have all the powers of a natural person in carrying out its business activities”, which included ratifying its prior acts. Moreover, the California Court of Appeal affirmed that a member does not have standing to challenge actions taken before it became a member of the LLC, of record or beneficially; and that LLC operating agreements may (with some limitations) deviate from and supersede statutory default provisions.