King Latham Law King Latham Law 2026-05-19T07:13:53Z https://www.kinglatham.com/feed/atom/ WordPress /wp-content/uploads/sites/1404692/2020/01/cropped-Diamond2-32x32.png On Behalf of King Latham Law PLLC <![CDATA[Chambers and Partners]]> https://www.kinglatham.com/?p=48172 2025-06-10T07:19:30Z 2025-06-10T07:19:30Z On Behalf of King Latham Law PLLC <![CDATA[The Corporate Transparency Act Reporting Requirement: What Small Businesses Need to Know]]> https://www.kinglatham.com/?p=48010 2025-02-28T21:27:34Z 2025-02-28T21:27:34Z Reporting Companies This reporting requirement went into effect on January 1, 2024. All companies classified as “reporting companies” must submit the required information to the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury. According to the Act, a business is considered a reporting company if it is:
  1. A corporation, limited liability company, or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian Tribe; or
  2. An entity, including corporations and limited liability companies, formed under the law of a foreign country that has registered to do business in any U.S. state or Indian tribe by the filing of a document with a secretary of state or any similar office.

Exemptions

Certain exemptions apply to the reporting requirements according to the Act: securities reporting issuers, governmental authorities, banks, credit unions, depository institution holding companies, money services businesses, brokers and dealers in securities, securities exchange or clearing agencies, investment companies or advisers, venture capital fund advisers, insurance companies, state-licensed insurance producers, accounting firms, public utilities, financial market utilities, pooled investment vehicles, tax-exempt entities, entities assisting tax-exempt entities, large operating companies, subsidiaries of certain exempt entities, and inactive entities are all exempt from the reporting requirements, as are “Exchange Act registered entities” and “Commodity Exchange Act registered entities.” Exemptions generally apply to businesses engaged in some types of financial work that is otherwise regulated and businesses that are either publicly traded or meet a size threshold based on the business it conducts. All owners, members, and officials involved in a business that may be considered a “reporting company” should research whether an exemption applies to their business.

Who Is a Beneficial Owner?

The Beneficial Ownership Information report requires disclosure of personal information for all beneficial owners and company applicants of reporting companies. A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests. Because beneficial owners must be individuals, legal entities such as trusts or corporations are not considered beneficial owners. An individual exercises substantial control over the reporting company if:
  1. The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any other officer who performs a similar function);
  2. The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company;
  3. The individual is an important decision-maker for the reporting company; OR
  4. The individual has any other form of substantial control over the reporting company (See FinCEN’s Small Entity Compliance Guide)

Who Is a Company Applicant?

Company applicants only need to be reported for companies created on or after January 1, 2024. A company applicant is the individual who directly files the document that creates or registers the company, or the individual primarily responsible for directing or controlling that filing if more than one person is involved.

What is In the Report?

The Report contains information about the business, its beneficial owners, and (if the business was created or registered on or after January 1, 2024) its company applicant. Information regarding the business includes:
  1. The business’s legal name;
  2. Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names;
  3. The current street address of its principal place of business if that address is in the United States, or, for reporting companies whose principal place of business is outside the United States, the current address from which the company conducts business in the United;
  4. Jurisdiction of formation or registration of the business; and
  5. The business’s Taxpayer Identification Number (or, if a foreign reporting company has not been issued a TIN, a tax identification number issued by a foreign jurisdiction and the name of the jurisdiction).
For each beneficial owner, the business will need to provide:
  1. The individual’s name;
  2. Date of birth;
  3. Residential address; and
  4. An identifying number from an acceptable identification document such as a passport or U.S. driver’s license, and the name of the issuing state or jurisdiction of identification document.
For each company applicant, the business will need to provide:
  1. The individual’s name;
  2. Date of birth;
  3. Address; and
  4. An identifying number from an acceptable identification document such as a passport or U.S. driver’s license, and the name of the issuing state or jurisdiction of identification document.
For individuals involved in multiple businesses, either as a beneficial owner or company applicant, it may be wise to apply for a FinCEN ID, which would record all necessary information and link it to applicable businesses via this ID.

Deadlines

Reporting companies created or registered prior to January 1, 2024 initially had until January 1, 2025 to file the required beneficial ownership information report. However, pursuant to a notice published on February 18, 2025, FinCEN revised the deadline for filing BOI reports to March 21, 2025. The new deadline was issued as a result of a court ruling which lifted an injunction that had previously prevented FinCEN from requiring the filing of BOI reports nationwide. Reporting companies created on any date in 2024 have 90 calendar days after receiving notice of the company’s creation or registration, such as a confirmation of filing from the Secretary of State, to file their initial report. Reporting companies created or registered one or after January 1, 2025 will have 30 calendar days after receiving notice of the company’s creation or registration to file their initial report. There is no annual reporting requirement for the BOI report; businesses should, however, update the report upon changes to beneficial owner information and make corrections as necessary.

Penalties for Non-Compliance

Someone who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500.00 for each day that the violation continues. This amount is adjusted annually to account for inflation. Someone who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.00. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information. Both individuals and businesses can be held liable for violating the reporting requirements and the liable person or entity may be either the person who files false information or anyone who willfully provides the filer with false information with the intention that it be reported. If an individual corrects a mistake or omission within 90 days of filing a report, they may avoid being penalized.

Where Do I File a Report?

If you are ready to complete the BOI report, you can visit: https://fincen.gov/boi and complete the report online. Further information about the reporting requirement can be found at: https://www.fincen.gov/boi-faqs#K_1]]> On Behalf of King Latham Law PLLC <![CDATA[Legal Landmines Facing Small Business Owners]]> https://www.kinglatham.com/?p=47534 2022-09-16T02:52:51Z 2021-08-25T17:26:53Z On Behalf of King Latham Law PLLC <![CDATA[Employment Law in NC: Dos and Don’ts for Employers]]> https://www.kinglatham.com/?p=47532 2022-09-16T02:53:00Z 2021-08-25T17:14:47Z Dos and Don’ts for Employers: Do: Keep thorough records. Small business owners should maintain records on their number of employees, payroll, tax records, days and hours worked, disciplinary actions, and termination reasons. All of this can protect your if a claim is ever filed against your business. Don’t: Panic if a claim is filed against you—just make sure to respond within the timeframe listed with as much documentation as possible. Do: Maintain an employee manual that lists all policies and practices of the business. It is crucial that you follow your own policies because they are only useful if applied consistently and fairly. Don’t: Apply your policies inconsistently or unfairly. Creating rules and maintaining a handbook is only useful to business owners if the polices are continuously followed and equally applied to all employees. Do: Get insurance. There are several different kinds of insurance that a business owner should consider. Workers compensation insurance is required by state law when a business has two or more employees and protects against claims from employees for occupational disease and injuries from accidents. General liability insurance should cover vicarious liability for an employee’s negligence. This may arise if the employer authorized the negligent act or should have known of the employee’s unfitness or bad habits—so make sure to thoroughly screen all new hires. Finally, automobile insurance may be necessary if employees have to drive as part of their job because personal auto insurance policies usually exclude driving when the vehicle is engaged in commercial activities. Don’t: Be afraid to ask for help! Starting and owning a business is hard work with a lot of intricacies. The best way to be protected against any potential legal landmines is to consult with an attorney who specializes in business, employment, or labor law. Dos for Employees: Do: Know your rights. There are many federal and state laws that protect employees from problems like wage theft, discrimination, and retaliation. For example, the Fair Labor Standards Act creates the right to a minimum wage and “time-and-a-half” overtime when you work more than forty hours a week. Additionally, the Equal Pay Act, Civil Rights Act, Americans with Disabilities Act, and Age Discrimination in Employment act each prohibit discrimination in hiring, payment, and firing of an individual in a protected class. These are just a few of the laws that exist to protect employees. Knowing and understanding employment laws like these is critical and can help you advocate for yourself if necessary. To learn more about employee rights in North Carolina, visit LawHelpNC.org for resources and to see when the next Legal Aid Employee Rights Clinic is being held. Do: Get in touch with your local Equal Employment Opportunity Commission if you think you have been discriminated against by an employer, labor union, or employment agency when you were applying for a job or on the job. This discrimination could be based on your race, color, sex, religion, national origin, age, or disability. There are EEOC offices in nearby in Charlotte, Raleigh, Greensboro, Greenville, Norfolk, and Richmond that you may schedule an appointment with at publicportal.eeoc.gov.]]> On Behalf of King Latham Law PLLC <![CDATA[I Was Discriminated Against at Work—What Should I Do?]]> https://www.kinglatham.com/?p=47154 2022-09-16T02:53:07Z 2020-04-20T05:46:40Z Not All Discrimination Is Illegal It seems to be common sense that discrimination is illegal. In the United States, discrimination is almost always considered negative. However, discrimination is not always illegal, especially regarding discrimination in employment. You cannot sue an employer for discrimination if the discrimination is not illegal, so it is important to know what discrimination is legal and what is not. Unfortunately, it is not illegal for an employer to treat you differently because they just don’t like you, or because you wear black jeans. There are specific, limited types of discrimination that are illegal. There are three main sources of law which give rise to employment discrimination claims: Title VII of the Civil Rights Act of 1964, The Age Discrimination Act of 1967, and the Americans With Disabilities Act of 1990. Title VII of the Civil Rights Act of 1964 made it illegal for employers to discriminate based on race, color, religion, sex, or national origin. The Age Discrimination in Employment Act of 1967 made it illegal for employers to discriminate against employees of at least 40 years of age if that discrimination is based on their age. The Americans With Disabilities Act of 1990 made it illegal for employers to discriminate against disabled employees. It is important to note that you may qualify as a disabled employee under the ADA if you have “a physical or mental impairment that substantially limits one or more major life activities,” if you have “a record of such an impairment,” or if you are “regarded as having such an impairment.” This means that if your employer discriminates against you because you used to have cancer or if they thought you had cancer but didn’t, for example, this is still illegal discrimination based on disability, even if you no longer have cancer or never had it at all. If you feel you were discriminated against for a reason not listed above, you unfortunately likely do not have a legal claim based on that discrimination.

The EEOC Process

What most people don’t know is that you cannot immediately sue your employer after you face illegal discrimination at work. Before you can file a lawsuit, you need to go through a standard process with the Equal Employment Opportunity Commission, or “EEOC.” You can start this process by going to the EEOC website (link). There, you can find the correct phone number to call to schedule an interview and begin the process of filing a charge of discrimination. You can also go to your local EEOC office in person to start the process, although this is done on a first-come-first-serve basis and the EEOC is always extremely busy, so you would likely need to go to the office right when it opens to take advantage of this option. It is absolutely imperative, if you want to pursue a claim against an employer, to start this process as soon as possible after the discrimination occurs. Because the EEOC is so busy, this process can take several months and you must file your charge within 180 days of the discrimination or you cannot pursue your claim. Once you file a charge with the EEOC, the EEOC will conduct an investigation to see if it is likely that the discrimination you claim occurred did, in fact, happen. Usually, it is not necessary to retain the help of a lawyer during this process, although this is permitted if you prefer. This process also includes attempts to resolve the issue without a lawsuit, called “conciliation.” After the investigation, if the EEOC decides that it is likely that discrimination occurred and you and your employer were unable to resolve the issue, the EEOC will either decide to help you bring your claim in court or will issue you a Notice of Right to Sue. You cannot file a lawsuit for employment discrimination unless the EEOC is handling your claim at this stage or you have been issued a Notice of Right to Sue, so it is important to take the EEOC process seriously and comply with all aspects of the process.

Filing a Lawsuit

Because the EEOC handles so many discrimination investigations, it is extremely rare that the EEOC will help you pursue your claim after this point. Most people will receive Notices of Right to Sue and find private lawyers who will help them file a lawsuit against their employer. This is the stage that people tend to think of as “suing” their employer, and this is the stage when we at King Latham Law, PLLC usually begin helping clients pursuing claims of employment discrimination. At this point, we can review the record created during the EEOC’s investigation and help you file a lawsuit and move forward with your claim in civil court. If you have gone through the EEOC process and have been issued a Notice of Right to Sue, please contact us if you would like us to handle your claim.]]> On Behalf of King Latham Law PLLC <![CDATA[Do You Need Estate Planning Services?]]> https://www.kinglatham.com/?p=47127 2022-09-16T02:53:12Z 2020-04-14T06:39:55Z Why Get a Will? Although laws can determine how your property is distributed should you die without a will, or “intestate,” these laws often do not distribute property as the owner would have wished and simply make standard distributions among the closest family members by blood. With a will, you can ensure that your property goes to exactly the person you wish. A will may also specify what you wish to be done with your remains and can give your loved ones instructions regarding how to handle your estate. Wills are highly customizable and can accomplish even more than just distribution of property. Another popular provision in wills is the creation of a trust for minor beneficiaries—usually, the minor children of the person. In the will, you can specify when you would like your children to gain access to their inheritance from you and under what conditions. You can also designate a guardian for them and a “conservator,” or a person who will manage their finances. Although these can be the same person, they do not have to be. You can also make provisions for the care of pets, as well as many other personal decisions that may be uncommon, but important to you.

What is a Durable Power of Attorney?

A Durable Power of Attorney is a document that gives authority to someone you trust to be able to manage your affairs if you are unable to do so. Usually, these powers include functions such as the ability to use your bank account to pay your bills and for other general purposes, such as managing investments, accepting or disclaiming inheritances, and changing beneficiaries for things like life insurance. Durable Powers of Attorney often also allow the agent, or “attorney-in-fact” to make gifts of the property of the “principal,” or the person whose affairs are being managed with the Durable Power of Attorney. Although it may seem frightening to allow someone to have so much control over your affairs, this may be preferable to becoming unable to manage your own affairs without having given someone that power. If this happens, you may be unable to make changes you otherwise would have. However, it is important to only give this authority to someone you absolutely trust to follow your own wishes. It is also important to note that, like Wills, Durable Powers of Attorney are customizable. If for some reason you would not like to grant your attorney-in-fact the ability to make certain transactions, you can specify that the Durable Power of Attorney does not grant that power. It is not only possible, but simple, to ensure that your Durable Power of Attorney does exactly what you wish it to. Especially in the wake of so many people facing uncertain futures regarding their health, Durable Powers of Attorney are an excellent option to gain peace of mind and know that, should something happen to you, your affairs will be managed effectively.

Why Get a Health Care Power of Attorney?

Health Care Powers of Attorney are documents that enable you to receive health care according to your wishes when you are unable to make important decisions. Their primary function is to appoint someone you trust to make health care decisions for you when you are unable to do so. This may be especially important if you want someone other than your legal next of kin to make such decisions for you. However, you can also use them to specify your wishes regarding organ donation and the handling of your body after death, for example. Like other estate planning documents, the Health Care Power of Attorney can also be customized to an extent. If you have specific wishes, you can insert extra limitations on your agent’s authority to make decisions for you, especially regarding decisions such as withholding artificial nutrition and hydration. Health Care Powers of Attorney are a crucial tool to help ensure that your health care is handled as you would want it to be in uncertain situations.

Living Wills

Living Wills are primarily used to ensure that your wishes are followed regarding certain treatments common in end-of-life care, such as artificial nutrition and hydration. However, if you have a Health Care Power of Attorney and completely trust your agent to make the right decisions regarding your end of life care, you may not need a living will. Although most people do not want to think about their wishes regarding such treatments, especially if they are young and healthy, no one ever knows for sure when they may need to make such decisions. The last thing you might want is for your loved ones to have to make such decisions for you without knowing what you would want. The Living Will takes little time to complete and can eliminate such uncertainty, giving you valuable peace of mind. In Living Wills, you can determine if you would like your specific wishes to be followed as stated, or you can choose to let your “agent,” or the person you appoint to make health care decisions for you, to make decisions which override those wishes. This might be a good option if you absolutely trust your agent to decide as you would or if you are not completely sure what treatment you would want to receive in certain situations. However, again, if you absolutely trust your agent to make the right decisions, using a Living Will to restrict this authority may not be the best option. We can help you decide if a Living Will is right for you during our consultation. At King Latham Law, PLLC, we believe that all adults need and can benefit from the estate planning documents we offer and would be glad to help you create what you need. Please call us today to schedule a consultation, where we can answer any questions you may have about the estate planning process.]]> On Behalf of King Latham Law PLLC <![CDATA[Do Not Sign a Severance Agreement Without Consulting With An Attorney]]> https://www.kinglatham.com/?p=47039 2022-09-16T02:53:17Z 2020-03-30T05:41:39Z On Behalf of King Latham Law PLLC <![CDATA[ESC Contracts Service]]> https://www.kinglatham.com/?p=46902 2024-02-05T05:14:02Z 2020-02-26T21:21:44Z On Behalf of King Latham Law PLLC <![CDATA[Service Contracts for Small Businesses: Should You Have One and What Should It Say?]]> https://www.kinglatham.com/?p=46899 2022-09-16T02:53:30Z 2020-02-26T21:18:05Z On Behalf of King Latham Law PLLC <![CDATA[Why is it important for you to hire a personal injury lawyer?]]> https://www.kinglatham.com/?p=46409 2022-09-16T02:53:35Z 2019-08-13T05:42:03Z You may receive a complementary consultation In this unfortunate time, you need all the help available to get back on your feet as soon as possible. A personal injury lawyer can take care of the legal side of your claim. No matter what the nature of your injury – car accident, faulty appliance, or truck accident, you should hire a personal injury attorney. Understandably, hiring attorneys can get very expensive. Many personal injury attorneys give a complementary initial consultation to potential clients so that they know where they stand.

Get clear, objective answers

In the unfortunate event of an injury, emotions are running high and life seems to be spiraling downwards in general. It is easy to get lost in these negative emotions and lose the fight even before it has started. At this point, you need someone who can give you straight-forward, objective, and sound advice. Chances are most of the people around you will not be able to do so because of the proximity of the relationship with you. A personal injury attorney, on the other hand, has dealt with such situations multiple times before and can help you deal with the situation objectively.

Aid in professional investigations

Attorneys are regularly involved in cases involving serious investigations. Over time, they build deep connections and links with people relevant to their profession. Attorneys can help you connect with investigators relevant to your case so that strong evidence backing up your claim can be presented to the court. In this time of sorrow, sit back and take care of yourself and let the personal injury attorney handle the rest.

Wade through the legal process

Perhaps the most obvious reason for hiring legal help is the experience and knowledge that comes with an attorney. An attorney can provide answers specific to your case and make sure that you are getting the compensation you deserve. Having a lawyer support you means many tasks such as requesting medical reports and communications with insurance companies, can be done by them.

Aid in negotiations

Getting involved in a car accident means there is a good chance insurance companies will also be involved. Insurance companies hire some of the best lawyers who know how to drive a hard bargain. All their efforts will be directed at making sure the settlement you get, if any, is as small as possible. The services of a good personal injury lawyer will help you navigate the process.]]>