FinCEN requires Title Insurance companies to disclose individual owners purchasing properties in cash
In the last few weeks, Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders which requires the natural person owners of entities purchasing residential real estate without loans. This is consistent with BOIR filing requirement under Corporate Transparency Act and is a reminder that anyone buying residential properties via LLCs. The announcement… read more
It’s going to get a lot easier to dissolve corporations in Ohio
In 2013, the Ohio legislature amended Ohio Revised Code (ORC) to require that a dissolving corporation deliver a certificate from the Ohio Department of Taxation that the corporation has paid all its taxes (often referred to as a tax clearance certificate). ORC 1701.86(H)(2). This requirement was also listed on the Ohio Department of Taxation webpage for dissolution of entities.This created… read more
US Department of Labor issues guidance for Families First Coronavirus Response Act
The United States Department of Labor just published its initial guidance under the Families First Coronavirus Response Act. You can access their dedicated webpage here – https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave The new required posters are accessible here. https://www.dol.gov/agencies/whd/pandemic… read more
Data Security is now being enforced and policed by the FTC
The United States Federal Trade Commission (FTC) received a significant victory in the United States District Court for the District of New Jersey in its pending case against Wyndham Worldwide Corp. The FTC filed an action against Wyndham based on a series of data breaches from 2008 through 2010 under Section 5(a) of the FTC Act claiming the failure was an unfair or deceptive trade practice based… read more
Are your considering using legal forms found online – Florida opinion shows the risk of using pre-printed legal forms
Legal fees can be expensive and many people attempt to prepare their own legal documents using forms they find online or purchase pre-printed forms. This could work in certain circumstances but the recent case of Aldrich v. Basile from the Florida Supreme Court highlights the risks and impact of using the forms. A copy of the opinion is available here. In 2004, Ms. Aldrich prepared and signed a… read more
Real Estate 101
Real Estate 101 – How does a real estate broker secure the payment of their commission on the sale of an Ohio commercial property? I am routinely asked by real estate brokers and agents what steps need to be taken to ensure their broker commission gets paid upon the sale of a commercial property. The strongest protection available to a real estate broker to ensure their commission is paid is… read more