Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. A beneficial owner is any individual who directly or indirectly exercises substantial control over the […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. The deciding factor appears to be if the entity was created by filing a document […]
Over the past several years, European activists blocked traffic, glued themselves to runways, and smeared paint on art exhibits to gain attention about various causes. Recently, similar acts have been committed in Colorado and elsewhere in the United States. I have often wondered why some enterprising lawyers have not raised the issue of civil conspiracy. […]
Mineral interests can become fragmented, difficult to trace, and expensive to transfer. Holding mineral interests in an LLC can solve all three problems. The phrase “mineral interest” is used broadly to describe rights to gas, oil, and other minerals at or below the surface of land. Mineral interests are further divided into royalty interests, working […]
Colorado Eviscerates Non-Competition & Trade Secret Agreements Non-competition agreements have arguably been overused to the benefit of employers. HB22-1317 drastically changed Colorado’s law governing these agreements. The changes went into effect on August 9, 2022 and apply to agreements entered into or renewed after August 9, 2022. These changes affect Colorado employers and any business […]
Coloradoans are getting Margarita Fever. A trip to the Mexican sun coast. Warmth, salt air and a whiff of humidity. A yearning for a piece of Mexican paradise warms the body while a little tequila whispers soulfully that it is the right thing to do. Why A Fideicomiso? Foreigners cannot directly own Mexican real property […]
There is a lot of conversation at the Colorado State level surrounding taxation of vacation rentals. As of right now, three bills may be presented. First, HB22-1117 has been presented as an opportunity for county governments to introduce lodging taxes at a county level. These taxes would be dedicated to tourism marketing and workforce housing. […]
I would not have believed it if I didn’t hear it with my own ear. The Colorado General Assembly considered taxing residential property as commercial if that residential property was held in an LLC or other entity. This would result in about a 400% increase in property tax. For now, the proposal did not make […]
Hold on to your hats because this is a tough subject. If your estate plan involves irrevocable trusts, understanding how long-term capital gains are taxed inside the trust is important. In general, federal income taxation is segregated into three broad categories: income, short-term capital gain, and long-term capital gain. An example of income would be […]
Most contracts never get reviewed by a lawyer before they are signed. Here are few contract clauses that catch my eye – and they should catch your eye, as well. Whether the clause is a favorable or unfavorable addition to the contract depends on each, individual situation.