After working as an employee for someone else, you want to take the leap and form your own company – great! But, understandably, you may not be ready to quit your day job and lose your steady stream of income. Before investing time and money into your startup, it is important to consider the interplay between your current job and the startup – namely, if there are things that could impact your ability to work for both (outside of not having more than 24 hours in a day).
Month: January 2024
Learn what the CTA means for your startup
The federal Corporate Transparency Act went into effect on the first of the year, adding new requirements for businesses to report details about ownership and control of their companies. The new law targets bad actors such as terrorists and criminals who hide assets in shell companies and by other illegal means. The CTA requires many businesses to file “Beneficial Ownership Information” reports, and there are specific requirements for companies formed after Jan. 1, 2024. To learn more about the new law and your obligations (or whether you’re exempt), read the blog post at O&A, P.C.