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Just before the holidays, on December 23rd, 2024, the Fifth Circuit Court unanimously ruled in favour of the government’s request to keep enforcing the Corporate Transparency Act (CTA). This 3-week old decision overturned a nationwide injunction that had stopped the government from requiring companies to file Beneficial Ownership Information (BOI) reports.
In summary, time is of the essence in commercial finance due to its impact on costs, opportunities, and operational efficiency. The choice of business structure, such as an LLC, can influence how efficiently a business can navigate the financial landscape, make decisions, secure financing, and adapt to changing market conditions.
An Employer Identification Number (EIN), or Federal Tax Identification Number, is a unique nine-digit number issued by the Internal Revenue Service (IRS) to identify businesses and other entities for tax purposes. It's basically like a Social Security Number (SSN) for businesses. Everyone needs one! This is needed for commercial financing!
