The Corporate Transparency Act, adopted as Title LXIV (64) of the 2021 National Defense Authorization Act, mandates the creation of a national database for the “beneficial ownership” of many businesses, and requires an affirmative election of those companies exempt from the ownership reporting requirements. This CLE program will review these and related developments
Recruiting a director, officer or manager will often involve a discussion of what protections exist to protect the individual from personal liability on claims that they have mismanaged the venture. This program will describe how Corporations and LLCs can protect their directors, officers and managers through modification of fiduciary obligations, indemnification and advancement. Most if not all business corporation acts provide for indemnification and advancement of expenses; in most cases such provisions are permissive, except in certain situations. LLC acts are not so consistent, with some providing for indemnification while others simply permit it by private agreement. Corporations and LLCs also can purchase liability insurance for protection. While the law of business corporations offers little in the way of modification of the standard of culpability and of modifying fiduciary duties, there is far great ability in the realm of LLCs to do so.
Effective regulatory compliance controls are critical to helping fintechs remain viable. This webinar will explain how to approach the evolving regulatory compliance landscape of state and federal regulation for fintechs in designing compliance controls.
