Corporate Transparency Act Rolls Out New Requirements
Reporting Companies Urged to Take Swift Action to Comply As part of our commitment to ensuring your business remains ahead of regulatory changes, we want to draw your attention to the Corporate Transparency Act (CTA). This act mandates that corporations, limited liability companies (LLCs), and similar entities report specific information to the Financial Crimes Enforcement […]
Noncompetes When Buying a Business: Overreaching Hurts Buyers More than Sellers
By Dustin Rickett Nearly any deal regarding the sale of a business includes covenants prohibiting sellers from competing with the business they just sold. Most buyers (understandably) are nervous that a seller may decide to open up a new shop in the same industry – thereby materially devaluing the purchased company. This often leads to […]
Client Alert: The Corporate Transparency Act Goes Into Effect January 1, 2024
By Fortis Corporate Team The Corporate Transparency Act (the “Act”) aims to prevent, among other things, money laundering and tax fraud. The Act requires certain entities to submit beneficial ownership information to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Who Will It Affect? Reporting companies are required to report beneficial ownership information. A […]
Thinking About Buying a Business? Your Top FAQs Answered by an M&A Attorney
By Fortis M&A Team Not everyone who dreams of owning a business is interested in starting their own company from scratch. That’s why buying an existing business is the best way for some people to begin their entrepreneurship journey. But if you’ve never done it before, you likely have a lot of questions! How do […]
Yes, Even Angel Investors Need an Attorney
By Dustin Rickett Being an angel investor is an exciting journey filled with opportunities, risks, and countless decisions. As you navigate the world of startup investments, building a solid foundation for success is crucial. While you may be a savvy investor with a keen eye for potential, you should seriously consider adding an attorney to […]
If I Win a Lawsuit, Must the Losing Party Pay My Legal Fees?
By Charlie Carlin At Fortis Law Partners, we frequently help clients who entered into business transactions that later went sideways. When that happens, we guide our clients through determining whether or not it makes sense to sue the other party for breach of the contracts. To determine that, we must help our clients weigh the […]
Good Faith and Fair Dealing in Contracts
By Charlie Carlin The general rule in Colorado is that every contract contains an implied duty of good faith and fair dealing. See State Farm Mut. Auto. Ins. Co. v. Goddard, 2021 COA 15, ¶ 29, 484 P.3d 765, 772; Alpine Bank v. Hubbell, 555 F.3d 1097, 1104 (10th Cir. 2009). This means that if […]
New SEC Cybersecurity Rules: What Public Companies Need to Know
The Securities and Exchange Commission (SEC) has implemented new rules requiring all public companies, including emerging growth companies (EGCs) and smaller reporting companies (SRCs), to disclose material cybersecurity incidents as well as information regarding their cybersecurity risk management, strategies, and governance policies.[1] Why? Gary Gensler, SEC Chairman, stresses that consistent cybersecurity disclosure is decision-critical for […]
Thinking About Selling Your Business? Your Top 9 FAQs Answered by an Attorney who Helps Clients Sell Businesses
By Fortis M&A Team Selling a business can be a very time-intensive, complex, and overwhelming process. Many clients come to me wondering how or when to begin the sale preparation process (or, in some cases, are unaware that there is a preparation process!). However, businesses that have taken time to prepare for a sale ahead […]
Part 4: 7 Things Every Company Needs to Know and Do Now to Ensure Compliance with Colorado’s New Data Privacy Law
By Tyler Rauert Data Controllers have important new obligations under Colorado’s newly-enacted Data Privacy Law. They are as follows: Under the law, controllers MUST: Under the law, controllers MAY NOT: Keeping these new obligations in mind, here are the seven things every business should do now in order to ensure compliance with Colorado’s new data privacy law: […]
