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The Corporate Transparency Act and Beneficial Reporting Requirements: What’s New in the New Year

By Michael Sottolano and Anna Mancino Starting January 1st, 2024, the Beneficial Owner Information (“BOI”) Reporting requirements went into effect for corporations. Many community associations, as corporate entities, are subject to the BOI Reporting requirements and over the past few weeks, the Financial Crimes Enforcement Network (FinCEN”) released guidance to navigate this inaugural year. This […]

Alabama District Court Finds the Newest Requirements of the Corporate Transparency Act (“CTA”) Unconstitutional

By: Bruce Easmunt and Anna Mancino Shortly after the new CTA Beneficial Owner Information (“BOI”) reporting requirements came into effect, an opinion coming out of the Northern District of Alabama found those same requirements unconstitutional. Judge Liles C. Burke of the Court explained in his opinion, issued on March 1st, 2024, how Congress had managed […]

Opportunity to Thrive with a Growing Team

Chadwick, Washington, Moriarty, Elmore & Bunn P.C. is seeking a full-time Virginia licensed attorney with 2 – 5 years’ experience to join its growing Richmond/Glen Allen, VA office. Position requires excellent academic credentials, strong interpersonal and time management skills, dedication, ability to work as part of a team and the desire to work directly with […]

The Corporate Transparency Act (CTA)’s Beneficial Ownership Information Reporting Requirements: What Do Community Associations Need to Know?

By: Bruce Easmunt and Anna Mancino In 2021, Congress passed a law to create more transparency as to the individuals that control organizations and corporate entities. The Corporate Transparency Act (“CTA”), adopted in 2021, may begin affecting community associations on January 1st, 2024. Pursuant to the CTA, the Financial Crimes Enforcement Network (“FinCEN”) has enacted […]

What to do if the Association is Sued

By: Michael Sottolano One of the most frustrating issues a community association board of directors has to deal with is what to do if the association, the board, or an individual director is sued. It is the duty of the board to act in the best interests of the association and make decisions that are […]

Tips for Amending Governing Documents

By: Michael Sottolano The governing documents of a community association include the recorded covenants (often called the declaration, deed of restrictions, CC&Rs, etc.), bylaws and, if the association is an incorporated entity, its articles of incorporation.  The governing documents and applicable law, such as the Virginia property owners’ association, condominium and nonstock corporation acts, may […]

2023 Virginia Legislative Update Adjournment and Passage

By: Tiago D. Bezerra On February 25, 2023, the Virginia General Assembly adjourned sine die to conclude its forty-five day “short session.”  All in all, the General Assembly considered approximately 3,000 bills and resolutions over that month-and-a-half period with only a little more than half passing both the House of Delegates and the Senate.  Those […]

ASKED AND ANSWERED

By: Janeen Koch This is where we answer legal questions commonly posed to us by our insurance  and corporate clients. If you have any burning questions that need quick answers, or if you have any suggestions for  questions in future newsletters, please e- mail Janeen at: [email protected]. This edition’s subject: Minor settlements Q: Does a […]

TOP 10 HIGHEST JURY VERDICTS IN 2022

By: Janeen Koch Each year, Virginia Lawyers Weekly compiles a list of the million-dollar-plus jury verdicts that are reported to them by attorneys across the Commonwealth. In 2022, there were 18 such verdicts with the highest being an award of $15 million from  a Charlottesville jury. Historically, Charlottesville and Fairfax County have been fairly conservative […]

NEW VIRGINIA LEGISLATION TO TAKE EFFECT IN JULY

By: Janeen Koch Multiple bills passed in Virginia that will have an effect on the handling and evaluation of insurance claims. And more importantly, a proposed bill to abolish the contributory negligence defense, failed. Here is a summary of the noteworthy legislation that will, and will not, go into effect in July: Finding of guilt […]

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