Category Archives: Uncategorized

By Anna Mancino The Community Associations Institute (“CAI”) is joining the fray and challenging the Corporate Transparency Act (“CTA”). On January 1, 2024, the CTA’s new beneficial owner information (“BOI”) reporting requirements went into effect for corporations and other entities created through a filing with a Secretary of State or similar office pursuant to state […]

As mentioned in prior communications from our firm, the federal Corporate Transparency Act (“CTA”), adopted in 2021, may start requiring most community associations to file a “beneficial ownership information” (or BOI) report by no later than January 1, 2025. The Financial Crimes Enforcement Network (FinCEN) periodically provides updates and clarification regarding frequently asked questions of […]

By Tiago D. Bezerra Following on the heels of the 2023 statewide elections in which all 140 members of the Virginia General Assembly stood for election, the most diverse and least experienced group of legislators adjourned their veto session on April 17, 2024. It was a busy and politics-filled session with over 3,500 bills and […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]