Navigating the Corporate Transparency Act Injunction

Join us on this unique (and short!) episode of Chamber Amplified podcast from the Findlay-Hancock County Chamber of Commerce, where a recent development has overturned the anticipated topic of discussion. Initially set to explore the new LLC regulations under the Corporate Transparency Act with legal expert Sarah Corney of RCO Law, an unexpected nationwide injunction has put these changes on hold. This episode unpacks this last-minute legal shift and its implications for LLC owners, bringing timely updates on the evolving regulatory landscape.

Given the turn of events, Doug reflects on the podcast's mission to provide valuable insights into business-related challenges and showcases the importance of staying adaptable to new developments.

Music and sound effects obtained from https://www.zapsplat.com

Transcript

0:00:00 - (Doug Jenkins): Hello and welcome to the Podcast Chamber. Amplified is a service of the Findlay Hancock County Chamber of Commerce. Each week, look, you know the spiel. By now you've looked at the runtime of this podcast and you're thinking, well, that's quite a bit shorter than it normally is. I'll get into it in a second. Hi, I'm Doug Jenkins from the Findlay Hancock County Chamber of Commerce, by the way. So, a little earlier in the year, actually a couple of weeks ago, we had a legislative roundtable and Sarah Corney from RCO Law came in and talked about some different regulations that can impact businesses. And one of the things that we talked about was that if you have an llc, you're now required to fill out some extra paperwork for that.

0:00:38 - (Doug Jenkins): So we thought, wow, that would be an excellent podcast. And so earlier this week, Sarah and I, we recorded a podcast. We talked all the reasons why this, the historical precedent for this podcast or for the LLC regulations and everything that you needed to know. Basically, it was a way for the federal government to try and track money laundering, but it trickles down to even the smallest llc and you would, you need to know it, you need to fill out some paperwork. The good news was, is the paperwork was only about 10 minutes to fill out. You could do it online and it wasn't too much of an ordeal unless you had several LLCs, that type of thing.

0:01:13 - (Doug Jenkins): All well and good. Where are we at a minute on this? Just a little over a minute on this. It's not going to be that much longer in the podcast this week. Here's why. Not that the audio didn't come out. The audio was just fine. Had a great conversation with Sarah. We talked for a good 10 minutes about what you needed to do and how you could avoid fines coming coming up in 2025 if you didn't have this filled out by December 31st.

0:01:35 - (Doug Jenkins): Then I got an email from Sarah yesterday right before I started to put the podcast together. I'm just going to read it to you verbatim, quote. Doug, our podcast is now old news. There's an injunction against the Corporate Transparency act, effective immediately nationwide, end quote. Well, that pretty much puts the podcast to bed for the week. So if you were scrambling to do the LLC paperwork, the good news is, is there is there's that injunction against. It doesn' look like anything's happening right now.

0:02:05 - (Doug Jenkins): You'll definitely want to keep tabs on it and see if anything changes. It had been something they were following and thought there might be injunctions filed against it. Earlier in the year there were look like it passed through and everything, but now there's this new injunction so nothing to worry about if you needed to register for your LLC through the new paperwork that was going to be required by the end of the year.

0:02:27 - (Doug Jenkins): So that's the podcast today because I didn't have time to record a new one or get somebody else lined up. We will be back next week with a full edition of Chamber Amplified. I didn't want to let the feed go dark for a week. We will though take a few weeks off over the holidays, over Christmas and New Year's, and then I'm at a conference very early in January. So there's going to be about three weeks without a podcast towards the end of the year and beginning of 2025 and we will be back. I've heard a lot of great compliments actually over the last few days about the podcast. People really enjoy listening to it, learning about different things that can be impacting businesses in the community.

0:03:01 - (Doug Jenkins): So we'll continue to do this. We really, really enjoy putting the information together in just a format where you can pop in your AirPods and listen to it while you're doing some chores around the house. Or maybe you're just doing some mindless work and filing some things and don't just want to drown out the monotony. Well, that's what we're here for. We'll get you that bite size information again. Usually the podcast doesn't even go more than 15, 20 minutes.

0:03:24 - (Doug Jenkins): I just want our members in the greater business community to be aware of issues that could be impacting them or things they can be taking advantage of to make sure that they thr in the current business environment. We say that at the beginning of each beginning of each podcast and that's what we'll continue to do through 2025. If you have topics that you'd like to have us cover, maybe we haven't touched on them. Maybe we touch on some top some subjects too, much like employee recruitment retention. Although that does seem to be the biggest issue our members continue to face.

0:03:53 - (Doug Jenkins): Send me an email djenkinsindlayhancockchamber.com and that's a way for us to learn a little bit more about what's impacting you. You can also we've been reaching out to businesses through our Chamber Ambassadors and I've been sending out emails to a lot of our member businesses. Just a business climate survey. What is impacting you? It takes like maybe two minutes to do. It helps me know what we should be looking at covering not only here on the podcast, but with Freshbrew Business. Do we need to have an elected official come in and talk about things that are impacting your business? That type of thing?

0:04:25 - (Doug Jenkins): The feedback is just gold in making sure that the products and services and everything that we offer here from the Chamber of Commerce fit what the community actually needs. It's something that we pride ourselves on doing and something that we're very mindful that we continue to do and will continue to do in the coming year. All right, so we almost like we're just at about five minutes. I honestly didn't think I would get that long into the podcast again. Here's the recap. If you haven't filled that LLC paperwork out that you were going to have to do by December 31st, don't have to worry about right now.

0:04:57 - (Doug Jenkins): There is an injunction against the Corporate Transparency act, effective immediately nationwide. Sarah Corney did a great job explaining all of it. I wish I could play the interview for you. She really, really broke it down well, but it's all old news at this point. Thanks for listening to Chamber Amplified. We'll see you next week.