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I Always Feel Like Somebody’s Watching Me! Beneficial Ownership Report

If you did not think you had enough to do as a business owner, wait until 2024 starts. The small business world has a new set of eyes on its back. The Corporate Transparency Act will require thousands of businesses to provide a report to FinCEN. The goal is curbing money laundering and other illicit operations. As part of the Anti-Money Laundering Act of 2020, the Corporate Transparency Act is finally being fully developed and implemented starting January 1, 2024. For all Pennsylvania business owners, you get even more filing fun in 2025.

Below are a few items that can help you to navigate these new requirements.

Please reach out to your professional business advisors (business attorney, business accountant, etc.) for questions about these new requirements.

Here are a few other items of interest:

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.

Who’s In Charge Here? Corporate Governance

In case you missed it, there have been some corporate governance issues with OpenAI (i.e., ChatGPT) the last few weeks.  Sam Altman was ousted by his Board, which came as a bit of a surprise to one of the Company’s biggest investors, Microsoft.  Microsoft, in turn, went and hired Sam Altman and was likely going to bring a number of OpenAI’s employees over to work with him.

At the heart of the disagreement between the Board and Sam Altman was how fast the AI platform was moving and where it was being applied.  The Board wanted a much more deliberate and slower approach and Altman wanted the latter.  Clearly, there was a breakdown in communication and agreement on the strategic direction of the Company.  You would think the Board and the CEO would ultimately be on the same page.  Well, that is not always the case.

Ultimately, OpenAI and their Board (w/ a little push from Microsoft) came to their senses and Sam Altman is back in charge.  Moreover, there is a new slate of Directors in place as well.  There is a lot more to this story, but it brings up a good topic of corporate governance and what is in the best interests of your stakeholders.

What is the role of a company board and it’s executive leadership?  Should the board take an active role in the management of the company or let the executive leadership handle that duty?  Who does the company serve and which stakeholders opinions provide the best guidance?  For perspective, I think the following articles provide some interesting insights on the role of a company board and its executive leadership:

A board has the job of setting the strategic direction of the organization and putting in place leadership to execute it.  Stakeholders, as well, should be acknowledged and listened to, but ultimately its the board and the leadership that run the company.  When these roles get confused, problems typically arise and a change needs to be made.  Time will tell how the OpenAI story ultimately plays out.

Here are a few other items of interest:

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.  

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here. 

Are You a Boss, Or a Leader? Company Culture

We spent the last two weeks talking about a company’s mission and vision.  These concepts are important because they serve as the basis for the development of your company’s culture.  This culture is what drives your organization to success.  It is the cultural “buy in” by your team which ensures that all company activity meets or exceeds the goals and objectives of the organization.

Some of the most successful organizations over time have an easily identifiable culture and that starts from the top. When it comes to developing a company culture, are you a boss or a leader?  Bosses manage and leaders inspire.  Companies with great cultures typically have the latter.

So, how do you develop yours?  Below are some great articles to jumpstart your process:

I will leave you with this quote on culture from Richard Branson:

“There’s no magic formula for great company culture.  The key is just to treat your staff how you would like to be treated.”

Happy Thanksgiving to you and your families this week!

Here are a few other items of interest:

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.  

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.