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Club Level Feature
Time is Running Out to Comply by 1/1/2025 with the new US Corporate Transparency Act (CTA) if You Own or Have Substantial Control Over a Pre-2024 Entity
Hope Krebs
Partner, CTA Strategy Team Member, Duane Morris LLP
Do you own or have substantial control over a U.S. entity that was in existence as of January 1, 2024 (a Pre-2024 Entity)? If so, that Pre-2024 Entity may have a NEW reporting obligation that is due on or before January 1, 2025, under the U.S. Corporate Transparency Act (CTA). The CTA is a new U.S. federal law that became effective on January 1, 2024. Under the CTA, Pre-2024 Entities (and others) are required to file a report of beneficial ownership (BOI report) with the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) unless the entity qualifies for one of 23 limited reporting exemptions under the CTA. The BOI report discloses not only the identity of all “beneficial owners” of the reporting entity, but also must include personal identifying documentation (generally a driver's license or passport) for each of those beneficial owners. For purposes of the BOI report, the term “beneficial owner” includes not only those who own 25% of the reporting entity but also those who have “substantial control” over the entity.
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UPCOMING PROGRAMS
Tuesday, September 10, 2024: The U.S. Corporate Transparency Act: What Closely Held U.S. Businesses and Their Beneficial Owners and Advisors Need to Do Now to Address the Fast-Approaching Filing Deadline »
Tuesday, September 10, 2024: British Embassy Fall Reception »
Friday, September 27, 2024: BAB Annual Gala Lunch »
Thursday, October 24, 2024: The British Are Coming! Recognize & Celebrate Three Centuries of British American Business »
Thursday, November 21, 2024: An Evening of Churchill »
Thursday, December 12, 2024: 2024 Signature Annual Holiday Lunch: A Shared Legacy and A Plan for the Future – Building Bridges and Forging Connections for 250 Years and Beyond! »
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PAST EVENTS
Thursday, April 11, 2024: Around the Globe & At Home in Philadelphia: The Status of DE&I in the Corporate World »
Thursday, April 18, 2024: 13th Annual New Jersey Networking Dinner »
Thursday, July 17, 2024: 12th Annual Summer International Business Networking Reception »
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HUMAN INTEREST FEATURE
Churchill & Roosevelt - An Enduring Partnership
Written by: Kaitlyn Rampone, Coordinator, BABCPHL
International relations play a pivotal role in shaping global stability and cooperation, with the partnership between the United Kingdom and the United States serving as a prominent example. This special relationship, marked by shared values and strategic interests, has profoundly influenced both nations' foreign policies and international strategies. Winston Churchill's influence on international relations during World War II was significantly shaped by his relationship with U.S. President Franklin D. Roosevelt. Their strong partnership, founded on mutual respect and a shared vision, facilitated not only critical wartime collaboration and strategic planning, but set the groundwork for a post-conflict global framework.
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NEW MEMBERS
The BABCPHL is pleased to formally announce and welcome our newest members.
Corporate Members:
Club Quarters Hotels
Kelly Betley
Global Manager, Membership & Sales
E: KBetley@clubquarters.com
P: 610-212-8975
1628 Chestnut St
Philadelphia, PA 19103
Klasko Immigration Law Partners, LLP
Grace Waweru
Associate
E: gwaweru@klaskolaw.com
P: 215.309.1302
1601 Market Street
Suite 2600
Philadelphia PA 19103
Individual Member:
Heather Qader
CEO
The Qader Group
E: heather@theqadergroup.com
P: (703) 595-9704
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MIND THE GAP
On September 5, 1774, the first Continental Congress convened in Philadelphia to address the British government's restrictions on trade and representative governance following the Boston Tea Party. Rather than gathering in Independence Hall (then known as the Pennsylvania State House), the delegates—selected by colonial legislatures—met next door at the newly constructed Carpenters' Hall. The hall was a center for colonial deliberations during a crucial period leading up to the American Revolution. Designed in a Georgian style, Carpenters' Hall was built by the Carpenters' Company, a local trade organization. Its significance extends beyond the Continental Congress, as it also hosted other important meetings and events during the revolutionary era. Today, Carpenters' Hall is preserved as a historic site and museum, reflecting its pivotal role in the founding of the United States.
Trivia:
What significant historical event prompted the First Continental Congress to convene in 1774?
The first person to submit the correct answer to babc@babcphl.com will receive one complimentary ticket to The British Are Coming! Recognize & Celebrate Three Centuries of British American Business taking place on Thursday, October 24, 2024.
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