As investors and their attorneys gear up to meet the new federal requirements of the Corporate Transparency Act, partner Joseph Philip Forte speaks with Law360 to discuss the potential effects of the Act.
Law360 comments that, “the rules appear designed to place some responsibility for entities on lawyers, rather than banks or accountants.”
Forte says that while LLC formation has long been a routine part of the job for real estate lawyers, and the most frequently used entity for commercial real estate transactions, “Now I think lawyers are going to be more focused.” He said, “Nobody is telling you not to do the filings.” The issue, he says, “is about controlling them.”