McGovern Law- December Newsletter

End of The Year Opportunities

As we draw near to the end of 2023 and the holiday season, we want to take this opportunity to remind you that now is a great time to conduct an inventory of existing agreements and assess current business operations. Our team often spends a significant portion of the last few weeks of the year helping our clients accomplish their “end of the year" objectives, not to mention exit transactions and investor capital financings before the new tax year kicks into effect. We want to help you begin the new year on the right foot. Now is a great time to consider the following tasks:

• Winding Down & Terminating Entities: Do you have an entity that you are no longer using? Now is a great time to wind down the entity to avoid additional 2024 filing requirements.

• Contract Renegotiation: Many contracts are set to renew or terminate on an annual basis. For those contracts aligned with the 2023 calendar year, now is a great time to assess if your agreements are meeting your business needs. We're here to help with renewals, renegotiations, and termination notices as needed.

• Acquisitions and Exits: If you are in the process of negotiating a sale, merger, or acquisition transaction that you hope to complete before the end of the tax year, please reach out to us and let us know.

Firm Announcements

Celebrating Excellence

This month we are celebrating Mike McGovern and Caroline Fabacher for their commitment to continued excellence in service of our clients.

Mike has been recognized as one of The Best Lawyers in America for 2024, adding to previous recognition as a Super Lawyers Texas Rising Star for 2019, 2020, 2021, and 2022.

Caroline has been recognized as a 2024 Super Lawyers Texas Rising Star, adding to her nominations for 2023 and 2022

Thinking of Forming a New Entity?

Beginning next year on January 1st, new laws regarding forming new entities will go into effect, one of which is the Corporate Transparency Act (CTA). The CTA will require all new entities formed on or after January 1, 2023 to file an additional report disclosing certain details to the federal government regarding certain beneficial owners of those new entities. In addition, entities formed prior to January 1, 2024 will have until January 1, 2025 to comply with these new laws. Thus, we suggest forming your new entities prior to the end of 2023 to give yourself some breathing room.