What is a Professional Service Agreement (PSA)? Professional Service Agreements are legally binding documents between two parties: the service provider and the client. These agreements outline the expectations, deliverables, timelines, and other essential aspects of a business relationship. Why are PSAs Important? Outlining the scope of work, deadlines, and quality standards helps avoid misunderstandings and…
For small business owners, the Corporate Transparency Act (CTA) might seem a bit daunting. Still, understanding its ins and outs is crucial. In Part 1, we delved deep into who must file a Beneficial Ownership Information (BOI) report and the intricacies therein. Here, in Part 2, we tackle exemptions, deadlines, changes to the information, and…
Small businesses have always been the backbone of the American economy. Unfortunately, with the introduction of the Anti-Money Laundering Act of 2020 (AMLA), there is now an added layer of regulatory compliance required for small business owners in the realm of financial transparency. The AMLA established the Corporate Transparency Act (CTA), which has brought about…
In the world of nonprofit organizations, navigating financial and administrative responsibilities can be challenging. Two common terms, fiscal agent and fiscal sponsor, are often used interchangeably, but they represent distinct relationships and roles. What is a Fiscal Agent? A fiscal agent is a separate legal entity, usually a nonprofit organization, that provides administrative and financial…
Grants are an essential funding source for nonprofit organizations, enabling them to carry out their mission and provide much-needed services. However, managing grants can be complex, and nonprofits may face various legal challenges in the process. Managing Grants: 5 Potential Legal Issues for Nonprofits Non-compliance with Grant Terms and Conditions When a nonprofit receives a…