Pennsylvania Bar Association’s Post

As published by the Association of Corporate Counsel, when drafting a contract or legal document, one aspect to keep in mind is the importance of apportionment of liability should something go awry with the contract or otherwise. Agreeing to a contractual limit of liability can effectively reduce one’s risk, especially in high-asset contractual situations. Keep reading to deep dive into ways your limitation of liability provision is ineffectual.

Is There a Limit on Civil Liability Under the Corporate Transparency Act? 🤔 Jay did an excellent job simplifying this complex topic—let's recap: The Corporate Transparency Act (CTA) classifies penalties into two categories: civil and criminal. 1. Civil Penalties: $500 per day for non-compliance, adjusted to $591 per day this year. 2. Criminal Penalties: Up to $10,000 in fines and two years in prison. Is there a maximum cap on civil penalties? NO. There’s no limit, meaning civil penalties can stack up indefinitely until compliance is achieved. Jay's breakdown highlights why it’s so important for companies to take CTA requirements seriously. 💡 Key Takeaway: Filing incorrectly can have the same consequences as failing to file. 🔍 Learn more at https://ctasafe.com/ ✔️ Book your free 15-minute filing review now: calendly.com/ctasafe. Thanks, James, for making compliance clearer and easier to understand! #CTASafe #CorporateTransparencyAct #ComplianceMatters #CivilLiability #BusinessPenalties #StayCompliant

We’re hearing that the ATO is sending companies and directors warning correspondence before issuing a DPN. If your clients receive a warning letter indicating they may have a director liability, they should immediately engage with the ATO and seek legal advice. Unfortunately, once a DPN is issued, a director’s options rapidly become narrower and early engagement with the ATO may allow an opportunity to negotiate a suitable arrangement regarding the liability.

Mismatched clauses can leave agreements open to legal challenges. Strauss Daly’s attorneys specialise in creating cohesive, transaction-specific limitation of liability provisions. We ensure that all clauses align with the commercial realities of your agreement, reducing the risk of contradictions or vagueness. Secure your transactions with tailored protection. Speak with our experts today: https://lnkd.in/egAsUtyr #CohesiveClauses #StraussDaly #TransactionalLaw #LegalAlignment

Did you know that lawyers can be held liable for more than just the actions of their law partners? Our 'Lawyer-to-Lawyer Relationships That Create Liability' guide uncovers the less obvious professional connections that may expose you to legal risks. Stay informed and protect your practice by learning how these relationships can impact your liability. Explore the guide today to safeguard your firm: https://lnkd.in/g2UWiQaN #LawyerLiability #RiskManagement #ISBAMutual

🚨 Attention LLP owners! Are you on top of your compliance game? Timely submissions are critical to keep your Limited Liability Partnership running smoothly and avoid unnecessary penalties. Don't let deadlines sneak up on you! Need assistance navigating compliance requirements? Let’s connect and ensure your LLP stays compliant and thriving! #LLPCompliance #ComplianceAlert #BusinessCompliance #LLPDeadlines #Form8 #LLPIndia #LimitedLiabilityPartnership #BusinessLaw #ComplianceMatters #FinancialCompliance #LegalDeadlines #StayCompliant #BusinessFiling #AnnualReturn #StatementOfAccounts #SolvencyStatement #AvoidPenalties #ComplianceGuidance #BusinessRegulations #ComplianceSupport #LegalObligations #LLPOwners #BusinessProtection #TimelyFiling #Eraqusadvisors

Is There a Cap on Civil Liability Under the Corporate Transparency Act? 🤔 Let’s break it down: The Corporate Transparency Act (CTA) divides penalties into civil and criminal categories: 1. Civil Penalties: $500 per day until the violation is remedied (adjusted to $591 per day this year). 2. Criminal Penalties: Up to $10,000 in fines and two years in prison. So, is there a maximum cap on civil penalties? NO. There is no cap, which means the penalties can accumulate indefinitely until resolved. That’s why we strongly recommend reporting companies take these requirements seriously. 💡 Remember: Filing incorrectly is just as bad as failing to file. 🔍 Visit https://ctasafe.com/ for more information. ✔️ Schedule a free 15-minute review of your filing or learn what you need to file. 👉 Book now at calendly.com/ctasafe Stay compliant, stay safe! 🚀 #CTASafe #CorporateTransparencyAct #ComplianceMatters #CivilLiability #BusinessPenalties #StayCompliant

Bribery, fraud, and tax crimes. Corporate Criminal Liability (3rd edition), edited by Michael E. Clark, breaks down criminal law, corporate compliance, and strategies to minimize liability. This 2,700 page guide explains the critical components of corporate liability under federal statutes. It’s like a crash course in compliance (minus the crashes). #whitecollar #compliance https://bit.ly/4gv3TrA

Let’s get down to business with… Terms and Conditions 📜💼 Wondering why they’re crucial for your business? Think of them as your legal armour protecting you from potential disputes and setting clear guidelines for your clients on what they can expect when they work with you 🤝 From payment terms to your liability, they’re your roadmap for smooth sailing your way through client relationships 📑 Don’t leave your business exposed, put in place those Terms and Conditions! 💪🔒 #protectyourbiz #legal #termsandconditions #businesssupport #protectyourbusiness

Can’t recommend this article enough for anyone in #insuranceclaims orgs and those of us who advise claims orgs as legal counsel. Article in the comments. Automation of claims is an ongoing net-positive, but I and any other attorney who serve insurers will tell you that the companies who still prioritize genuine human interactions with their customers are the companies who are sued far less often for breach and #badfaith. The claims experience for most customers is anxious and follows closely on the heels of a loss that could well have been traumatic. The claims professionals who understand this and act with empathy are more likely to avoid ever sitting in the witness chair at deposition and trial. #insurancecoverage #litigation