#corporate ownership

[alwaysbewoke]

[immaculatasknight]

Abuser and abused

[justinspoliticalcorner]

Lauren Aratani at The Observer:

An elderly billionaire goes to war with his adult children over the future of his media empire. His only ally is his eldest son, crowned leader of his father’s enterprise after years of jostling with his siblings. In choosing a successor, the patriarch spurns three of his other children, who remain threats: when he dies, they will each have just as much power as the eldest son to shape his companies, potentially against the rightwing ideologies that have guided them for decades.

Away from the public eye, he makes a dramatic move. To deliver control to his eldest son, the mogul quietly launches an extraordinary bid to alter the trust set to hand the other three influence upon his death. But they stand ready to fight. This may sound akin to HBO’s Succession, but it’s life imitating art – which was, in turn, imitating life. Rupert Murdoch, 93, the billionaire owner of News Corp and Fox Corporation who helped inspire the show, is trying to give his eldest son, Lachlan, full control of his media outlets upon his death. While his other adult children – James, Elisabeth and Prudence – will still receive equal shares of company profits, this would leave them with no say over the companies upon his death.

This battle is in fact bigger than anything featured on Succession, according to Robert Thompson, a media scholar based at Syracuse University. “This is arguably the single most influential media outlet in all of the English-speaking world,” he said of News Corp and Fox. “How this turns out has a real, significant impact on real people living on planet Earth.” News Corp owns more than a hundred major and local newspapers, including the Wall Street Journal and the New York Post in the US, as well as the Times and the Sun in the UK. Meanwhile, Fox is the parent of Fox News, the leading conservative cable network in the US, with millions of viewers.

The Murdochs’ legal fight played out in secret for months – until Wednesday, when it burst into the open. The New York Times reported on a decision from a Nevada probate commissioner, which is under seal, that Murdoch can rewrite his family’s irrevocable trust if he can prove the change is being made in good faith and benefits his heirs. The ruling sets the stage for a high-profile trial over the future of his vast array of media interests, with Murdoch and his three children slated to duke it out in court in September.

Both sides, according to the Times, have bulked up on high-profile lawyers. William Barr, the former US attorney general, is helping Murdoch rewrite the trust, and he has also hired Adam Streisand, a trial lawyer who previously worked on estate cases involving Michael Jackson and Britney Spears. The feuding appears to have taken its toll on the family. When Rupert married his fifth wife in California last month, Lachlan was said to have been the only one of his four eldest children in attendance. The other two also reportedly steered clear.

With Lachlan as his father’s successor, Fox News and News Corp will continue to be a conservative force. But under the trust’s current structure, the three other siblings, who are deemed more politically moderate, can push back. Murdoch is seemingly keen to avoid this prospect. Conservatism has been the backbone of his empire since its inception. It has proved to be remarkably profitable.

Though Murdoch had successfully formed relationships with powerful conservative figures in Australia and the UK, it was not until Donald Trump’s ascendancy that he had close ties to the White House. Though Fox was initially dismissive of Trump, the network soon turned into his most powerful megaphone. In turn, Murdoch had direct access to a commander-in-chief. Not all of Murdoch’s children were happy about this. During Trump’s presidency, Elisabeth, Prudence and James started to drift away from their father’s politics.

When Roger Ailes, the longtime Fox CEO, left the company in 2016 off the back of multiple sexual harassment allegations, James reportedly believed he could push the network in a new direction, bringing in an experienced executive who was less of an ideologue. Instead, the elder Murdoch took over as chair himself.

In the summer of 2020, James – once a senior executive at News Corp – announced he was resigning from the board over “disagreements over certain editorial content”. He and his wife, Kathryn, were particularly vocal about the climate crisis and seemed to resent Fox News and News Corp’s climate denialism. “We’ve been arguing about politics since I was a teenager,” James told the Times in 2020, about his father. In 2020, James and his wife donated more than $600,000 to Biden’s campaign. Murdoch eventually crowned Lachlan as his successor. While Lachlan does not speak publicly about his personal political views, reports have said they usually lean more conservative than his father’s. And while Lachlan appears less interested than his father in political influence, he cares about profit. And Trump has been profitable.

The Observer (the Sunday version of The Guardian) has an illuminating piece on the Murdoch media empire, and how Rupert Murdoch is going to war over who gets to succeed him upon his death by rewriting the trust to benefit stridently right-wing Lachlan at the expense of the other three (and less right-wing) children.

[socialjusticeinamerica]

[dizzy-izzy-in-a-tizzy]

OFMD is not getting a season three, confirmed by David Jenkins on Instagram.

I respect the mourning that my friends are doing right now. I personally am not really that disappointed, though. Partially because it's what I expected.

I've been pretty open about my disappointment with the second half of the season, and unfortunately engagement with the show dropped like a rock after the finale aired. While the fandom has been at each other's throats, most normies I talk to felt that the finale was mid. Which is not a great spot to be in for renewal.

Unfortunately, sometimes there's a consequence to poor follow through with your narrative themes. The second half of the season was a shitshow. While I think they could have turned it around, it was a very narrow shot in the first place—and corpos don't want narrow shots, they want easy wins.

It's up to us, now. It's up to us to create stories that pick up where the corpos "ended" it. OFMD, after all, doesn't belong to them, not really.

It belongs to us, now more than ever.

[lizardinabigwizardhat]

playing the outer worlds in the year of our lord 2024 is…uh…a Time

[ofdarkestdesires]

I know I’m not a big fan of RWBY anymore, but this just fills me with such rage.

Warner Brothers really doesn’t deserve the right to claim any of the RWBY cast as their characters, especially not Penny. They didn’t make them, they didn’t design them—they just own them because they bought RoosterTeeth. That’s like if I went to McDonalds and bought a Big Mac and then posted about the best burger I’d ever made, because buying something is just the same as making and creating, right?!

[nyxgoddessofcandles]

the way battletech canon is decided is a bit scuffed imo

You mean to tell me any one random guy who happens to own the license but specifically only the tabletop one because there are three distinct battletech licenses, decides on a whim what is and is not canon, and the whole community just listens to him for no apparent reason? even when decanonizing official media and things THE ORIGINAL FUCKING CREATOR said was canon?

christ you guys

exercise your power as fans that outnumber the company 100:1

What You the fans say is canon

ignore mr random corporate man

[nationallawreview]

Triggers That Require Reporting Companies to File Updated Beneficial Ownership Interest Reports

On January 1, 2024, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. Every entity that meets the definition of a “reporting company” under the CTA and does not qualify for an exemption must file a beneficial ownership information report (a “BOI Report”) with the US Department of the…

[abnerkrill]

what i say out loud: I felt a great disturbance in the Force, as if millions of voices suddenly cried out in terror and were suddenly silenced

what i mean: do you think the thousands of din djarin/reader fics will be edited to acknowledge his canon given name is 'djarin' and it's his family name that's 'din', as canonized in the season 3 finale where grogu is adopted and becomes din grogu, or is Y/N just going to continue calling him din forever

[eldritchlittleblackdragon]

On this edition of Historical things I'm salty about: The Titanic was part of a set of Three sister ships (Olympic, Titanic, and Britainnic). Of the three, two of them sank (Titanic in 1912 and Britainnic in 1918). Olympic survived and continued service until it was decommissioned in the 1930's because it was no longer turning a profit.

Did they convert it into a floating muesum to the two sister ships? No! The ship was stripped apart and parts were sold off and scattered across the world.

All because it didn't make money anymore.

And I'm mad that happened.

[arctic-hands]

Ugggh it was free but I had to download an adobe program just so I could download the book I legally paid for from google (also ugh) play just so I could put it on the ancient ass e-reader that'll get here soon. There's got to be an easier way to download the shit you've legally paid for without having to deal with proprietary bullshit, right? On top of all that, amazon (uggggggh) changed their DCRM this very year to something Calibre hasn't been able to crack, so all the books I legally bought from kindle can't be put on the e-reader at all, keeping me reliant on the app on my phone.

Kobo was created by Indigo Books but is now owned by Rakuten, so the Indigo company doesn't get anything if I buy e-books from kobo, right? I wanna say kobo and Barnes and noble/nook don't have bullshit like this for the books themselves, just their proprietary e-readers only allowing books from their services onto the devices themselves, which is why I opted not to get a kobo or nook in the first place

Anyway I hate this crap lol. Someone once stated that when you purchase an e-book (or any media, really) these days you don't own the book, you just rented out the privilege to read it, and that privilege can be revoked at any time. It's so fucking dumb. I don't hate technology I just hate how it evolved into such bullshit. It didn't have to be like this

[wetpapert0wel]

i honestly kinda feel bad for gaiaonline as a website lmao. back in the late 2000s it was Booming. the server lobbies for some of the online stuff were Constantly packed- i think there were like. 2 million users at one point???- & 100k gold used to be a lot of money. now it's pocket change at best & there's an average of 3k people online

[knifebucket]

there's something about going through mild pain to make your body look the way you want it to that feels so fucking good. every time I stretch my ears or get a wax or sit through a tattoo or hiss through a piercing I feel so rawly close to myself. catharsis within the knowledge that I'm building a temple I guess

[levamos]

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[gnsaccountacy]

NAVIGATING THE CORPORATE TRANSPARENCY ACT & BENEFICIAL OWNERSHIP INFORMATION

The landscape of corporate governance and transparency is evolving with the introduction of new regulations. One such significant regulation is the Corporate Transparency Act (CTA), which mandates companies to disclose beneficial ownership information. This blog aims to provide a comprehensive understanding of the CTA and the importance of beneficial ownership information in promoting transparency and accountability in the corporate world.

Understanding the Corporate Transparency Act

The Corporate Transparency Act, enacted in January 2021, is a landmark legislation designed to combat illicit activities such as money laundering, terrorist financing, and tax evasion. The CTA requires certain business entities to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is defined as any individual who owns or controls at least 25% of the company or exercises substantial control over it.

Why Beneficial Ownership Information Matters

Enhanced Corporate Transparency: By mandating the disclosure of beneficial ownership information, the CTA aims to make it more difficult for bad actors to hide their identities behind shell companies. This transparency is crucial for preventing financial crimes and promoting ethical business practices.

Strengthening National Security: Beneficial ownership information helps authorities track and prevent the use of corporate entities for illicit purposes. This strengthens national security by making it easier to detect and disrupt criminal activities.

Building Trust in the Business Environment: Transparency in ownership fosters trust among investors, customers, and other stakeholders. Companies that comply with the CTA demonstrate their commitment to ethical conduct and accountability, enhancing their reputation and credibility.

Key Requirements of the Corporate Transparency Act

Who Must Report: The CTA applies to most corporations, limited liability companies (LLCs), and other similar entities created by filing a document with a secretary of state or similar office. Certain entities, such as publicly traded companies and regulated entities, are exempt from reporting.

What to Report: Entities must report the full legal name, date of birth, address, and a unique identifying number (such as a driver's license or passport number) for each beneficial owner. This information must be kept up to date, with changes reported to FinCEN within a specified period.

When to Report: Existing entities must comply with the reporting requirements within a specified time frame after the regulations take effect. New entities must report their beneficial ownership information at the time of formation or registration.

Compliance and Penalties

Failure to comply with the Corporate Transparency Act can result in significant penalties, including fines and imprisonment. Companies must ensure accurate and timely reporting to avoid these penalties and demonstrate their commitment to legal and regulatory compliance.

Steps to Ensure Compliance

Identify Beneficial Owners: Companies should establish a clear process for identifying and verifying beneficial owners. This includes gathering the required information and ensuring its accuracy.

Implement Reporting Mechanisms: Develop internal systems and procedures to report beneficial ownership information to FinCEN accurately and timely. This may involve utilizing specialized software or consulting with compliance experts.

Stay Informed: Keep abreast of updates and changes to the Corporate Transparency Act and related regulations. Regular training and updates for relevant staff can help ensure ongoing compliance.

Conclusion

The Corporate Transparency Act and the requirement to disclose beneficial ownership information represent significant steps towards greater corporate transparency and accountability. By understanding and complying with these requirements, companies can contribute to a more transparent and secure business environment. Compliance not only helps in avoiding penalties but also builds trust and credibility among stakeholders, ultimately benefiting the company's long-term success. Embrace the changes, ensure compliance, and navigate the evolving regulatory landscape with confidence. visit our site : https://gns-cpas.com/navigating-the-corporate-transparency-act-beneficial-ownership-information/