Eric Lyons Co-Authored “Breaking Up the Shell Game: The Corporate Transparency Act and Its Implications for Small Businesses,” Published by The Tennessee Bar Association

By: Leah Bennion, Colton Adams & Eric Lyons

“Small businesses play an essential role in the U.S. economy. Millions of small businesses are formed annually in the United States, accounting for a significant share of U.S. economic activity. The Small Business Administration estimates that there are over 33 million small businesses in the United States. These small businesses employ 61.7 million Americans — 46.4% of all private sector employees — and have created 62.7% of net jobs over roughly the past three decades.

In today’s business landscape, however, small businesses face challenges from fierce competition, shifts in consumer preferences, and challenges with the ever-changing legal environment. Among these, the Corporate Transparency Act and its new reporting requirements have introduced new compliance challenges which will affect over 32.6 million state-chartered businesses, most of which are small businesses.”

To view the full article as published by The Tennessee Bar Association, click here.