The Colorado Privacy Act (CPA) is emerging as a model for state-level privacy regulation. Recent amendments focus on biometric information and children’s privacy, which when combined with Colorado’s AI Act (more on this in later posts), arguably put Colorado ahead of California in the race to shame the feds on privacy law. This issue-spotting guide will help you understand the amendments and the steps businesses subject to the CPA must take to comply.

The Corporate Transparency Act, implemented on January 1, 2024, mandates smaller corporations and limited liability companies to file beneficial ownership information (BOI) reports with FinCEN to combat illegal financial activities. Despite a federal district court's ruling deeming the act unconstitutional in National Small Business United v. Yellen, the decision currently only impacts specific plaintiffs, while other businesses are still required to comply. As litigation unfolds, businesses established before 2024 have until January 1, 2025, to fulfill their filing obligations, while newer entities must act promptly within 90 days of incorporation to adhere to the law.

The FTC voted to ban most non-compete agreements for for-profit workers. This will have an enormous impact on the Mergers and Acquisitions landscape. Legal challenges are anticipated due to questions about the FTC's authority, potentially delaying the rule's implementation, so business buyers should monitor developments and consider adjusting agreements accordingly. In the meantime, reviewing non-compete agreements and exploring narrower alternatives like NDAs is advisable

Prepare for selling your business by signing a Non-Disclosure Agreement and responding to buyer checklists. Upload relevant documents to a Virtual Data Room, ensuring a smooth transition for the buyer. Protect your assets, like client lists, and seek professional guidance throughout the process to maximize success.