Jerry Holisky is a seasoned business lawyer with Aronberg Goldgehn, a full-service business law firm with offices in Chicago and Wheaton, Illinois. He focuses on the legal concerns of middle-market companies and their owners, frequently serving as the company’s outside general counsel. Jerry is a highly experienced mergers and acquisition attorney. In addition, a large portion of his practice is concentrated on Business Divorce, including strategic planning and counseling, advising on squeeze-outs, freeze-outs, and other involuntary transactions, managing litigation, and mediating/resolving ownership disputes. Jerry is a co-founder and current co-chair of the Chicago Bar Association’s Committee on Business Divorce and Complex Ownership Disputes. He has been an active member of the Institute of Illinois Business Laws, an organization which for forty years has drafted most of the business entity legislation in Illinois. Jerry is currently Co-Chair of Aronberg’s Business Divorce practice group. He previously served as the Firm’s Managing Partner from 2015-23, and before that was Chair of the Firm’s Business Law & Transaction practice.
Why This Episode Matters
This episode reinforces that not every insight comes from mastering every detail. Instead, value often comes from understanding where to focus, who to trust, and how to access the right expertise when it matters most.
In this Episode, We Discuss:
- How beneficial owner reporting just became a dead letter for most U.S. companies and U.S. citizens
- The tortured history of the Corporate Transparency Act: how we got here
- What’s next for the CTA: legislation, regulation, the Courts
Conversation Takeaways
- Be aware of the concerning revelation that the Government Accountability Office’s audit disclosed that FinCEN has already granted access to the beneficial ownership information database to over 200 agencies. This raises significant privacy and security concerns that you should consider when deciding whether to voluntarily file beneficial owner reports.
- If you have already filed beneficial owner reports with FinCEN and then the Corporate Transparency Act is ultimately ruled unconstitutional, there may be potential for your business to seek damages and attorney’s fees.
- Recognize the complexity of the political and legal landscape surrounding the Act, with various actors (litigants, courts, agencies, legislators) involved. This makes it difficult to predict the ultimate future of the CTA, so you’ll need to stay vigilant and adaptable as the situation continues to evolve, especially if you are a foreign (non-US) company, or a US company with foreign owners.
A Quote To Remember
“If you are a US company with no foreign owners, there is a zero chance there will be any consequences for not filing beneficial owner reports with FinCEN by March 21 and, most likely, for the rest of Trump’s term. But if you are a foreign company, or a US company with foreign owners, gather all applicable reporting information now so you are ready to go when new reporting deadlines for foreign companies are announced.” – Jerry Holisky
Recent News
Jerry Holisky is one of 2 attorneys that shared insight on what is the BeneficialOwnership Information (BOI) reporting deadline and what to expect.
To view the article, click the link: https://www.agdglaw.com/beneficial-ownership-information-boi-reporting-deadline-approaches
Light Bulb Moments – Episode 58
Navigating The Corporate Transparency Act with Jerry Holisky
The Light Bulb Moment of This Episode
Even highly technical topics can create valuable insights when you stay engaged, ask questions, and connect with the right experts. Sometimes the biggest takeaway is knowing where to go and who to talk to when complexity arises.
Light Bulb Moments & Reflections from the Episode
- Stay engaged in complex topics.
Even detailed and technical discussions can provide valuable insights.
- Look for key takeaways (“nuggets”).
You don’t need to absorb everything—focus on the insights that matter most to you.
- Leverage expert knowledge.
When navigating complicated issues, connect with professionals who specialize in that area.
- Build relationships with trusted advisors.
Having access to knowledgeable professionals can simplify complex decisions.
- Know who to call when needed.
Sometimes the most important insight is identifying the right resource.
- Stay connected to your network.
Relationships create access to information, support, and solutions.
Connect with Jerry Holisky:
Website: https://www.agdglaw.com/jerry-holisky
LinkedIn: https://www.linkedin.com/company/aronberg-goldgehn-davis-&-garmisa
Facebook: https://www.facebook.com/AronbergGoldgehnDavisGarmisa
Twitter: https://twitter.com/AronbergG
Instagram: https://www.instagram.com/aronberggoldgehn?igsh=ZDRxazV6cGhnN3pu
Email: JHolisky@agdglaw.com
Phone: (312) 755-3176
Connect with Philip:
Website: https://www.fornarolaw.com/
Podcast Website: https://lbmpodcast.com/
Pinterest: https://www.pinterest.com/philipfornaro/
YouTube: https://www.youtube.com/@fornarolaw3002
LinkedIn: https://www.linkedin.com/in/fornarolaw
Instagram: https://www.instagram.com/fornarolaw/
Facebook: https://www.facebook.com/FornaroLaw