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AI-powered Assistants and Privacy

       An increasing number of individuals and businesses are using AI for many purposes, from planning meals to conducting research. At least 75% of small businesses use AI in their work in some capacity. Several uses of AI technologies may benefit small businesses and community organizations. For example, programs can take notes and summarize virtual meetings, facilitate email marketing automation, or even draft custom business plans . However, as these technologies are so new, it’s unclear what legal and privacy issues might arise. Thus, it is important for businesses and organizations to understand some of the legal concerns associated with using these technologies in order to best protect their business interests. Benefits Before discussing the legal implications, we need to understand the benefits of these technologies and why small businesses may wish to use them. There are three main categories of AI technology: 1)      Process Automation – AI technologies can help small
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What Your Company Needs to Know about the Corporate Transparency Act

  The Corporate Transparency ACT (CTA) was passed by Congress in 2021 to fight money laundering, terrorism financing, and other fraudulent activities by collecting ownership data for certain types of companies operating in the United States. Since criminal actors and organizations commonly use “shell” companies to hide the flow of their illegally obtained money, the CTA aims to shine some light on the true owners of these companies.   Under the CTA, small businesses that qualify as “reporting companies” will have to submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), that provides identifying information about the company’s “beneficial owners.” With the data collected from these reports, FinCen will create a national registry of reporting companies and their beneficial owners, only accessible to law enforcement agencies and qualified financial institutions.   https://youtu.be/AjxZ19HmDZM?featur
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Borrowing Money From Friends and Family

  According to Forbes , loans from friends and family are the second most popular source of funding for small businesses. [1] For good reason! As an entrepreneur, borrowing money from friends and family has some serious perks. For instance, a friends and family lender may not conduct credit checks or require a borrower to pledge collateral . They may also offer more flexible repayment terms than traditional banks, which can be particularly useful for entrepreneurs in the start-up phase. And, in some cases, a friends and family lender may charge a lower interest rate on the loan. [2] Plus, unlike giving ownership interests, (known as equity shares), in exchange for cash, loans do not require business owners to dilute their own ownership interest in the company. All-in-all, friends and family loans can be a useful option for small businesses looking for funding. Even with all of the obvious advantages, borrowing from friends and family is not without risk. The primary risk being the
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The Detroit Land Bank Authority: Opportunities to Build and Expand

  The Detroit Land Bank Authority (DLBA) is the largest current landowner in the City of Detroit and the largest land bank in the country. In 2014, the DLBA owned over 100,000 plots of land that had been deeded over by the City. Most of this land came to the city through tax-foreclosures. When property taxes are not paid for three consecutive years the house or property is foreclosed and forfeited to the city. The objective of the DLBA is “[t]o make vacant and residential public property available for sale in order to promote homeownership, neighborhood revitalization, urban agriculture and economic growth in the City of Detroit.” Community Enterprise Clinic Clients should take advantage of the DLBA’s objective and consider buying land from the DLBA.             In October of 2023, the DLBA announced in their quarterly report that they are in possession of 71,107 total properties. Almost 90% of this inventory is vacant land. There are 8,232 structures in the inventory with some pe
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