The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.

While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.

However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance requirements or penalties. ZenBusiness makes BOI reporting clear and quick, with uncomplicated instructions and speedy processes. This is ideal for SBOs that want to avoid trouble by cleaning up their obligations in advance.

1. Determine if Your Business Must File.

A ‘reporting company’ is any business, such as a corporation or LLC, that is registered by filing documents with the state, unless it qualifies for an exemption. Exemptions apply to publicly traded companies, banks, and charities. For example, a local restaurant in Reidsville, NC would likely need to file a BOI report.

2. Identify Your Beneficial Owners.

A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. In Reidsville, an example of a beneficial owner could be a partner in an antique shop who makes strategic decisions about inventory and marketing and holds a 40% ownership stake in the business.

3. Gather the Required Information.

Prepare:

• Business name, address, and EIN.

• Beneficial owners’ names, addresses, DOBs, and ID details.

4. File Your BOI Report.

Deadlines:

• Existing businesses: File by 01/01/2025.

• New companies (2024): File within 90 days of formation.

• New companies (2025+): File within 30 days of formation.

ZenBusiness assists SBOs in meeting BOI guidelines now and avoiding penalties. This type of service makes reporting your company’s information quick and easy.

Additional Resources:

• BOI Filing for Small Businesses

• Details on Preliminary Injunction

• BOI Filing Services for LLCs

• A Guide to BOI Compliance

• FinCEN BOI FAQ

We want to hear from you!

Don’t miss out on the chance to help us! Complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Participate in the survey here! Your input is invaluable to us!

As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled.

Adobe Acrobat is a versatile software suite that offers a wide range of benefits for small and local businesses. From document management to collaboration and security features, Acrobat is an indispensable tool for organizations of all sizes for many reasons:

Efficient Document Management: Acrobat provides robust document management capabilities, allowing businesses to create, edit, organize, and archive documents seamlessly. With features like merging, splitting, and indexing PDFs, businesses can streamline their document workflow and reduce paperwork clutter.

Cost Savings: Acrobat offers cost-effective solutions that eliminate the need for expensive printed materials, courier services, and physical storage space. By going digital with PDF documents, businesses save on printing and shipping costs, reduce paper waste, and lower their overall operational expenses.

Enhanced Collaboration: Collaboration is key in today's business landscape, and Acrobat facilitates this through features like commenting, annotation, and real-time co-editing. Small businesses can collaborate with remote team members, clients, or suppliers, allowing for seamless communication and feedback on documents. This collaborative approach can significantly improve productivity and the speed of decision making.

Professional-Looking Documents: For small and local businesses trying to make a mark in a competitive market, the presentation of documents matters. Acrobat offers a wide range of formatting and styling options to create professional-looking documents. From customizing fonts and colors to adding watermarks and headers, businesses can enhance their brand identity and create visually-appealing materials.

Secure Document Handling: Acrobat provides robust security features, including password protection, encryption, and digital signatures. Small and local businesses can ensure the confidentiality and integrity of their documents, especially when handling sensitive information like customer data and financial information.

Mobile Accessibility: In today's fast-paced business world, being able to work on the go is crucial. Acrobat offers mobile apps that allow small businesses and local businesses to access, edit, and share documents from their smartphones or tablets. This mobility ensures that critical tasks can be addressed promptly, even when employees are not in the office.

Compliance and Legal Benefits: Acrobat helps businesses maintain compliance by providing tools for digital signatures and document tracking. This is especially valuable for businesses that need to meet stringent regulatory standards, like healthcare and financial institutions.

Streamlined Workflows: Acrobat integrates seamlessly with other popular software applications, including Microsoft Office and various cloud storage services. This integration streamlines workflows, making it easier to convert documents to PDF format, collaborate on documents, and access files stored in the cloud. Small and local businesses can save time and reduce errors by using these integrations.

Electronic Forms: Acrobat allows businesses to create interactive electronic forms that can be filled out online, reducing the need for paper forms and manual data entry. This simplifies the customer experience and ensures accurate data collection.

Just take a look at how Acrobat revolutionized the way The J. Morey Company runs its business. As an insurance agency, J. Morey handles a lot of paperwork — all of which was physical documentation until 2015, when president Joshua Morey digitized the firm’s paperwork with Acrobat. Because they no longer rely on wet signatures that have to be scanned into the computer system or sent via snail mail, the process of signing, password protecting, and sending signed documents takes only a minute instead of 20 minutes, freeing up as much as 10 hours a month per employee.

Acrobat’s features and tools allow The J. Morey Company and more than 500,000 other organizations worldwide to reduce costs while scaling their businesses. In fact, when Joshua took over the company in 2015, it had four offices with a total of 18 employees. After just three years of implementing Acrobat into its workflows, the company grew to 150 employees across 11 offices.

Acrobat offers a wide array of benefits for small and local businesses. From efficient document management and cost savings to enhanced collaboration and security, Acrobat empowers these businesses to operate more effectively and competitively in today's digital age. Its user-friendly features and mobile accessibility make it a valuable tool for businesses looking to streamline their operations, improve productivity, and deliver professional-quality documents to their clients and customers. Learn more about how Adobe Acrobat can help your business here.

Paper’s out, people.

Award-winning comedian, writer, and producer Hasan Minhaj has partnered with Adobe Acrobat to celebrate 30 years of PDFs and to promote the power of paperless creativity and collaboration in today's digital age. The partnership highlights the importance of using digital tools to streamline workflows and enhance productivity, especially in the current work-from-home era.

As part of the partnership, Minhaj is featured in a series of videos showcasing how Adobe Acrobat can help professionals across industries to create, edit, and share documents seamlessly — no paper needed. The videos also provide tips and tricks for using Acrobat's features to improve collaboration and communication among team members.

Adobe Acrobat is a leading software solution that enables professionals to create, edit, and sign PDF documents securely and easily. The platform offers a range of features, including the ability to convert documents to PDF format, edit text and images, and add comments and annotations. It also integrates with other Adobe tools, such as Creative Cloud, to provide a seamless workflow for creative professionals.

The partnership between Hasan Minhaj and Adobe Acrobat kicked off with a range of digital and social media activations. Paper’s out, people, so stay tuned for more updates on how Acrobat is empowering creativity and collaboration in today's digital landscape.