The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and deter financial crimes.

As of today, November 27, 2024, Hattiesburg, Mississippi, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t wait, or you could face $500 per day fines!

 

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What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses qualify as "reporting companies." Exemptions apply to publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

Beneficial owners are individuals with substantial control or 25% or more ownership of the business. For example, a Hattiesburg-based boutique owner with a 40% stake qualifies as a beneficial owner.

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 can simplify the process and help you stay compliant.

 

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Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in Hattiesburg. Exemptions apply to publicly traded and regulated entities. For instance, a Hattiesburg-based catering business would likely need to file, but a national retail chain would not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

1. Holds substantial control over the company, OR

2. Owns 25% or more of it.

For example, a co-owner of a Hattiesburg construction company with a 35% stake and decision-making authority qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

• Business name, address, EIN.

• Owners’ names, addresses, DOBs, and identification documents.

How and When to File:

BOI reports must be filed electronically with FinCEN. Deadlines:

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

• 2024 startups: File within 90 days of formation.

• 2025+ startups: File within 30 days of formation.

Let ZenBusiness assist with timely BOI filing for peace of mind.

Penalties for Non-Compliance:

Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. A 90-day safe harbor is available for corrections without penalties.

 

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Additional Resources:

• FinCEN BOI FAQ

• ZenBusiness Beneficial Ownership Report Guide

• State Requirements for BOI Filing

• A Guide to BOI Compliance

Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!

*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.

In today’s dynamic entrepreneurial landscape, the notion that you need vast sums of money to launch a successful business is rapidly becoming outdated. While starting a business with minimal funds might initially seem like an uphill battle, it’s actually an exciting challenge that, with the right strategies and a pinch of creativity, can lead to remarkable success. This article is your guide to navigating the entrepreneurial journey on a shoestring budget.

Selecting Crowdfunding Platform

Crowdfunding your business allows you to raise capital by engaging a broad audience of supporters or investors, providing a flexible and accessible way to fund your venture. Choosing the right crowdfunding platform is crucial to achieving your funding goals. Each platform caters to different types of projects, industries, and funding models, so it’s important to find one that aligns with your specific needs. Factors to consider include the platform's audience reach, fees, and the type of support it provides throughout the campaign process. Additionally, some platforms focus on rewards-based crowdfunding, while others specialize in equity or debt funding, so understanding your business’s goals will help you make an informed choice.

Choose the Optimal Business Structure for Your Startup

Selecting an appropriate business structure is a critical step for your startup, as it affects taxes, liability, and daily operations. Forming an LLC provides personal liability protection, keeping your personal assets separate from business liabilities. It also offers tax flexibility, allowing you to choose the most advantageous tax structure for your business. Additionally, when it comes to forming an LLC, you might consider using a formation service like https://www.zenbusiness.com/ instead of hiring an attorney. These services are not only more affordable but also streamline the registration process.

Stay Informed with Google Alerts

Utilizing free tools such as Google Alerts can significantly enhance your ability to stay informed about industry news and trends without incurring additional costs. By setting up alerts for key terms related to your business, you’ll receive timely updates on market developments and competitor activities, enabling you to make informed decisions. For instance, you can create alerts for your company name, product names, and relevant industry keywords to capture all the conversations and reports that affect your field. This proactive approach not only helps you stay updated but also aids in discovering potential guest posting opportunities, allowing you to increase your online presence and credibility. 

Discover Industry Trends with Google Insights

To effectively pinpoint and analyze trending search queries relevant to your industry, you should utilize Google Trends. This tool allows you to compare how often specific terms are searched over a given period, offering insights into their popularity. By selecting your target region and timeframe, you can uncover emerging trends or seasonal patterns vital for your business strategy. Additionally, Google Trends supports analysis through various platforms such as Google Shopping, Images, News, and YouTube, providing a comprehensive view of search behavior. 

Implement Cost-Effective Email Marketing for Direct Customer Reach

Leveraging email marketing allows you to effectively engage with potential customers without incurring significant expenses. With minimal costs involved in creating and dispatching emails, you can reach a wide audience, making it an economical alternative to traditional advertising methods. Additionally, email marketing boasts a remarkable average return on investment, which underscores its efficiency. By segmenting your audience based on demographics or preferences and personalizing your messages, you can enhance engagement and conversion rates. 

Find Clients Through Freelancing

Freelancing allows you to build a diverse client base by showcasing your skills, gaining referrals, and expanding your network through project-based work. Engaging in online communities and forums is essential for freelancers looking to find opportunities and expand their client base. By actively participating in discussions, attending virtual events, and demonstrating your expertise, you establish a credible online presence that can attract more business. Additionally, these forums often feature targeted job boards and niche-specific groups that can help you find work that suits your skill set and interests. 

Turn Your Skills and Hobbies into a Business 

One of the most effective strategies for starting a business on a tight budget is to capitalize on your existing skills and hobbies. By transforming your passions into income-generating ventures, you can begin without significant upfront costs. For example, if you are adept at photography, you can sell your photos online or offer services for events. Similarly, skills like writing, cooking, or crafting can be monetized by offering classes, creating products, or providing services that meet market demand. This approach not only reduces initial expenses but also allows you to leverage what you already know and enjoy.

 

Ultimately, opening a business with limited funds requires more than just careful planning—it demands a mindset of innovation and resilience. By embracing these strategies and tips, you transform constraints into opportunities, unlocking potential you never knew existed. Embrace the challenge, leverage your ingenuity, and let your entrepreneurial spirit soar.

Unlock new opportunities for growth in Greater Hattiesburg with the Area Development Partnership – your gateway to thriving in our vibrant community!

The Hattiesburg Speakeasy is an annual friend-raiser for DuBard School for Language Disorders at

The University of Southern Mississippi. We are an organization that helps children with academic, speech,

language, and hearing disorders “speak easy.” Now in its eleventh year, the Hattiesburg Speakeasy attracts a

diverse crowd of 150-200 individuals from across the state and beyond. The event features a delectable

spread of Prohibition-era inspired food and beverages, live entertainment,

dancing, and more in a fully themed 1920’s event.

NEW MEMBERS:
- $10/month Classic Membership - $0 Enrollment Fee, No Commitment, $49 Annual Fee
        Join online using Promo Code - EMPLOYEE10
- $24.99/month Black Card Membership - $0 Enrollment Fee, No Commitment, NO ANNUAL FEE
        Join online using Promo code - EMPLOYEEBCM
FRIENDS & FAMILY:
Please share the discount with friends and family too!
 
Reach out with questions. I am here and happy to help!
Wendy Cox 480-536-6250 or wcox@unitedfp.com