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Easily Said & Done

Git 'Er Done

Published over 1 year ago • 2 min read

This week, I'm all about getting those things done that often fall between the cracks or to the bottom of our to-do lists...if they don't fall completely off them, that is.

Beneficial Ownership Information Reporting (BOIR)

It's true, this week a Texas court has issued a preliminary injunction stopping the US government's requirement that all LLCs, S-Corps, and C-Corps report their ownership information to FinCEN (Financial Crimes Enforcement Network) before January 1, 2025 or risk significant fines. Like $500 a day significant.

That said, do it anyway. There's no guarantee the injunction will be upheld or permanent and, then, you won't have to think about it anymore or stay tuned for what happens next.

Filing is honestly very easy and should take you about 10 minutes, depending upon how many owners are connected to your business. You do not need to pay someone else to do this for you.

You'll need an electronic copy of a government-issued ID, such as a license or Passport, birth date, and address for each owner, as well as your Employer Identification Number (EIN).

>File your BOIR here​

Take Stock of Key Dates

It can be hard to keep track of things that aren't on an annual schedule and/or can't be set up for automatic renewal.

Take time now see what needs to be on your radar for 2025 so you don't miss any critical dates or deadlines.

Here are a few things to review:

  • Requirements to maintain your business status with local municipalities​
    Check with your the government agency with which you originally filed your paperwork to see what's required to keep your business status active and in compliance.​
    ​
    For instance, in New York, LLCs, S-Corps, and C-Corps must file a statement every two years with the NY Department of State.
  • Government recertifications (i.e., M/WBE, Veteran, and Service Disabled Veteran status)
    Business certifications require recertification on a regular schedule set by the governing body.
    ​
    ​If you used an 'all-in-one' application for multiple certifications, check the renewal requirements for each individual certification.
  • Licenses and Permits
    Obviously, it's important to keep compliant with all the regulating organizations and agencies that make it possible for you to stay in business and in good standing.
    ​
    ​Make sure nothing's changed, such as required continuing education credits, additional forms, fees, and/or legalities, such as notarized documentation, third party audits, etc.
  • Trademarks and patents​
    Beyond continuing to utilizing your registered intellectual property (IP) in commerce, the US Trademarks and Patent Office (USTPO) requires regular filings to maintain your IP ownership.
    ​
    ​Touch base with your attorney, if you used one, and ensure you've got copies of all records.

>Review USTPO Trademark Maintenance, USTPO Patent Maintenance​

Remember: a small investment of time now can save you headaches and dollars tomorrow.

Until next time!

PS - If you missed it, last week I asked, Now What? as we enter a year of economic uncertainty.
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Easily Said & Done

Why grow your business alone?

I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?

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