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Business owners are watching a back-and-forth battle that’s become tougher than playing tennis against Coco Gauff , and neither side is backing down. The two opponents? Business owners (specifically a Texas gun shop, the National Small Business Association and the state of Alabama) versus the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury (USDOT). What are they debating about? Nationwide business owners being required to file the Beneficial Ownership Information Report (BOIR) before January 1, 2025 in order to avoid a $591 fine, criminal penalties of up to two years in prison and repeat offenses that could lead to them owing $10K. What Is The Beneficial Ownership Information Report (BOIR)? Effective January 1, 2024, many companies in the United States must report information about their beneficial owners (the people who own or control their companies) to FinCEN , a bureau of USDOT. Filing is free and a onetime occurrence in order to...
It’s no secret that Chris Webber has been active in the cannabis industry. So, it comes as no surprise that the former NBA star has been appointed to lead a cannabis social equity fund. According to a press release, New York Gov. Kathy Hochul has chosen Webber to aid in growing the city’s impact regarding cannabis.
If you’ve clicked on this article chances are you want to start a business or have already done so and want to make it legit by creating a Limited Liability Company (LLC). That’s great news! Kudos to you for going after your dreams. The process of creating an LLC is relatively simple but it’s important to highlight the financial management that follows. Are you ready to budget fixed expenses? In the excitement of creating an LLC, one of the things people overlook is budgeting for the state-mandated annual report. For example, in Florida, if you create an LLC you are required to submit an annual report to keep your LLC in active status. The annual report in Florida is currently $138.75, and prices may vary from state to state. Businesses who fail to budget this annual fixed expense are prone to forget the submission deadline for this crucial report. Failure to submit it puts your LLC at risk of losing your active LLC status, which can result in losing your clients, and you’d be hit...
In the wake of the global pandemic, Black and brown businesses have become top-of-mind priorities for many companies looking to give back and show their support during this time. According to a press release , Blaylock Van, LLC is the longest continuously operating Black-owned investment banking firm in the country. It has prioritized diversity within the company and now pivoted its efforts to focus on helping investment managers, pension funds, clients, and others interested in diversifying their portfolios. The investment banking firm announced that it is aiming to focus its inclusion efforts on Black and women-owned firms in a press release . “More and more clients are reaching out in need of thoughtful solutions for their businesses and funds going forward,” said CEO and president of Blaylock Van, Eric Standifer. “Fortunately, we are well-positioned to help firms and governments affected by the pandemic as well as those seeking to solidify their inclusion of African-American...
ACE Petroleum , a certified Minority Business Enterprise founded by Moses Shepherd, has just found its way into the annals of Detroit’s history. The supplier that offers fueling solutions to government-run businesses and other entities has just secured a multimillion-dollar deal to operate as the fuel carrier of choice for the Detroit transportation system. The founder and CEO shared his perspective on the achievement with Black Business, referring to it as “a major milestone.” “ We’ve worked hard for two years to grow our competencies, quality metrics and infrastructure to service large municipalities and compete on a national level ,” Shepherd said. “ The city’s confidence in our abilities to deliver the comprehensive fuel services needed to support, protect and serve Detroiters is rewarding and validates our efforts. ” Shepherd has entered a niche in which there is limited competition among minority competitors. According to a 2017 report by the U.S. Labor Department , less than...