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Hey everyone and welcome again. If you just joined the group or been here in the group for a while, please let us know a little something about you and your business. We at JYD757 PRODUCTIONS provide a range of services most of which are here on Bytevidsocial.com. We provide promo videos, ADs, reach on social media and much more for small businesses wanting to attract more cliental or just have more views on products and services. Wesley and Stacy are the names we go by, and you can catch both of us or one of us anytime. We also have Break Da Rules Digi Shop that is part of our company and they provided services in Logo creation, Community Badges on Bytevidsocial.com, digital artwork and much more. We can't wait to get to know you all more on a personal and business level and grow as a group by sharing, networking and connecting.

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We are upgrading for the New Year our look on Bytevid. We hope to attract more like-minded individuals that are looking to connect with other business owners.

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Here is the website so you can see what I am talking about also. You do not have to register right now but I do want you guys to know the site if you need to find it.

https://www.fincen.gov/boi

Beneficial Ownership Information Reporting | FinCEN.gov

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I have received an important update regarding a new regulation called the Corporate Transparency Act (CTA), which is set to go into effect in 2024. This regulation is being implemented by the Financial Crimes Enforcement Network (FinCEN) and will require all businesses, with the exception of sole proprietorships, to provide an additional report during the filing process. This report, known as the "Beneficial Ownership Information" (I) Report, aims to gather information the individuals who have ownership in these businesses.

If you currently operate as an LLC, LLP, S-Corp, C-Corp, or Partnership, it is crucial that you familiarize yourself with this new requirement. The deadline for submitting the BOI Report is set for December 2024 for all businesses already in operation. However, if you plan to establish an LLC, C-Corp, S-Corp, or Partnership in the upcoming year, you will have 30 days after starting your business to file the BOI Report.

Failing to comply with this reporting obligation can result in severe penalties. In the event that the report is not filed, regardless of when your business commenced operations, you will face a daily penalty of $500. Moreover, this penalty can amount to a maximum of $10,000 for each entity that you own. It is important to note that these penalties are cumulative, meaning that if you own multiple businesses, you will be subject to multiple fines per day.

Non-compliance with the Corporate Transparency Act can also have serious legal consequences. Offenders may potentially face up to two years of imprisonment in a federal prison.

Please refer to the video I have received, which provides further insights into this regulatory update. It is essential to understand that this regulation applies to all businesses, with the exception of sole proprietorships.

It is imperative for business owners to stay informed about regulatory changes and take the necessary steps to ensure compliance with applicable laws. By adhering to the Corporate Transparency Act, you will not only avoid penalties and legal consequences but also contribute to the transparency and integrity of the corporate environment.

About

I am starting a group that aims to assist both new and seasoned business owners by providing a platform for sharing stories and exchanging valuable tips to foster mutual growth and success. This group aims to create a supportive community where business owners can connect, learn, and benefit from each other's experiences.

The primary objective of this group is to foster an environment where participants can share their unique stories, challenges, and triumphs as entrepreneurs. By sharing these experiences, both new and seasoned bu