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2 Years In Prison, $10,000.00 in Criminal Fines AND $591.00 / Day In Civil Fines.

You will be subject to these penalties if you don’t file this report in time!

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them.
FinCEN began accepting reports on January 1, 2024.

As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, [Updated April 18, 2024] this amount is $591.

A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

[Updated December 1, 2023]

FinCEN will begin accepting beneficial ownership information reports on January 1, 2024. Beneficial ownership information reports will not be accepted before then.

[Issued March 24, 2023]

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Robert Irvine’s great advise for any hotelier, motelier and innkeeper is to have a very clear financial picture.

Call us for a free one-hour financial analysis session for the clarity you deserve.

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Are you posting your job openings on your front door? how about your sign for all your guests to see? Have you spent money on a banner and placed it on the front of your building?

Please understand, I get it. It is an absolute dumpster fire when it comes to finding good help, heck, even any help at all. But in my humble opinion, it is not a good idea to advertise to your guests that you are short-handed. It sends a bad message to your guests that you are not operating at your fullest capacity.

Instead, post your job on Partners In Jobs website. That way your guests are none to the wiser…

Go to: Post Your Job

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In the hospitality industry, or any other industry for that matter, refer to your patrons as guests. If your mindset is such that they are just customers or even clients, you will tend to treat them as such and will have them at an arm’s length away. Your hospitality will be less than desirable and your guests deserve better.

Remember, service is what we do FOR our guests, and hospitality is what we do WITH our guests.

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We need to rethink why and how we do business and we need to lead with hospitality if we want to build businesses that last in communities that care.

As a guest of a hotel or restaurant, you have a real opportunity to help and support that business. Put their people first. If something isn’t right, then speak up and don’t settle for mediocrity, But don’t do it with the spirit of let’s point out what’s wrong, but do it in a way that helps them get it right. But more importantly, speak up when you see someone doing something right because people who work in restaurants and hotels are criticized far more than they are praised. Praise that someone for doing something right. That really stays with us, We are wired that way, we crave to be seen and acknowledged. So catch your server doing something right and make a really big deal about them. They will look for the next opportunity to shine.

If you are a business owner, understand that getting ahead in any business will require you to touch a lot of hearts and you can’t do it alone. Remember, service is a skill, while hospitality is a spirit. You can train for any skill but you cannot train for hospitality. So train how to hire for it.

I Thessalonians 5:11

Therefore, encourage one another and build up one another, just as you also are doing.

Ephesians 4:29

Do not let any unwholesome talk come out of your mouth, but only what is helpful for building others up according to their needs, that it may benefit those who listen.

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