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Peter Bronstein on New Laws For 2024 Business Owners Should Know

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Do you keep track of the new laws passed each year? There are some critical laws that are being passed that every business owner needs to know about. During this episode, Peter and Traci discuss new laws, specific to California, for 2024 that are passing that are crucial to business owners. Then they discuss a new law called the Corporate Transparency Act that will impact every business owner in the United States and those that do business with the United States. Peter walks through the risk that arises with this new act, and information that you need to be aware of while filling out the information. Tune in to this important conversation to gain knowledge about the Corporate Transparency Act, and understand how it will impact all business owners. 

 

IN THIS EPISODE:

  • [09:05] Peter Bronstein walks through laws that California business owners need to know. 
  • [13:13] Peter talks about non-business related laws that are new for 2024 in California.
  • [16:52] Peter explains what the new law called the Corporate Transparency Act is and how it will affect every business owner in the United States.
  • [20:12] We learn about other new laws that are being put into place in 2024 for Californians. 
  • [32:28] What risks come with the new Corporate Transparency Act?
  • [35:08] What is a beneficial owner and how do they apply to the Corporate Transparency Act?
  • [37:55] What happens if you have a foreign corporation that does business in the United States?
  • [39:40] Where can you fill out this paperwork?

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    KEY TAKEAWAYS:

    • [17:43] Regardless of where you live, if you are doing business in the United States or with the United States, you will be required to fill out the form for the Corporate Transparency Act beginning in 2024. All businesses opened before 2024 will have a year to start completing this information. 
    • [32:41] The Corporate Transparency Act was created for anti laundering and anti terrorism issues. By allowing the government to know who the owners of the entities are, people cannot hide behind somebody or involve or create a scheme where people are transferring money in and out. 
    • [38:48] If you choose not to file this new transparency act, you will be penalized $500 per day as well as it being considered criminal.

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      LINKS MENTIONED:

      FinCEN Website

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      Ask Brien ShowBy Peter Bronstein and Traci DeForge
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