Wow, another year is in the books for Liberty Legal Solutions, LLC!  This coming Sunday is New Year's Eve, and Monday is New Year's Day 2024, and so in today's Freedom Friday blog and email newsletter, I want to wish each of you a happy new year.  Even more changes are in the works for 2024, but in today's Freedom Friday blog and email newsletter, I want to share four keys to success in 2024 for your small business.

1.  Get Ready for the CTA

The first key to success in 2024 for your small business is to get ready for the CTA.  What is the CTA, you ask?  The CTA is the Corporate Transparency Act which is a federal law which will impact all small businesses in 2024, and even worse in 2025.  It really deserves a blog post of its own, but there are new federal reporting requirements for pretty much any small business owner who has an LLC or anything of that nature.  If you formed your LLC in 2023 or previously, you do not have to report to FinCen until January 1^st, 2025.  However, if you form a new LLC in the new year, you have to report this year.  There are also constitutional questions on whether the federal government can require such reporting under penalty of law.  A lawsuit in federal court has already been filed challenging the constitutionality of this law.  Stay tuned for more information, and probably a future blog post in 2024.

2.  Get Ready for Taxes

The second key to success in 2024 for your small business is to get ready for taxes.  Every small business owner needs to file taxes in 2024, so now is the time to review your books, gather your financial documents, and coordinate with your with your CPA or tax professional whatever you need for filing taxes in 2024.

3.  Prepare Your Budget and Set Your Goals for 2024

The third key to success in 2024 for your small business is to prepare your budget and set your goals for 2024.  Now is the time to prepare your budget for 2024 if you haven't already done so.  What are your revenue projections for 2024?  What expenses will you have in the new year?  It's also a great time to set your goals for 2024.  What do you hope to accomplish in the new year?  Do you have a plan to achieve your goals?

4.  Amend Your Operating Agreement or Bylaws

The fourth key to success in 2024 for your small business is to amend your operating agreement or bylaws, and you might need to amend your articles of organization for your LLC or certificate of incorporation for your corporation or nonprofit organization, as well.  You also should check your status with the Oklahoma Secretary of State.  Every year certain business entities go inactive with the Oklahoma Secretary of State because they don't renew their annual certificate, which is required to remain in good standing.  If you haven't already done so, pay the minimal fee and get reinstated.  Further, if you've changed the name of your small business, your primary business location has moved, you've changed your registered agent, your members, directors, or something else, you need to update this information by amending the appropriate documents.

Lastly, as a bonus, an extra key to success in the new year is to schedule meetings with your trusted advisors.  If you have a business coach or mentor, you should schedule a meeting with them to make sure you get 2024 started on the right foot.  At the same time, you should schedule a meeting with your CPA or tax professional to make sure your taxes will be in order in the new year.  Finally, this is also a time to schedule a meeting with your attorney for help with reviewing contracts, amending your business documents, or anything else relating to your small business.

On behalf of Liberty Legal Solutions, LLC, have a happy new year!!!

Thinking about starting a small business?  Or maybe your business is having issues with contracts, leases, business partners, collection issues, or experiencing other barriers to growth?  Please contact me at [email protected] to schedule a FREE strategy session.

For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/