Well, it's been another year here at Liberty Legal Solutions, LLC.  Earlier this week was Christmas, and next week is New Year's.  Because I blog on Fridays, we are actually in between this year, so I want to wish you all a belated Merry Christmas, and a very happy new year.  As this is the last Freedom Friday blog and email newsletter for 2024, I want to say how excited I am for the changes coming up in 2025.  I also want to share with you some keys for success in your small business as we enter into 2025.  Here are four (4) keys for success in your small business in the new year:

1.  File for the CTA

The first key to success for your small business in 2025 is to file for the CTA.  You might ask what is the CTA?  CTA stands for the Corporate Transparency Act, which is a federal law that will impact all small businesses in 2025, if it hasn't impacted them already.  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.  Due to pending litigation regarding the constitutionality of the CTA, the filing deadlines have been pushed.  If you formed your LLC before January 1st, 2024, you now have until January 13th, 2025, to file your report with FinCen.  If you formed your LLC earlier this year, after September 4th, 2024, then you also have until January 13th, 2025, to file.  However, if you formed your LLC after December 3rd, 2024, you have an additional 21 days to file, past the 90 days you already had.   Lastly, any LLC formed in the new year only has 30 days to file its report with FinCen.  Constitutional questions still remain, so stay tuned for a future blog post with a full update.

2.    Get Ready for Taxes

The second key to success for your small business in 2025 is to get ready for taxes.  Every small business owner needs to file taxes in the new year, so now is the time to review your books, gather your financial documents, and coordinate with your CPA or tax professional for filing taxes next year.

3.    Prepare Your Budget and Set Your Goals for 2025

The third key to success for your small business in 2025 is to prepare your budget and set your goals for 2025.  If you haven't already done so, now is the time to prepare the budget for next year.  For example, if you are changing vendors, this is the time to start exploring that issue.  We at Liberty Legal Solutions, LLC, are implementing a new vendor for billing and case management and have a second new vendor surprise in the new year!  You should also be making revenue projections and setting goals for the new year, as well.

4.    Amend Your Operating Agreement or Bylaws

The fourth key to success for your small business in 2025 is to amend your operating agreement or bylaws.  You might also need to amend your articles of organization for your LLC, or the certificate of incorporation for your corporation or non-profit.  This is the time of year where I get inquiries about a wife wanting to join her husband's LLC, or for that matter, sometimes leave the LLC, too.  This is the time of year many people consider joining or leaving an LLC or other business entity.  You also should check your status with the Oklahoma Secretary of State.  Every year many business entities go inactive because they don't renew their annual certificate, which is required to remain in good standing.  If you haven't already done so, simply pay the minimal fee and get reinstated.  Also, if you've changed the name of your small business, your small business has moved, or changed something else, you may need to update these changes by amending the appropriate documents, and sometimes by notifying the Oklahoma Secretary of State.

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

Thinking about starting a small business?  Or maybe your small 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/