The New ‘CTA’ Businesses Need To Know About

Catered by Hillside Prime and hosted by Shelyna Tinglin with more bubbles than the mimosas provided, the Urgent Invitation to the Corporate Transparency Act (CTA) was ready for more than two dozen attendees.

Call To Actions (CTA) aren’t the only CTA on the business block that business owners need to incorporate into their business strategy. Now businesses must know, understand and incorporate the Corporate Transparency Act (CTA).

The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities.

Just like it’s fraternal twin Call to Action (CTA), the Corporate Transparency Act (CTA) affects the business. According to a recent Small Business Administration report, 27,104,006 small businesses were termed “nonemployer firms” and had no employees. The Corporate Transparency Act is designed to improve business activity transparency through the reporting of Beneficial Ownership Information (BOI) and is particularly targeted to these smaller businesses.

Shirley Jackson founder of The One Stop Home Shoppe

There’s a lot to implement and understand which led Shirley Jackson, Founder of The One Stop Home Shoppe and Trust Up ambassador to put together an emergency CTA conference in order to address the act that is set to be enforced beginning January 1, 2024.

After hearing about the Corporate Transparency Act, Shirley Jackson decided to use her platform to help other business owners and corporations understand the what, why and how’s of the Corporate Transparency Act. Shirley knew in order to properly address the CTA, she would need other experts. After putting together an all star line up consisting of her direct mentor, coach, and serial entrepreneur, Cedric Brown of Trust Up, Realtor and Attorney Le Hong, attorney Wade Krickens , and Texas Capital Bank Vice President and relationship manager of business banking Keith Dean, it was time to lay it all out in layman terms.

What seemed like a crash course in Trust, banking, and finance one can bet after being in the room you learned “it’s not what you know, it’s who you know” as stated by serial entrepreneur Cedric Brown. A regular individual with no knowledge or connections who may be intimidated by such topics couldn’t have been better informed by a group of experts. They didn’t use jargon one couldn’t comprehend nor were there any gatekeeping. The objective was simple. This is what’s going on and this is what we suggest is the best solution while encouraging to seek additional counsel for help or confirmation.

Upon completion of informing the room of a couple dozen interested parties, the floor was open for questions such as “my business isn’t generating any revenue, do I have to comply?” “What if my investors aren’t willing to disclose the information the Corporate Transparency Act is requiring?” “What happens if we don’t comply by the deadline?” and more. With patience, thorough knowledge and free consultations offered, each attendee was gifted with more than enough tools to leave informed and ready to tackle what’s the come for businesses in 2024 and beyond.

Reporting companies created or registered before January 1, 2024, will continue to have until January 1, 2025, to file their initial BOI reports with FinCEN, and reporting companies created or registered on or after January 1, 2025, will continue to have 30 calendar days to file their initial BOI reports with FinCEN.

About One Stop Shoppe

One Stop Home Shoppe goal is to change your view on how you see and use your money, so that it becomes apart of who you are and provides you with a better quality of life. Strongly believing that if you practice healthy financial habits, you will be able to obtain a healthy financial lifestyle. 

About TrustUp

TrustUp exists not only to enhance your mindset about ultimate accomplishment and the establishment of generational wealth, but also to provide you with the tools needed to empower you to increase your net worth by first protecting your assets then using them to build more wealth and establish a legacy that extends well past your time here on earth.