 National Small Business Week comes to an end tomorrow on May 4. The Temple Chamber of Commerce was excited to join the U.S. Small Business Administration (SBA) in honoring and celebrating our local small businesses alongside the nation’s 33 million small businesses!
Small business owners and entrepreneurs form the backbone of our economy. According to the Texas Small Business Profile published by the SBA, in Texas alone, small businesses (those employing 100 or fewer) make up over 99% of all businesses in the state. We invite you to join us in celebrating and recognizing the positive and invaluable contributions of Temple area small businesses and entrepreneurs, not just this week but throughout the year. Their impact is monumental. From job creation to enhancing city revenues and championing civic causes and initiatives, they enrich our community’s vitality. Research from the National Philanthropic Trust and Charities Aid Foundation indicates that small businesses donate 250% more than larger businesses to nonprofits and community causes per employee. Small businesses make our community a vibrant place to live and work. The small businesses and entrepreneurs of Central Texas are one of the driving factors that our region is a prime business destination in Texas. We were fortunate to collaborate with regional Chambers of Commerce - Belton, Salado, Killeen, Jarrell, Lampasas, Copperas Cove, Round Rock, Waco, and Georgetown – as well as the SCORE Austin Chapter to have a Small Business Seminar on Generative Artificial Intelligence (AI) in Bell County on Wednesday, May 1, during National Small Business Week. The seminar provided a unique platform for small business owners, budding entrepreneurs, and members to learn more about the transformative potential of Generative AI in enhancing business operations. Jessica Scanlon with Round Rock-based Hot Dog Marketing led the discussion. She introduced the concept of Generative AI, shared versatile uses of AI in small businesses, and demonstrated tactical ways to use a Generative AI tool, ChatGPT. The Temple Chamber extends gratitude and admiration to our vibrant small business community that enriches Central Texas and is here to support and empower them as they thrive in Central Texas.
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The Temple Chamber recently participated in a Legislative Update hosted by the Texas Association of Business, where insights were shared regarding Beneficial Ownership Information Reporting. As a result, we wanted to provide more information about this topic to our membership and business community. On January 1, 2024, the Corporate Transparency Act (CTA) came into effect, bringing new rules [1] regarding beneficial ownership reporting for businesses. [2] This legislation aims to address concerns related to illicit financial activities, money laundering, and terrorism financing by enhancing transparency and disclosure requirements. Beneficial ownership refers to individuals who ultimately own or control a legal entity, such as a corporation or LLC, and benefit from its operations or assets. Business entities subject to the CTA include S corporations, limited liability companies (LLCs), and similar entities created by filing with a secretary of state (SOS) or similar office. Some of the exempt entities include publicly traded companies, certain financial institutions, and charitable organizations. [3 & 4] The required information for reporting beneficial ownership to FinCEN includes each beneficial owner's full legal name, date of birth, address, unique identification number from an acceptable document, and the filing entity's details. Businesses can file this information electronically through FinCEN's secure system. [5] Non-compliance with the CTA can result in fines of up to $10,000 and potential criminal liability. [5] Understanding the CTA's requirements, including filing deadlines and the information needed, is crucial for businesses to ensure compliance and avoid penalties. [6] For more detailed information about Beneficial Ownership Information Reporting and the Corporate Transparency Act (CTA), we encourage you to visit the following links. Should you have further questions or need assistance navigating the requirements of the CTA, we recommend contacting an experienced Attorney or Certified Public Accountant specializing in regulatory compliance. Links to More Information:
 The Temple Chamber has partnered with regional Chambers and SCORE Chapter to bring an informative lunch 'n learn to the business community. If you are curious about how to leverage Artificial Intelligence (AI) in your business, join us on May 1 at the Cadence Bank Center.
Jessica Scanlon, owner of Hot Dog Marketing, will present this topic and we hope you will walk away with practical tips on how to use AI for the greatest impact on your business. Registration for the event is being taken care of by the Belton Area Chamber of Commerce. Register today at the following: https://bit.ly/43j0Htq |
