Beneficial ownership refers to the individuals who ultimately own, control or benefit from a business or legal entity. This can occur either by exercising substantial control or by holding at least a 25% ownership stake according to GreenBurgTraurig. Unlike nominal ownership, which may only be reflected in official documents, beneficial ownership offers transparency regarding who truly benefits from or directs the entity’s activities. This distinction is crucial in preventing the misuse of legal structures for illicit purposes.
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Beneficial Ownership,
business,
Small Business,
legal entity,
taxes,
financial,
finance,
nonprofit,
compliance,
money laundering,
Protect,
According to the U.S. Small Business Administration (SBA), Americans spent an estimated $17 billion on Small Business Saturday in 2023, highlighting its significant impact. Celebrated annually after Thanksgiving, Small Business Saturday was launched in 2010 by American Express and has been supported by the SBA since 2011. This event emphasizes the vital role that small businesses play in the U.S. economy.
TAGS:
Small Business Saturday,
SBA,
Small Business,
Economy,
Shop Local,
finance,
sales,
revenue,
community,
local jobs,
Inflation,
Scammers defrauded thousands of holiday shoppers through online scams, non-delivery schemes, and fake listings, resulting in substantial financial losses. The FBI reported almost 12,000 victims resulting in losses of over $73 million last holiday season due to scams, with thousands of victims falling prey to phishing emails, fake online stores, and fraudulent social media ads designed to deceive consumers into disclosing personal and financial information.
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Phishing,
Technology,
Scams,
Technology,
Cyber Security,
Protection,
Fraud,
Financial Empowerment,
finance,
holiday shopping,
A U.S. Chamber of Commerce study found that 85% of small businesses reported that technology platforms were essential in getting their business up and running. Additionally, 94% indicated that technology helps them operate more efficiently. Small businesses should consider focusing on building a robust and cost-effective tech stack to remain agile, connect with customers, and streamline operations. With the right tools, these businesses can possibly enhance productivity and compete more effectively with larger companies.
TAGS:
Technology,
Tech Stack,
Tools,
Small Business,
Cyber Security,
finance,
E-commerce,
marketing,
artificial intelligence,
Customer Relationship Management,
Data Protection,
Business Growth,
A business bank account provides structure and access to essential tools that help owners effectively manage operations and ensure long-term success. Maintaining separate accounts reduces accounting errors and simplifies tax reporting, with nearly 60% of small business owners having faced cash flow problems according to QuickBooks, many resorting to personal savings to bridge business expenses. Using personal accounts can also negatively affect personal credit scores.
TAGS:
Line of Credit,
Business Bank Account,
Bank Account,
Business Growth #Women Leaders,
finance,
transactions,
loans,
SBA Loans,
Cash Flow Management,
credit scores,
financial challenges,
One of the biggest challenges for new nonprofits is securing enough funding. Nonprofits typically rely on donations, grants, and sponsorships, but the competition for these resources is intense. According to a report by the Network Depot, 42% of nonprofits report a lack of adequate finances/resources. Without a consistent stream of funds, it becomes difficult for nonprofits to support their programs and cover operational costs, especially for new organizations without established donor bases and reputations.
Nonprofits often time face ongoing challenges with funding, In 2023 a report from NonProfit PRO stated, that 76% of nonprofits reported significant funding challenges due to economic downturns and the erosion of donor bases. The problem is exacerbated by the nonprofit sector’s heavy reliance on large donors—contributions from major donors, who account for nearly 75% of total dollars donated, declined by 10% in the first quarter of 2023 (Association of Fundraising Professionals).
Transitioning to solo entrepreneurship is a significant challenge for anyone, but for widows, this journey comes with unique financial considerations. According to a study by Bowling Green State University, approximately 29.5% of women aged 65 and older were widowed as of 2022.
Access to capital is often the make-or-break factor that determines whether a promising idea takes flight or remains grounded. While talent, dedication, and a solid business plan are essential, securing funding is a critical hurdle that many aspiring founders struggle to overcome. However, research has shown that the strength of an entrepreneur's personal and professional networks can significantly impact their ability to access capital.
TAGS:
entrepreneurship,
CEO Club,
Minority,
business network,
Networking,
mentorships,
Capital,
Entrepreneurship,
finance,
Banking Relationships,
CEO Club Event,
In this episode of The Modern Banker podcast, they delve into the world of innovative banking and entrepreneurship, gaining insights that transcend traditional banking models. Thomas shares his unique journey from a background in technology startups to founding a bank aimed at revolutionizing small business lending. Discover how his diverse experiences, including regulatory oversight and international work, shaped his approach to banking.
Gain valuable perspectives on the importance of diversity in leadership and the power of technology in transforming banking services. Explore Thomas's vision for the future of banking, including the integration of cutting-edge tools like Integro360 to empower small businesses. Whether you're a seasoned banker, an aspiring entrepreneur, or simply curious about the future of finance, this episode offers a wealth of knowledge and inspiration.
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