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Business Review Checklist: What Owners Should Focus On in the New Year

Posted by Lizette Sundvick | Jan 12, 2024 | 0 Comments

Business Owner

For a business owner, the end of the year is very busy, buttoning up payroll, making last-minute large purchases or charity donations, contributing to retirement accounts, and many other time-sensitive matters. Now that the end-of-year crunch has happened and a new year has begun, what should business owners focus on? We've compiled a list of items that can help business owners get off to a strong start.

  • Give a solid review of last year's Profit and Loss report to evaluate what went well, what needs improvement, and where unnecessary spending occurred.
  • Set budgets for every department.
  • List the major accomplishments/goals you want to achieve this year.
  • Review your existing mission statement and core values, adjust them as necessary to better fit you and your business, and re-share them with the team to get them on board for the new year.
  • Consider if you have been focusing your efforts in the right direction – 80% of our income tends to come from 20% of our clients.
  • Ensure your annual list with the Secretary of State is filed and the information is current – your reported managers, resident agent, address, and email address should be verified. If you have any updates to your address or email address, inform your resident agent as well.
  • Your business is an asset – ensure your assets are included in your Estate Plan and kept up-to-date.
  • Check your insurance policies and employee benefits programs to make sure they are on track. Go quote shopping to see if you can get a better deal elsewhere.
  • Consider the broader economy and determine whether factors such as labor market conditions or the pace of inflation require any changes in the business.
  • Review your digital presence – is there room for improvement this year, and does your business need any updates to its website or social media profiles?
  • Take a look at your vendors/service providers to see if it makes financial sense to keep them or if it would be beneficial to switch to another or hire in-house.
  • Evaluate your equipment needs and determine if any new capital investments are in order this year.
  • Assess your current team and plan for any upcoming hires to meet this year's goals.

New law for 2024 that you'll need to take action on before 2025:


In 2021, Congress enacted the Corporate Transparency Act. This law creates beneficial ownership information reporting requirements as part of the U.S. government's efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

Beginning January 1, 2024, many companies in the United States will have to report information about their beneficial owners. This is defined as any individual who, directly or indirectly, exercises substantial control over a reporting company or who owns/controls at least 25 percent of the ownership interest. They must report the information online to the Financial Crimes Enforcement Network (FinCEN). Additionally, they'll have to update FinCEN if any of the information they provided regarding the company or its beneficial owners ever changes.

Who is affected:

Your company may be a reporting company and need to report information about its beneficial owners if your company is: 1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or 2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing. 


There are 23 types of entities that are exempt from reporting. These entities include publicly traded companies, nonprofits, and certain large operating companies. FinCEN has a checklist to help determine if a company qualifies.


The deadline for a company created or registered before January 1, 2024, will have until January 1, 2025, to report BOI. If the company was created or registered on or after January 1, 2024, it must report BOI within 90 calendar days after receiving actual or public notice that your company's creation or registration is effective, whichever is earlier. After filing, if any of the information you provided ever changes, you have 30 calendar days to update FinCEN.

If you fail to file or update your information in a timely manner:

The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information, may result in civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000.

To learn more about your requirements, company exemptions, and how to file, click here to visit the FinCEN website. The “Brochure Introduction to BOI Reporting” is most helpful.


About the Author

Lizette Sundvick

Lizette B. Sundvick is one of the longest practicing female attorneys in Las Vegas, Nevada. She has been a member of WealthCounsel, LLC since 2002 and has received training from various legal and coaching organizations, such as WealthCounsel, LLC, the Nevada WealthCounsel Forum (Founding President – 2009-2012), National Network of Estate Planning Attorneys,...


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