‘BONE’ VOYAGE Exploring the Marvels of Your Skeletal System!
Make no bones about it; our skeletons are a real rib-tickler of fascinating facts! From the impressive strength of our thigh bones to the tiny marvels of the inner ear, your bones are the unsung heroes of your body. So, rest your bones in a comfy chair because we are about to dig up some of the most shocking skeletal secrets. Babies have more bones than adults. Although babies are tiny, their bodies have many bones in a pudgy, little package. Human babies have about 300 bones compared to an adult’s 206. Many extra bones are entirely or partly made of cartilage, allowing the baby to stay flexible in the womb. Over time, the bones fuse and decrease in number. Fracture rates are highest when kids are around ages 11–15, the critical time for significant growth spurts thanks to growth plates that close as we age. Half of our bones are in our feet and hands. Did you know that many of our bones are in the smaller extremities of our body? Nearly half of our 206 adult
bones are in our hands and feet! Each foot has 26 bones, and our hands both have 27 bones, which is 106 bones. Our hands even have a bonus bone called the pisiform, located on the outside edge of our wrists. The funny bone is a nerve. Have you ever hit your funny bone? Well, you are not hitting a bone at all. This area on the body is part of the ulnar nerve, which goes from your neck to your hand. Bone, muscle, and fat typically protect nerves, but a small portion of this nerve on the back of your elbow is more exposed. So, when you hit your funny bone, named for its location near the humerus bone (a homophone of “humorous”), you’re really bumping into the ulnar nerve.
So, now that you’ve “boned up” on the most fascinating fossil facts, give your skeleton a little nod for the incredible things it does to support you and keep you moving!
A Quick Reminder for Business Owners
CORPORATE TRANSPARENCY ACT
As we mentioned a few months ago, the Corporate Transparency Act is now in effect, and failing to comply could be very expensive for your business. Under the Corporate Transparency Act, small companies are now required to disclose the names of any owners who own 25% or more of the company and any members of the company who have “substantial control” over the company’s activities. In order to comply, a business must file an annual report with the following information on each owner or controller of the business to the Financial Crimes Enforcement Network (FinCEN): • Business name • Current business address • State in which the business was formed and its Entity Identification Number (EIN) • Owner/controller’s name, birth date, and address • Photocopy of a government-issued photo ID (such as a driver’s license or passport) of every direct or indirect owner or controller of the company Failing to file the report could result in serious repercussions, from paying a fine of $500 for every day the report is late up to imprisonment for two years. These reports are due by the end of 2024 for businesses formed prior to 2024, within 90 days for companies formed this year, and within 30 days for businesses filed in 2025 and beyond.
An updated report must be filed if there is any change in the owners or members who have substantial control after the initial filing. Does my business need to comply? The Corporate Transparency Act is broadly written, so almost every small business will be required to comply with the new reporting rules — but not all.
Let’s break it down …
The new rule applies to any company that is created by filing a formation document with the Secretary of State or a similar office, such as corporations and limited liability companies (LLCs). Nonprofits, publicly traded companies, and regulated companies like banks and investment advisors are exempt from the rule. Large companies are also exempt if they have 20 or more full-time employees in the U.S. and generate $5 million in sales. And if you have an LLC or corporation you created but aren’t actively using to run a business, that company is also exempt due to its inactivity as long as it does not own any assets. If you aren’t sure if your company is required by the Corporate Transparency Act to file a report, give us a call. Time is running out to get these filed, but the good news is there is still time if you haven’t quite gotten around to it yet.
–TC
2 • www.strattonreynolds.com
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