Eagle & Fein - May/June 2024

MASTERING THE MARATHON 3 Ways to Build Healthy Habits

No. 2 — Set Specific Goals Setting clear, attainable goals can easily motivate you. Rather than vague aspirations, like “exercise more” or “eat healthy,” define your goals into objectives like “walk 20 minutes every day” or “eat vegetables with every meal.” These goals can be a road map for your journey as you can track your progress as time goes on. Consistently achieving these milestones will solidify your commitment to your new healthy habits. No. 3 — Stay Consistent Consistency is at the core of building a habit — establishing a routine that aligns with your health goals. A structured routine supports habit formation, and consistency reinforces it. If you miss a day of your new habit, a routine helps you bounce back into the structure without being hard on yourself. As you continue building healthy habits, consistency will help ingrain them into your lifestyle.

The journey to healthier habits is a marathon, not a sprint, and as such, it is a daunting task. Here are three tips to help you begin your journey, whether your goal is to lose weight, improve your diet, work out regularly, or just establish a more balanced lifestyle. No. 1 — Start Small Start your journey to better health in small ways, as attempting drastic change can be overwhelming. You should first focus on incremental adjustments to your routine. If your goal is to exercise more, start with short walks in the evenings after dinner or take the stairs in the office instead of elevators. These changes lay the foundation for long-term success. Starting small will make it easier to transition to larger changes, like adding a morning workout or speeding up your evening walk into a jog.

You can lay the groundwork for lasting, healthy habits by embracing these three tips. Small, gradual changes become the foundation for continued success, while clear objectives serve as milestones to celebrate success along the way. So, take joy in the process, celebrate the victories, and know that building these healthy habits is a marathon worth running.

Important Alert for Small-Business Owners

HOW THE CORPORATE TRANSPARENCY ACT AFFECTS YOUR BUSINESS

Why Is It Important? Compliance with the CTA is not optional. Failure to report accurate information about the beneficial owners can result in hefty penalties, including fines of $500 per day or up to $10,000 per violation and possible imprisonment. Small-business owners need to proactively understand and comply with the requirements to avoid these severe consequences. Deadline for Complying. CTA requires that existing entities created prior to Jan. 1, 2024, must file the disclosures by Dec. 31, 2024. For new entities established in 2024 and thereafter, disclosures must be filed within ninety (90) days after the creation of the new entity. Next Steps for Business Owners 1. Review Your Status: Determine if your business falls under the requirements of the CTA. 2. Gather Information: Compile the necessary details of all beneficial owners as the CTA outlines. 3. Consult Eagle & Fein The Corporate Transparency Act marks a significant shift in the regulatory landscape for small businesses. Our law firm is here to help you navigate these changes. In May 2024, we will be sending you a further notice on how we can assist you in complying with the CTA to ensure your business meets the new legal requirements. We look forward to assisting you.

We want to alert all our readers about the new Corporate Transparency Act (CTA), which introduces significant changes for small businesses across the U.S. As a firm dedicated to supporting the needs of business owners, we believe it’s crucial to understand how this new legislation will impact your operations and compliance requirements. The CTA, which became effective Jan. 1, 2024 , is primarily designed to combat money laundering, the financing of terrorism, and other illicit activities that can be facilitated through anonymous shell companies. For the first time, certain U.S. companies must disclose information about their beneficial owners to the Financial Crimes Enforcement Network of the Department of Treasury. Who Is Affected? The act mainly targets smaller corporations, LLPs, LLCs, and other privately owned entities. According to the U.S. Chamber of Commerce, “an individual qualifies as a beneficial owner if they directly or indirectly have a significant ownership stake in a company.” Whether you significantly influence the business’ operations or own at least 25% of the company’s shares, you likely are required to disclose vital information. This criteria covers many small businesses that may not previously have been subject to stringent reporting requirements. There are various exceptions to the requirement that you should review to determine whether the CTA applies to you.

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