287 The Corporate Transparency Act Deadline: What Every Farmer Should Know

Summary

My Digital Farmer Podcast – Episode 287: The Corporate Transparency Act Deadline: What Every Farmer Should Know

Release Date: November 13, 2024
Host: Corinna Bench
Guest: Richard Chamberlain, Founder and Managing Attorney of Legacy Law Group

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Introduction

In Episode 287 of the My Digital Farmer Podcast, host Corinna Bench addresses a crucial regulatory update affecting farm businesses across the United States—the Corporate Transparency Act (CTA). Recognizing the significance of this legislation and its potential impact on farmers, Corinna invites Richard Chamberlain, an experienced estate planning attorney, to demystify the CTA and guide listeners through the compliance process.

Understanding the Corporate Transparency Act

What is the Corporate Transparency Act?

Richard Chamberlain begins by explaining the essence of the CTA:

"[00:31] Richard Chamberlain: The Corporate Transparency Act is a federal law that went into effect on January 1st of this year. It mandates that certain companies report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN)." (00:31)

The primary objective of the CTA is to combat illicit activities such as money laundering and tax evasion by increasing transparency in business ownership structures.

Who Must Comply?

Determining Reporting Companies

Chamberlain delineates which entities fall under the CTA's reporting requirements:

"[10:55] Richard Chamberlain: You’re required to report your beneficial owner information, which includes individuals who own at least 25% of the company or those who exercise substantial control over it." (10:55)

Key points include:

• Ownership Threshold: Individuals owning 25% or more of the company.
• Control: Those who can make significant decisions on behalf of the company.
• Entity Types: Includes domestic corporations (S Corps, C Corps), LLCs, and other entities formed by state filings. Sole proprietors operating under a DBA are exempt.

Exemptions

Certain entities are exempt from the CTA, such as:

• Federally regulated companies (e.g., banks)
• Nonprofits
• Large companies with over 20 full-time employees, $5 million in gross revenue, and a physical U.S. office

Reporting Requirements

Information to be Reported

Chamberlain outlines the specific details required for compliance:

"[14:31] Richard Chamberlain: For each beneficial owner, you need their name, date of birth, address, a unique identifying number like a driver’s license number, and the state that issued the ID. Additionally, a copy or image of the identification document must be provided." (14:31)

Alternatively, obtaining a FinCEN identifier simplifies the process:

"[15:42] Richard Chamberlain: Getting a FinCEN identifier allows you to input this unique number instead of repeatedly uploading identification documents for each company you own." (15:42)

Filing Deadlines and Process

Key Deadlines

• Existing Entities: Must file by January 1, 2025.
• Newly Formed Entities Post-January 1, 2024: Must file within 90 days of formation.

Chamberlain emphasizes urgency:

"[16:24] Corinna Bench: It's time-sensitive, so let’s act now." (16:24)

How to File

The filing process is straightforward:

"[17:11] Richard Chamberlain: Visit fincen.gov/boi to access the beneficial owner information portal. You can file electronically or download a PDF form." (17:11)

No need for legal assistance unless your business structure is complex.

Penalties for Non-Compliance

Failure to comply with the CTA can result in severe penalties:

"[21:17] Richard Chamberlain: The penalties for non-compliance can be up to $500 per day, a maximum of $10,000, and even up to two years in jail." (21:17)

Corinna urges listeners to prioritize compliance to avoid these harsh penalties.

Resources and Further Information

Where to Learn More

Chamberlain recommends authoritative resources:

"[23:22] Richard Chamberlain: The best place to start is fincen.gov/boi, which offers FAQs and a Small Entity Compliance Guide." (23:22)

He also highlights his own resources for additional guidance:

"[27:32] Richard Chamberlain: Visit plansthatwork.net for my podcast and book, Protecting Your Family’s Future, available for free download on my website." (27:32)

Special Considerations

Reporting Company Applicants

If an attorney or third party assists in forming your entity, their information must also be reported:

"[18:21] Richard Chamberlain: If an attorney helped form your entity, they are considered a company applicant and their FinCEN identifier must be reported as well." (18:21)

Conclusion

Corinna wraps up the episode by reiterating the importance of complying with the CTA and encouraging farmers to take immediate action:

"[31:02] Corinna Bench: Please share this episode with your business owner or farmer friends to ensure they stay compliant." (31:02)

She also promotes her Farm Marketing School and various resources available for farmers looking to enhance their marketing strategies.

Notable Quotes

• Corinna Bench:

  "The deadline for the Corporate Transparency Act is December 31, 2024. Make sure you take action on this." (00:00)

• Richard Chamberlain:

  "The penalties can be very severe—$500 civil penalty per day for each day that you have not filed, up to $10,000 in penalties and up to two years in jail." (21:17)

• Corinna Bench:

  "It may only take 10 minutes, so that's really encouraging." (20:55)

• Richard Chamberlain:

  "If you haven’t set up a trust or a will, just go file." (29:54)

Action Steps for Farmers

1. Determine If You’re a Reporting Company: Assess if your farm business entity falls under the CTA.
2. Gather Required Information: Compile details of all beneficial owners.
3. Obtain a FinCEN Identifier: Simplify future filings by securing this identifier.
4. File by the Deadline: Ensure submission by January 1, 2025, for existing entities or within 90 days for newly formed ones.
5. Stay Informed: Utilize recommended resources and consider consulting a business attorney for complex situations.

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By addressing the Corporate Transparency Act comprehensively, Corinna Bench equips farmers with the knowledge needed to navigate this regulatory landscape confidently. Ensuring compliance not only avoids hefty penalties but also contributes to a more transparent and accountable agricultural business environment.

Transcript

[Corinna Bench]

Have you heard of the Corporate Transparency act yet? The CTA mandates that millions of legal entities like our farm businesses are now required to report our beneficial ownership information to the Financial Crimes Enforcement Network, and the deadline for doing so is December 31, 2024. I've invited my lawyer onto the show to talk all about it to make sure that we know exactly what we have to do to be in compliance. Make sure you take action on this. Let's get started.

Hey there, this is Corinna Bench and welcome to the My Digital Farmer Podcast. In today's market, it's not enough to just grow your product. You've got to know how to sell it too. Welcome to the My Digital Farmer Podcast where we reveal online marketing strategies and tips to help farmers like you get better and more confident at marketing, learn how to find more customers, increase your sales, and build a strong brand for your farm. Let's start the show.

[Richard Chamberlain]

Well.

[Corinna Bench]

Welcome to episode 287 of the My Digital Farmer Podcast. I'm your host, Corinna Bench, one of the farmers at Shared Legacy Farms out in Elmore, Ohio. I'm also the founder of mydigitalfarmer.com, which is all about trying to help other farmers like you get more confident in your marketing and sales strategy so that you can grow a profitable business. How's everyone doing? Welcome back to the show. Big shout out to all of my regular listeners and if you're new to the podcast, I'm really glad you're here today. Make sure you subscribe to the show. Go check out my first 10 episodes. They were designed to be an onboarding into the marketing space. You can also get onto my email list by [e-mail] subscribe and when you do, I'm going to send you an email to your inbox roughly every five days for about three months and inside of those emails you are going to get a step by step overview of the most important things you need to know in marketing. So we're going to talk about the frameworks, the key tools that you must have, the principles that really matter, and some really practical strategies that you can start with. Plus, I give you some free resources so you can subscribe at mydigitalfarmer. Subscribe Today's episode is sponsored by my friends at localline. Switch to localline and grow your farm to new heights this season. Localline is the most comprehensive sales software built for farmers and food hubs. Its features include e commerce, automated inventory management, subscriptions, a website builder, point of sale and more, helping you increase your sales and streamline your processes. So whether you're a CSA farmer or you sell meat, you run a food hub, or maybe you sell wholesale or offer a hard share, localline has the tools and features that you need to succeed. We're a big fan. Are you looking to switch to a sales software that does it All? Subscriptions start as low as $49 a month with no setup fees or sales percentages. That's huge for me. Plus, if you join localline today, your onboarding manager will migrate your storefront at no cost so you can be up and running in no time, even in the middle of the season. As a bonus, if you are a podcast listener, localline is also offering a free premium feature for one year with your subscription when you use my coupon code MDF2024. So go to mydigitalfarmer.com localline and then enter the coupon code MDF2024. Make the switch today. And now back to the show. Well, let's jump right into it. Today I have invited our estate planning lawyer onto the show because we're going to talk about the Corporate Transparency Act. This is something that you need to take care of as a farm business before the end of 2024, and so I want to make sure you know about it. This was something that was shared with me by my business coach several months ago and I kind of tucked it away, read about it and was like, what? And said, okay, I'll deal with that later, after the season is over. Now the season is over for me. And I was reminded to make sure I take care of this because there are some serious repercussions and fines if you don't. And I have a feeling that there are quite a few businesses out there that don't even know about this. So I said, you know what, I know this isn't usually my wheelhouse. We don't usually talk about farm business stuff. I'm more the marketing girl. But this is so important that I wanted to make sure you heard about it. And what better person to teach about lawyerly stuff than a lawyer? So I asked Richard Chamberlain if he would just come on for a short amount of time. This isn't going to be a long episode. And explain what the Corporate Transparency act is, who has to report under the reporting requirement and when it has to be filed by, what are the repercussions if we don't do it and how do we go about filing this? So this is not going to take a lot of your time, but you do need to do it. So please listen to this episode, take action on it, and share the episode with some of your farmer friends or business owner friends. They may not even know about the cta and we want to make sure that people stay in compliance. Now Richard is going to share a few resources as he has this conversation with me. I want to make sure you know that those are all going to be in the show notes, which you can [e-mail] 287 and thank you Richard for being so generous with that information. So let me read his official bio. My guest today is Richard Chamberlain. Richard is the founder and managing attorney of a legacy Law group in Perrysburg, Ohio. He is admitted to practice law in both Ohio and Michigan. He earned his undergraduate degree in economics from Tulane University in New Orleans in 1989 and his law degree from Florida State University in Tallahassee, Florida in 1992. After working at different law firms in Florida, North Carolina and Ohio, Richard founded the Legacy Law Group in 2007 and focuses primarily on serving clients in estate planning, legacy planning, asset protection, and estate administration matters. Now Richard has a book which he'll talk about at the end of the show called Protecting your family's Future, all about wills, trusts and probate. He also has a podcast called Protecting your family's Future, which is available on all major podcast platforms. He has a wife named Kelly. They've been married for 30 years. They have four daughters and one granddaughter. They enjoy spending time together, going to the lake, boating, hanging out with their dogs, watching movies and traveling. He's also a member of our csa. Without further ado, please join me in welcoming Richard Chamberlain to the show. Well, Richard, welcome to the show.

[Richard Chamberlain]

Thanks Corinna. Glad to be here.

I want you to start out by.

[Corinna Bench]

Telling my audience a little bit about.

[Richard Chamberlain]

Yourself and what you do and how we know each other.

Okay, sure. Well, my name is Richard Chamberlain. I am an estate planning and estate administration attorney and Perrysburg, Ohio and I've been a practicing attorney for here in Ohio about 25 years. And we primarily serve individuals and families in helping protect legacies, plan for the future. And we work with small businesses, we work with a lot of farmers, as you know, and help plan for the future. So that's basically what we do. We know each other coincidentally because we joined your CSA probably, I don't know, five or six years ago.

Yeah.

And have been, you know, we see each other in the pickup line every Thursday evening.

[Corinna Bench]

Yes, you go to my husband's pickup site.

[Richard Chamberlain]

So I asked you onto the show because you are our attorney and you helped us set up our estate plan. And when I think of attorneys, I think of Richard first.

[Corinna Bench]

So I became aware of the Corporate Transparency Act a few months ago from my business coach. And I remember when I first read it, it was a little overwhelming, and I just set it aside. But now that it's time to actually take action on it, I'm reviewing it, and it occurred to me that a lot of the people who listen to this podcast who are business owners may not even know what the Corporate Transparency act is, and that they need to take action on it soon. So I was wondering if you could.

[Richard Chamberlain]

Just start with a very basic, like, what is the Corporate Transparency Act? What does it mandate, and why should we care, those of us who are listening?

Okay, well, that's. That's a big question.

Yeah.

So, first of all, the Corporate Transparency act is a. Is a federal law that was passed a couple of years ago, and it. It only went into effect January 1st of this year. And, and it requires what are called reporting companies to report certain information to the federal government. So there's a. There's an. An entity called FinCEN, which is the Financial Crimes Enforcement Network. And that sounds really scary, and it probably is. It's a department or it's a. It's a sub department of the Department of Treasury. And, and the whole idea of this reporting requirement through the cta, the Corporate Transparency act, is to. To cut down on illegal activities like money laundering, tax evasion. You know, the, the I. The idea is these companies that were formed, you know, most companies are legitimate, just people earning a living running a business. But there are companies that are formed for illegal purposes, such as laundering money. And so the government wants to know who's involved in all of these companies. And that's what this CTA reporting requirement is all about.

So what is it actually requiring you to report?

Well, you're required to report your beneficial owner information. And. And that's kind of a loaded term. There are two kinds of beneficial owners. It's either somebody who is at least a 25% owner in the company. So if you've got two owners in your 50, 50, you are both beneficial owners. If you have somebody who's 75 and somebody who's 25, then you're both beneficial owners. So who's the owner of the company or the owners of the company? The other is somebody who exercises substantial control over the company. And that is, can they make important decisions on behalf of the company. So if you've got a manager who has the authority to make decisions about operations or anything like that, then they may be someone in substantial control that needs to be reported.

So this has nothing to do with whether you're an LLC or an escort or individual proprietor.

Okay, well it does. As soon as you mentioned a sole proprietor, a reporting company is required to report. And a reporting company is either a domestic corporation, whether that's an S Corp or a C Corp, it doesn't matter, or an LLC or any other entity that was created by the filing of documents with the state Secretary of State. You know, in Ohio we, we file articles, organization or articles of incorporation with the Ohio Secretary of State. In other states there may be other government agencies that the, that the documents are filed with. But if you're filed with the state and you're actually created by the filing of a document or, or documents, then you are required to report. But if you're a sole proprietor and you're just operating a company as a DBA or something like that, and you haven't created a separate entity, then you don't.

Ah, okay, so I have a lot of listeners who maybe haven't taken that first step yet. And so that, this is not necessarily something they would have to worry about.

Correct.

Okay, so if you have gone and filed some sort of document orders, articles of organization, then this is something you need to check out and look into.

Yes.

Okay. Is there a list of like who is exempt? Have, is there anything else that would, anybody else that would be on that list who wouldn't have to do this?

There, there are some exemptions and it's essentially companies that already are regulated, federally regulated, like banks or some larger financially financial institutions, non profits are exempt and, and very large companies are also exempt. And that if you have more than 20 full time employees, more than $5 million in gross revenue annually, and you have a physical office in the United States, you can be exempt as well.

All right, so let's just quickly give me a rundown of what types of information these companies would need to report. If you discover I need to do this, like, what's, what's kind of the short list?

Okay, so it's actually quite simple. The information that's required the, for the, for the beneficial owners, for each beneficial owner you need their name, their date of birth, their address, and a unique identifying number which is usually going to be like a driver's license number. And what state issued that identifying document like the driver's license and you need to also provide a copy or an image of that document. So, for example, you know, I, when I reported my company, I just took a picture of my driver's license and uploaded that into the system as proof of, you know, what my information was that I was providing. Now it's probably a better idea for people to get what's called a FinCEN identifier. Now, to get a FinCEN identifier, you have to provide all that information that I just, that I just mentioned. Your name, your date of birth, your address, upload your document, and that will give you a number that you can use. And you know, some people have more than one company. You might have a, a company that owns the land. You might have a company that owns all of your, your trucks and equipment. You might have a company that covers your operations. And so each one of those needs to be identified. So rather than putting in all of your information for each beneficial owner for each company, you can get that FinCEN identifier and then just put that in for each company, because that carries with it all of that information. You don't need to upload a picture of the driver's license every time. You just Type in the FinCEN identifier.

Oh, I'm so glad you brought up that special case scenario, because there's probably a lot of people listening who do.

[Corinna Bench]

Who do fall into that category.

[Richard Chamberlain]

That's not us, but yeah, there's. Right, That's a great point. Okay, so how do we actually go about doing this? So this doesn't sound hard. It actually sounds like it might take, I don't know, 15 minutes for me.

[Corinna Bench]

To do, which is encouraging, but I.

[Richard Chamberlain]

Don'T know where to go. So what is that next step?

Well, the, the best way to do it is to go online. And there's a, there's a government website, it's called fincen.gov boi, which is the beneficial owner information. So you go to that link and I think you can put that in the show notes.

I will.

And, and that gives you, that's the starting point. You can Request your, your FinCEN identifier. Right, right on that web page. You can file a report, and you can file a report through what's called an E filing. So you just do it right there, or you can download a PDF and fill it out. I don't know anybody who, who would want to do that. But if you need to go back to it, if you need to get information and, and then, you know, fill out more things, you, you can do it more easily, I suppose, if you're doing it on a. On a PDF version. But if you pull your information together all at once, then doing it on the E, filing through that system is the best way to do it.

Got it. All right, so we don't need to hire a lawyer to do this.

No. Now, one thing that you also need to know. If you are having an attorney help you form your entity, then, and they're actually maybe filling out the Articles of organization or articles of Incorporation, and they're filing them, then they are what are called a company applicant. They're the person who is responsible for the, the completion and the, and the filing of this document, and they need to be reported to FinCEN as well. So there's a section in the report that you can file, either E file or PDF, where you are reporting not only your beneficial owners, but also the company applicants. So you want to be sure if you're using an attorney to create that entity, or if you're using a CPA or paralegal or, or somebody other than you, you need to get their FinCEN identifier so that you can report that when you're reporting for yourself. That's required if they are helping you create the entity. Okay, so if they're doing the filing with the Secretary of State, for example.

Okay. Or if they did in the past, if I, if I hired a lawyer to help us do that, I have to put that down.

Actually, that's only for, for company applicants after January 1st of this year.

Okay.

So. And there are different reporting requirements. We'll probably get into this later, but now's a great time. There's a distinction between when this needs to be done. There are deadlines for the reporting and, and the, the. The dividing line is, was your company in existence on January 1st of 2024, or were you formed before that date? Or were you formed after? Okay, so when a company was already in existence as of the effective date of this act, January 1st of 2024, they need to report. They need to file their CTA report by January 1st of 2025. So you have the entire year to do this. So that's about six weeks from when we're going to have this aired.

So get going.

[Corinna Bench]

That's right.

[Richard Chamberlain]

But it only takes 10 minutes, so.

[Corinna Bench]

Correct.

[Richard Chamberlain]

Correct.

But don't wait till the last minute. Now, if you form your entity after January 1st of 2024, so sometime this year, you need to file your reporting requ. You need file your report within 90 days of the. Of the creation of the entity.

Okay. So for some people, if they didn't know about this, they may be. They may be out of compliance.

They may be, yeah. And so doing it now, doing it as soon as possible is definitely the way to go right now.

What happens if we don't do this and we fall into. And we're not in compliance? Are they, are they going to come after us? Is there a penalty? Who know? Do we not know yet?

Well, we do know what the penalties can be. And of course, nobody, Nobody's out of compliance yet. At least for the entities that were formed before this year. Nobody's out of compliance yet. And so if you have an existing company and you haven't filed yet, that's okay, because your, your deadline hasn't run yet. But get it filed. If you formed an entity this year and you're out of compliance, do it now. We're not sure how strict they're going to be in enforcing these penalties, but the penalties can be very severe. $500 civil penalty per day for each day that you have not filed this when you should have, and up to $10,000 in. In penalties and up to two years in jail. So they're not messing around with this.

Wow.

Yeah. But like I said, we don't know how strictly they're going to be enforcing that, especially now and especially if people just didn't know about it.

Right. So all of you who are listening.

[Corinna Bench]

I hope this is, this is the.

[Richard Chamberlain]

Reason I wanted to bring this on the show. It's because I knew the, the, the clock was ticking. We're running out of time, and I want to make sure you're aware of it so you can make the decision whether you want to do this or not. I'm going to be releasing this in.

[Corinna Bench]

The middle of November.

[Richard Chamberlain]

So you've got about six weeks or so to take care of this. And you don't need to hire a lawyer to do it, it sounds like. And it may only take 10 minutes, so that's really encouraging. Let's just not put ourselves in that situation where we have to pay that huge fine.

Exactly.

Yeah.

Now, I, you know, I, I learned about this. I didn't even learn about it right away, but I didn't file my report until about three weeks ago because I was hopeful that, that this whole thing would be declared unconstitutional because it is a really big governmental overreach. And, and there have actually been some challenges to this law. And I believe in Alabama there was, there was a challenge, and the challenge was upheld. And I think that's working its way through the federal courts, but nothing is moving fast enough to happen before the, the January 1, 2025 deadline. So I went ahead and did my reporting. So I, I highly encourage everybody to do that.

[Corinna Bench]

All right, so if people still have.

[Richard Chamberlain]

Questions, where can they go to read up about this?

The best place to go? You know, you can obviously Google the CTA and you'll get lots and lots of articles from different sources about what all this means and what you need to do. I think the most reliable source is to go right to the government website that, that I mentioned, the fincen.gov boi. If you go there, there is a link for what are called small business resources. And there, when you get to that page, there is a link for frequently asked questions. And there's probably a couple of hundred different that they are answering on that page. There is a small entity compliance guide that you can, that you can read and that's a 57 page document that they've created that will help you through the nuances. Because there's going to be nuances you know about. What does substantial control mean? What you know, who is someone who can exercise substantial control? So a lot of these questions, if you have them, I'm sure that they're going to be answered in either that frequently asked question page or the small entity compliance guide.

Okay, now, is this something that we have to update periodically?

Well, you don't have to update it periodically. You have to update it if things change. Okay, so for example, if your company address changes or your, your personal address changes, or if your beneficial owners change, you know, you bring in a new owner, you bring in someone else who has substantial control. If any of those changes are made, you have 30 days from the date of those changes to update your, your report.

Okay. And we just go to the same place and take care of that. Is there a different kind of form or do you just fill out the form again?

You, you just fill out the form again.

Okay. All right. Well, those of you who are listening who maybe have a more complex type of farm business and you have a lot of questions and the FAQ document feels overwhelming, I'm sure you can take this to a lawyer and ask them for some guidance. Is there a certain kind of lawyer that you would go see about this?

I would suggest going to a business lawyer, either the person that helped form the entity if you used an attorney, or if you, if you didn't, or, or they're not around anymore, you don't remember who they are, then find an attorney in your area that does business work.

Okay, well, I'll make sure that we.

[Corinna Bench]

Put all of the links in the.

[Richard Chamberlain]

Show notes and I know you're going to share with me quite a list of resources that people can look at.

Yes.

Before we go, just, I'd love for you to quickly tell my audience about your podcast and where they can go to learn more about you if they'd like.

Sure, sure. Thank you. Well, my, my law firm is called Legacy Law Group and we're here in Northwest Ohio. Our website is plansthatwork.net and about two years ago, I started a podcast and it's called Protecting your family's future. We have about 118 episodes in there now. We, we do about a five minute episode every week on different estate planning and estate administration topics. I kind of followed Corinna, your, your lead in creating this because I listened to your podcast. I learned a lot about marketing from yours. And so, you know, my first 10 episodes are a great onboarding ramp to understanding the basic concepts of estate planning. That may sound familiar to you.

[Corinna Bench]

Yes.

[Richard Chamberlain]

But it's just a great way for me to, to get information out to, to people. They're wondering, for example, how does this work or who should I choose for this? And, and I answer those questions in an episode.

Yeah, well, and we came to you when we needed to set up our estate and, you know, work with our trust and you got that all organized for us. You were great to work with. So you're a really good teacher. And so those of you who are listening, if you haven't taken care of any of that, that's a great podcast to go listen to because you can quickly binge through a lot of information and get sort of the high level overview of the things you should know about before you walk into an interview with a lawyer. You're going to feel a lot more competent and know what questions to even be asking. You have a book too? I remember you gave me a book.

I do have a book. I wrote a book during COVID and it's really good.

And it's short.

Well, it's about 120 pages, so yeah.

But I mean, it's like a booklet. It's not like, you know, a 250 page thing about estate planning, which, you know, that would be, that'd be a tough sell it.

And I don't sell it. It's available for free download on my website now. It's out of print, but we do have PDF versions. You go to the, you can get a copy of the book, but it's. It's called protecting your family's future. And that's how I named my podcast. I named it after that, but it's really all about wills and trusts and probate and. And how all of these things work. I wrote it for clients or consumers. I know there are a lot of books written by lawyers that are written for lawyers, and I don't even like to read those books. But this was just designed to be helpful.

Yeah. When it really is. So all of you haven't set up.

[Corinna Bench]

A trust or a will or any of that.

[Richard Chamberlain]

Just go file. We'll put the link for that in the show notes too. And it's a great starting point. You are such a wealth of knowledge. So thank you so much for coming onto the show and tell people again where they can go and read up about you or see your what's your.

Website URL again, it's plansthatwork.net okay.

Plans that work.net, we'll put that in the show notes.

[Corinna Bench]

Thanks again for being here, Richard.

[Richard Chamberlain]

It's my pleasure. I enjoyed it. Thank you.

[Corinna Bench]

Well, I hope this episode has been helpful, if only to educate you and make you aware of the Corporate Transparency act so that you can take action. Please share this episode with your business owner friends or your farmer friends, because I just have a feeling that there are people who don't know that this is even a thing. And like Richard said, we don't know how strict they're going to be about enforcing it, but we probably don't want.

[Richard Chamberlain]

To find that out.

[Corinna Bench]

So I'm going to put all the links in the show [e-mail] 287 this is on my to do list to get done by Thanksgiving, the end of November. So let's just do a little pinky swear right now that we're going to do this by the deadline we set and we're going to take action. It doesn't sound like it takes a lot of time. 10 minutes. If you're a little bit more complicated of a business, you may need to give it a little more time and read all those FAQs to make sure you're doing it right. But for most of us, this is going to be a quick thing. So head to the show notes mydigitalfarmer.com 287 to find the links where you can fill out the form and get this done by the end of 2024. All right, let's wrap this up. If you liked today's episode. Please go leave me a rating or a review on Apple Podcasts or share the link with a friend and say, hey, you need to listen to this. Don't forget I'm also now open enrolling people into Farm Marketing School. If you need help building your marketing system and you want to build the different pieces with me piece by piece in 30 day project builds, you can head over to mydigitalfarmer.com FMS we are doing a book study right now on Building a Story brand by Donald Miller during the month of November. So that's a new project that's going into the Farm Marketing School and we'll be doing a special class on the important marketing metrics that you need to be tracking as a farm business. That's going to be in January. So this is a great time of year to be a part of Farm Marketing School and I would love to get to know you and meet up with you in our monthly Zoom calls. So please check it out. MyDigitalFarmer.com FMS you can subscribe month to month, cancel whenever you want. I love it. If you want to get onto my email list, you can [e-mail] subscribe. I'll send you a bunch of resources over the next three months to help you turn into a marketing maven. And don't forget I'm also now on Instagram ydigitalfarmer. I would love to connect with you there. You guys have a wonderful week. I will catch you next time for another episode. Remember, I believe in you. Have an awesome week everyone.

[Richard Chamberlain]

Bye.