New Federal Reporting Requirement Affects Businesses Starting January 1, 2024

Aviva Gordon, Esq. • December 8, 2023

This article is written by Aviva Gordon, Esquire, Legislative Committee Chair, Henderson Chamber of Commerce

Starting on January 1, 2024, essentially all small businesses (including single member limited liability companies and single shareholder corporations) will have to file Beneficial Ownership Information (BOI) with the Federal Financial Crimes Enforcement Network (FinCEN). This is true for existing businesses as well as newly formed businesses. Existing businesses will have to file before January 1, 2025 and businesses formed between January 1, 2024 and January 1, 2025 will have to file within 90 days of formation. Companies formed after January 1, 2025, will have to file within 30 days of forming the business. Essentially, all businesses with fewer than 20 employees– including non-profit corporations without 501(c)(3) status, are required to file and the failure to file or provide correct information may be subject to daily civil penalties of $500 and/or criminal penalties of imprisonment of up to two years and a fine of $10,000.

The Henderson Chamber of Commerce is committed to keeping our membership informed, ensuring they are up to date with the latest requirements, and providing support in navigating this regulatory landscape. Trust that we will keep abreast of any developments and promptly communicate pertinent information to our valued members.

Click on the image below to learn more about the new federal reporting requirement for Beneficial Ownership Information. You can also read more about the impact of this regulation here: Corporate Transparency Act — What You Need to Know (uschamber.com)

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How to Apply for a Business Loan in Southern Nevada

By Clark County Credit Union • October 13, 2025

Quick Answer To get a business loan in Southern Nevada, prepare strong financial documents, maintain good credit, and present a solid business plan. CCCU shares a step-by-step guide to help business owners navigate the business loan application process in Southern Nevada. Securing a business loan in Las Vegas can be a game-changer for business owners looking to grow or expand their operations. Whether you’re purchasing equipment or buying a building, understanding how to apply for a business loan is key to securing the funding you need. Step 1: Check Your Credit Score Lenders assess your personal and business credit to determine your reliability. A strong credit score (typically 680 or higher) improves approval odds and can secure better loan terms and lower interest rates. Check out Nerd Wallet’s article to learn how to get and build a business credit score . Step 2: Prepare Financial Documents Having well-organized financial records is essential when applying for a business loan. Before meeting with a lender, prepare necessary documents to demonstrate financial stability and ensure a smooth approval process. Tax returns (personal & business) Profit & loss statements Balance sheets Bank statements Step 3: Develop a Solid Business Plan A clear, well-structured business plan helps lenders understand how you will use the funds and repay the loan. A strong plan improves your chances of approval and should include: Revenue projections Growth strategy Market analysis The Small Business Administration also shares important tips on how to write a business plan . Step 4: Determine the Right Loan Type Understanding which loan best fits your business needs can simplify and focus the application process. Common business loan options include: Term Loans – Best for large, one-time expenses. Lines of Credit – Ideal for managing short-term cash flow. SBA Loans – Government-backed loans with lower interest rates. Step 5: Work with a Trusted Lender CCCU has an experienced commercial lending team that has helped many Las Vegas business owners secure the funding they need to grow. A longtime CCCU member and business owner, Ben C., an Internal Medicine Physician with Calderon Medical Group said, “Daniel R. and Rosy N., along with the whole team, continue to patiently guide us every step of the way. CCCU has been instrumental in our growth and expansion of services. They have afforded us not only the necessary funds but also the peace of mind that someone is here to support our needs.” Conclusion Applying for a business loan in Southern Nevada requires preparation, strong financial documents, maintaining a good credit history, and working with a lender that understands your business goals. If you’re ready to take your business to the next level, CCCU can help guide you through the process. Contact our commercial team to explore your financing options. Visit www.CCCULV.org or call 702-228-2228 to learn more.