Palm is Modernizing Main Street With Free Automated Compliance Filing
SAN FRANCISCO, CA / ACCESSWIRE / October 9, 2024 / Palm, the world's first small business Data Wallet & Smart Assistant, is helping small businesses across the country file their Beneficial Ownership Reports for free.
In the ever-evolving landscape of financial regulations, complying with legal requirements is paramount for businesses seeking to maintain a positive reputation, obtain funding and avoid potential penalties and legal action. One of the most critical reports is the BOI (Beneficial Ownership Information) report, a document that prevents financial crimes and promotes transparency mandated by FinCEN. When businesses complete a BOI report, they protect themselves and consumers and prevent severe penalties and fines including jail time and hundreds of thousands of dollars.
"The average small business owner spends an average $83,000 their first year in business on compliance, which for a lot of small business owners is more than they take home their first year," said Alex Goode, Palm CEO and co-founder. "In addition, small businesses can spend 200+ hours per year on compliance depending on their industry and over 10% don't even know the source of the regulations impacting their business. Palm is here to bring peace of mind to small businesses through automated compliance filing and transparency in one easy-to-manage digital wallet, created specifically to solve this problem for them."
Complexity, cost, volume and comprehension are all large contributors to the issues plaguing small businesses when it comes to compliance and regulations, but Palm is here to change that reality. "As a restaurant owner myself, I constantly found myself filling out the same information over and over again. We built Palm to start giving owners like us time and money back," said Connor Patterson, Palm COO and co-founder.
Small businesses can file their BOI report for free with Palm to meet end-of-year requirements and avoid severe penalties and fees. Palm even has a quiz to help them determine if they need to file or not and a blog to help educate small businesses about BOIR and associated requirements.
"We're here to bring peace of mind and transparency to small businesses and modernize Main Street, once and for all," Goode said.
About Palm
Palm provides digital identity solutions to small businesses, including a smart AI tool that automatically completes government and regulatory filings while providing 24/7 monitoring of what's being reported about the business. Visit getpalm.com.
Contact Information
Alex Goode
alex@getpalm.com
SOURCE: Palm
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