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Kicking off their 40th year of incorporation, the Philadelphia Regional Limousine Association (PRLA) hosted their annual dinner party on Tuesday, January 17, at Pepper’s in King of Prussia, Pa. Thirty members and guests were in attendance, including CD Editor Rob Smentek. The meeting was sponsored by Advantage Remarketing Solutions.
The dinner party was preceded by a meeting with the PRLA Board of Directors, and President Anthony Viscusi of Global Limousine Service provided a brief rundown on the topics discussed. First and foremost, the association is looking to bolster the content of their quarterly meetings by adding an educational component. Plans are already underway to invite guest speakers to the fall meeting in September. Viscusi also said that the PRLA is looking to have a permanent location for all their meetings, likely in the King of Prussia area. The Board will be reaching out to the membership for their feedback. Then, Vice President Bob Euler Jr. provided a financial report about the association’s savings.
Next, Meeting Sponsors Eric Coolbaugh and Darren Martin of Advantage Remarketing Solutions were invited to say a few words about the services they provide. Coolbaugh provided a brief history of the Maryland-based company, and shared a bit about the range of specialty vehicles they offer. Martin then shared a bit about the financial services he can offer through Advantage. The pair also brought vehicles to the event, including an L.A. West Sprinter with European portal doors.
After dinner was served, a pass of the 2024 CD/NLA Vegas Show was raffled. Ace Shaer of Ace Limousine & Airport Service was the winner of pass, which grants him free admission to the March 3-6 event at MGM Grand.
Visit prlainc.com for more information.
[01.23.24]
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Lindsey Limousine, based in Windsor, Conn., recently announced the addition of an all-electric SUV in their fleet, which they say is a first for the state of Connecticut. The company says they chose the 2024 Cadillac LYRIQ for its sharp styling, modern cabin, and a driving range of up to 308 miles per charge for “electrifying sophistication.”
“We’re always working to bring the latest technology into our business, and there is definitely a trend toward electric vehicles,” says President & CEO Michael Lindsey, adding that electric vehicles have many advantages over alternative powered combustion engines because they produce zero tailpipe emissions and are better for the planet. “I think bringing the first electric vehicle into the Connecticut limousine industry will serve as basis for other companies to start doing the same.”
Lindsey Limousine was founded in 1989 and offers a variety of vehicles ranging from sedans and stretches to minibuses.
Visit lindseylimo.com for more information.
[01.22.24]
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BY RICK VERSACE
On January 1, 2024, the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) initiated a landmark move through the enforcement of the Corporate Transparency Act, a 2021 legislation that was enacted to curb illicit finance. This act mandates that all companies operating in the United States must report information about who owns or control their corporate entity.
The Inception of Compliance
The limo industry, known for its impeccable service and attention to detail, now has another detail that every operator must be concerned with. For existing companies, those that were already in business before January 1, 2024, the deadline to report is January 1, 2025. However, any new companies created in 2024, have a mere 90 days to file after setting up a new corporation—although that window is reduced to 30 days starting in 2025. The penalties are steep, as much as $500 per day for noncompliance.
Our industry is used to regulatory compliance, but this new federal requirement is something that every operator should be aware of. For small business owners, the cost of noncompliance could cripple your business.
The FinCEN Partnership
While FinCEN adds another layer of complexity to owning and operating your business, the aim of FinCEN is to safeguard the financial system from scams, combat money laundering and related crimes, and promote national security. Part of FinCEN’s mission is a commitment to assist small businesses to come into compliance.
FinCEN has released The Small Entity Compliance Guide, which is written in plain language, to help guide small businesses through the requirements step by step. Operators can use the guide for navigating the intricacies of the Corporate Transparency Act. The guide outlines the information needed, the filing process, and the deadlines, making the seemingly complex task more manageable. This report only needs to be filed once unless updates to ownership are required.
Navigating the Compliance Highway
If you have an accountant, make sure they know about any new corporation you might set up, and if you don’t have an accountant, you can file with FinCEN yourself. The process of filing is not complicated, and you can follow the guide provided by FinCEN. The steps are easy to follow and free of charge. The online platform designed for reporting companies streamlines the submission of beneficial ownership information.
The Limelight on Compliance
Compliance is not just a regulatory checkbox; it was an opportunity for businesses to demonstrate their commitment to ethical practices, accountability, and national security. The interconnected nature of the Corporate Transparency Act means that each small business's compliance contributes to a collective effort to combat scams and money laundering. The data collected by FinCEN, while safeguarding against financial crimes, also served as a powerful tool for national security.
The US Beneficial Ownership Information Registry is now live, and every operator should make sure that all the corporations they own, or control are registered. Compliance with the Corporate Transparency Act should not be looked at as a burden; but an opportunity for businesses to showcase their commitment to ethical practices, accountability, and national security.
Rick Versace is the owner of A1A Limo in Florida, treasurer of the National Limousine Association, and president of the Florida Limousine Association.
[01.16.24]