As California's 4.1 million small businesses race to meet a pressing federal compliance deadline, Palm Co-Founder Connor Patterson brings a unique perspective to solving this urgent challenge. Having experienced the complexities of business compliance firsthand as a San Francisco restaurant operator, Patterson led the development of Palm's new AI-powered BOI Filing Assistant, launching today as a free service for California businesses.
"Running a restaurant in California, I've lived through the maze of compliance requirements that keep business owners up at night," said Patterson. "When we learned about the BOI filing requirement, I immediately thought about my fellow restaurant owners who are already dealing with rising costs, labor challenges, and endless paperwork. They don't have time to figure out complex federal filings or money to spend on expensive legal services."
The Corporate Transparency Act, effective January 1, 2024, requires nearly every small business in California to file beneficial ownership information (BOI) with the federal government. Failure to comply can result in penalties of up to $500 per day and potential criminal charges.
The California Restaurant Association estimates that over 76,000 eating and drinking establishments in the state will need to file BOI reports, with many owners unaware of this new requirement.
"Every minute spent on paperwork is a minute away from serving customers and growing your business," Patterson added. "We've designed our AI assistant to turn a complex legal filing into a simple conversation. As someone operating restaurants in San Francisco, I know firsthand how valuable it is to have technology that just handles compliance for you."
Cameron, owner of the Heritage in San Francisco's Richmond District, was among the first to use the system: "As a small business owner, I barely have time to breathe, let alone deal with new federal requirements. Connor and the Palm team understand our challenges. Their AI assistant helped me complete my BOI filing during a quick break between lunch and dinner service. It took less than 5 minutes."
To support California's small business community, Palm is also partnering with local organizations to provide:
- Free educational workshops in major California cities
- Direct assistance to underserved business communities
- Integration with existing California compliance requirements
"Having been in the restaurant industry, I know that January is already a challenging month with California minimum wage increases and other compliance changes," noted Patterson. "We're making our AI assistant free because we believe no small business should have to choose between compliance and growth."
The AI BOI Filing Assistant is available immediately at getpalm.com. Palm has also established a 24/7 assistant to help business owners with questions about the filing process.
About Palm
Founded by small business owners for small business owners, Palm is the first compliance operating system built to make perfect compliance effortless. Palm combines artificial intelligence with deep compliance expertise to help business owners stay compliant without becoming compliance experts. The platform offers registered agent services, automated filing, and compliance monitoring across all 50 states.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241118523385/en/
Contacts
Media Contact:
Irina Nabel, Head of Communications, Palm
irina@getpalm.com
