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Episode 130: The New Law No One Knows About: The Corporate Transparency Act

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Featuring father and son guest speakers – Garrett and Ted Sutton, we discussed the “Corporate Transparency Act”, which requires companies to report information about their owners and managers to the federal government. This new law is fairly unknown, yet penalties for noncompliance are stiff. Garrett and Ted Sutton are getting the word out about the new law, and helping people to understand it and properly report the information.

They also discussed the importance of setting up business entities properly to protect against liability. As business attorneys, they stressed the importance of maintaining a corporate veil and annual filings to protect the business. Overall, the podcast aimed to educate business owners on the legal requirements and the importance of seeking professional advice to stay protected and compliant.

GARRETT SUTTON has sold more than a million books to guide entrepreneurs and investors. His best sellers include “Start Your Own Corporation”, “Loopholes of Real Estate”, and “Veil Not Fail.” For more than 30 years, he has run his practice assisting entrepreneurs and real estate investors in protecting their assets. Ted has been focused on making sure Corporate Direct’s clients properly file under the Corporate Transparency Act. Ted is also the author of “Five Tricks To Teach Your Kids About Money” which you can download for free

at: www.sunnstream.com/fivetricks.

00:00 – Corporate transparency act overview

09:40 – Importance of legal structure

20:09 – Legal protection strategies discussed

29:33 – Maintaining corporate compliance

38:05 – Take charge of compliance

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Key Takeaways:

– Business owners need to report company information to the federal government under the Corporate Transparency Act to avoid penalties.

– Having a business attorney on your team is crucial for staying compliant with laws, protecting assets, and managing legal matters effectively.

– Setting up the right business structure and maintaining proper documentation is essential for liability protection and legal compliance.

– Annual maintenance of entities, such as filing annual minutes, is necessary to uphold the corporate veil and avoid individual liability.

– Stay informed about the Corporate Transparency Act and consult with a business attorney to ensure legal compliance and protect your assets.

– Visit CorporateDirect.com for more information and assistance with setting up and maintaining entities for legal protection.

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