So if you own 25% or more of an LLC, your name's got to go to FinC that you're an owner in it. If you were a manager or an officer in an entity, you need to have your information report to FinC to say you're a manager or officer in that. Oh, and the penalty? If you don't report this or you don't update it within 30 days, $500 day penalty and jail time. Any of you that have any LLC that's just been laying around,

if you don't clean this up, Vincent's going to be calling. So there's two things you have to do

to get rid of an entity that you don't need. And do you want to get a letter in the mail from the

federal government, the Financial Crimes Enforcement Network? They pack heat. Yeah, big up badges

and guns in that department, okay? Welcome, everybody, to probably one of the most important podcasts you're going to listen to this week, this month, or this year. We're going to be talking about the Corporate Transparency Act. The biggest law that has been passed for small business owners and maybe a decade that's going to affect your small business.

This is a big deal.

We're finally coming out loud.

We're coming out strong and with clarity.

People aren't talking about it.

We're going to start talking about today is the day.

Yeah, you guys have to know this.

This law is going to affect every small business owner.

You have an LLC, an S corporation.

That thing must comply with this new law. Everybody has to do this. We're going to go over some exceptions. They're narrow, but everybody's got to know this. So we want you to focus on this. I don't care if you got rental properties. You got a small business, a side hustle, a big business. You must know this law and you must comply because there's gel time. We're not just talking about penalties for not complying. We're talking about handcuffs, orange, clothes. Yeah. The new, the new color of whatever. You know, right? Oh, and the penalties are only $500 a day. So, yeah, but the jail times. Nobody bill. Per entity, by the way. Now, some of you're like, what the hell are you talking about?

Okay, so let's just say in summary, I'll take a shot, man, because it can be complex.

Over four years ago, the feds passed a law for the corporate transparency act.

It started, they tried to give everybody forewarning that it's going to take effect 1-1-24.

So we are less than 60 days away from that D-day. It is now upon us. We have not wanted to talk about it or cared talking about it until we

need to. It's time to talk about it. Now, in this law, essentially why they're doing this

is because they're sick and tired of drug dealers, human traffickers,

terrorists, money launderers, and scam artists that hide behind LLCs.

I know you want to be mad at the feds, but it's really not the feds we should be mad at.

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