<description>&lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;If you own a real estate entity (like an LLC), the new Corporate Transparency Act (CTA) must be complied with soon.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;I have my own attorneys on the show to discuss this today, Garrett and Ted Sutton.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;You must report ownership information to the federal government. It must only be done one-time, not annually.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;The penalties for non-compliance with the CTA can be as high as $10,000 in fines or up to 2 years in jail. Those penalties would be for the most egregious acts.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;The intent behind the CTA is to prevent money laundering and terrorist financing.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;If you don’t own real estate in an LLC, you probably won’t need to comply. There are pros and cons of using LLCs, which I discuss.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;For help complying with the CTA, you can contact Corporate Direct at CorporateDirect.com or (800) 600-1760.&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Resources mentioned:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Show Notes:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://www.getricheducation.com/episode/478"&gt;GetRichEducation.com/478&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Corporate Direct:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style= "font-size: 10pt;"&gt;&lt;strong&gt;CorporateDirect.com&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style= "font-size: 10pt;"&gt;&lt;strong&gt;1-800-600-1760&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Video platform with kids’ FinEd:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style= "font-size: 10pt;"&gt;&lt;strong&gt;SunnStream.com/fivetricks&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;For access to properties or free help with a&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;GRE Investment Coach, start here:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://gremarketplace.com/coach/"&gt;GREmarketplace.com&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Get mortgage loans for investment property:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "http://www.ridgelendinggroup.com/"&gt;RidgeLendingGroup.com&lt;/a&gt; or call 855-74-RIDGE &lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;or e-mail: info@RidgeLendingGroup.com&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Invest with Freedom Family Investments. &lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;You get paid first: Text FAMILY to 66866&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Will you please leave a review for the show? I’d be grateful. Search “how to leave an Apple Podcasts review” &lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Top Properties &amp; Providers:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://www.gremarketplace.com/"&gt;GREmarketplace.com&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;GRE Free Investment Coaching:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://gremarketplace.com/coach/"&gt;GREmarketplace.com/Coach&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Best Financial Education:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://www.getricheducation.com/"&gt;GetRichEducation.com&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Get our wealth-building newsletter free—&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;text ‘GRE’ to 66866&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Our YouTube Channel:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://www.youtube.com/c/GetRichEducation"&gt;www.youtube.com/c/GetRichEducation&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Follow us on Instagram:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://www.instagram.com/getricheducation/"&gt;@getricheducation&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;Keith’s personal Instagram:&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;strong&gt;&lt;a href= "https://www.instagram.com/keithweinhold/"&gt;@keithweinhold&lt;/a&gt;&lt;/strong&gt;&lt;/span&gt;&lt;strong id="docs-internal-guid-3ab3562b-7fff-2d4b-bdc7-1809f9571a3a"&gt;&lt;/strong&gt;&lt;/p&gt;</description>

Get Rich Education

Real Estate Investing with Keith Weinhold

478: The Corporate Transparency Act is Coming. It Probably Affects You.

DEC 4, 202336 MIN
Get Rich Education

478: The Corporate Transparency Act is Coming. It Probably Affects You.

DEC 4, 202336 MIN

Description

If you own a real estate entity (like an LLC), the new Corporate Transparency Act (CTA) must be complied with soon.

I have my own attorneys on the show to discuss this today, Garrett and Ted Sutton.

You must report ownership information to the federal government. It must only be done one-time, not annually.

The penalties for non-compliance with the CTA can be as high as $10,000 in fines or up to 2 years in jail. Those penalties would be for the most egregious acts.

The intent behind the CTA is to prevent money laundering and terrorist financing.

If you don’t own real estate in an LLC, you probably won’t need to comply. There are pros and cons of using LLCs, which I discuss.

For help complying with the CTA, you can contact Corporate Direct at CorporateDirect.com or (800) 600-1760.

Resources mentioned:

Show Notes:

GetRichEducation.com/478

Corporate Direct:

CorporateDirect.com

1-800-600-1760

Video platform with kids’ FinEd:

SunnStream.com/fivetricks

For access to properties or free help with a

GRE Investment Coach, start here:

GREmarketplace.com

Get mortgage loans for investment property:

RidgeLendingGroup.com or call 855-74-RIDGE 

or e-mail: [email protected]

Invest with Freedom Family Investments. 

You get paid first: Text FAMILY to 66866

Will you please leave a review for the show? I’d be grateful. Search “how to leave an Apple Podcasts review” 

Top Properties & Providers:

GREmarketplace.com

GRE Free Investment Coaching:

GREmarketplace.com/Coach

Best Financial Education:

GetRichEducation.com

Get our wealth-building newsletter free—

text ‘GRE’ to 66866

Our YouTube Channel:

www.youtube.com/c/GetRichEducation

Follow us on Instagram:

@getricheducation

Keith’s personal Instagram:

@keithweinhold