February 7, 2024 • 21 mins
Garrett Sutton and Ted Sutton, Corporate Attorneys and Authors.
The father and son law team discuss the Corporate Transparency Act, the new law that no one is talking about. Corporate Direct assists clients with asset protection. They discuss the new Corporate Transparency Act and why it's important...especially for small business owners nationwide.
https://corporatedirect.com/
Ted is also the author of"Five Tricks to Teach Your Kids About Money" which you can dowload for free at www.sunnstream.com/fivetricks
The father and son law team discuss the Corporate Transparency Act, the new law that no one is talking about. Corporate Direct assists clients with asset protection. They discuss the new Corporate Transparency Act and why it's important...especially for small business owners nationwide.
https://corporatedirect.com/
Ted is also the author of"Five Tricks to Teach Your Kids About Money" which you can dowload for free at www.sunnstream.com/fivetricks
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Hi, this is Karen Klaus.Thanks so much for listening to the Art
of Improvement. This week, myguest will be Garrett Sutton and Ted Sutton.
Both are corporate attorneys and authors,and they're also father and son.
They're going to be talking about somethingtoday called the Corporate Transparency Act. It's
pretty important if you're a small businessowner. That topic and more coming up
(00:20):
next with my conversation with Garrett andTed Sutton on the Art of Improvement.
Thank you so much for listening tothe Art of Improvement. I'm Karen Klaus
and my guest today Garrett Sutton andTed Sutton. Garrett is a corporate attorney,
well I think so is Ted.They're both authors, they're a father
(00:42):
and son. Thank you so muchfor coming on the show today. It's
our deal here. Thanks for havingus, Karen. Great. You know,
there was one thing that we hada conversation about, and of course
my eyes went into spirals because whenit comes to money or assets it I
hope I'm not alone when I sayit's something that I hear but I don't
(01:03):
quite completely understand. And what wewere talking about. I think it was
Wted that said there's a new lawcalled the Corporate Transparency Act, and I
wanted for you to tell us alittle bit about it. Yeah, so
you're definitely correct there. So thenew law, as you mentioned, is
called the Corporate Transparency Act, andit just took effect on January first of
(01:27):
this year. And you know,the scary thing is is that nobody's talked
about it, and there's a lotof people who've been left in the dark.
But the whole gist of the actis that it requires many small businesses.
A lot of the federal regulations goafter the big businesses, but what
(01:49):
people don't know is that the CorporateTransparency Act goes after the small businesses and
it requires small businesses to report additionalinformation to the federal government. The reason
they passed it was because of tocombat activities like money laundering and terrorist financing.
(02:09):
And so what people are going tohave to do is they're going to
have to report information to the Departmentof the Treasury. There's a branch there
called the Financial Crimes Enforcement Network,and people are going to need to report
sensitive personal information about the businesses andthemselves. And the worst part of this
(02:32):
act is that if you don't doit, you can face some very steep
penalties. You can face ten thousanddollars in fines or up to two years
in jail. So it's really importantthat people know about this, and it's
good that we're talking about it rightnow. Well, have I have to
go back because there are so manyflags that went up on so many different
(02:57):
topics that you just mentioned before.Behere, I go any further. I
promise I won't forget this because Iwant to go into this. I should
mention that Garrett, you have soldmore than a million books to guide entrepreneurs
and investors. Your best sellers includeStart your Own Corporation, Loopholes of Real
Estate, and Veil Not Fail.I definitely want during the show for you
(03:20):
to tell us where we can findthose books. But Ted, you're also
a license attorney and Garrett's son,and you really are focusing on corporate direct
clients. And so when you talkabout this Corporate Transparency Act, you you
said that small businesses are the targetof this new law, but you said
(03:43):
it's too combat like terroristic activities andwhat else, Yeah, like money laundering,
terrorist financing, or you know,any illegal activity. So the whole
point of passing the act was thatthey did cite evidence of people who you
know, there are foreign nationals oftheir people domestic who set up shell companies
(04:06):
to launder money and you know,conduct illegal activity. And so the whole
gist of the act is that itgoes after a lot of those smaller shell
companies. But the thing is is, you know, and my dad can
speak on this too, is thata lot of that evidence is pretty anecdotal,
(04:28):
just because like my dad's been doingthis for forty years. You know,
I've been out for two years now, but I haven't seen any of
our clients, you know, donefarious acts with the entcs that they have.
So we'll see how how effective thisact is, you know. Unfortunately,
it seems like all the law abidingbusiness owners are going to bear the
(04:53):
brunt of it. Yeah, Karen, it's really interesting. Even the Wall
Street journals said, are the badguys really going to self report? You
know, you're going to have thirtytwo million LLCs and corporations, smaller entities
have to file this information with thefederal government. As Ted said, the
(05:13):
penalties are pretty significant, but arethe bad guys really going to self report?
So the other question is the federalgovernment with this information is creating this
huge targetage database and how protected willthis information be? Part of the law
says if someone hacks into this,they'll face five years in prison. But
(05:36):
how often the hackers get caught?So you know, our job is to
help our clients follow the law.This is now the law. So we
are Corporate Direct clients, and anyof your listeners, Karen, who need
help with this can come to CorporateDirect and get a free fifteen minute consult
on it. But it's important torealize that we have to follow this law
(05:59):
whether we like it or not.So can you tell us how can we
find Corporate Direct? Sure Corporatedirect dotcom and you can go on our website
and schedule a free fifteen minute consultationwith a pairalegal. And we can not
only assist you in with the CorporateTransparency Act filings, but we can also
(06:19):
help you set up new entities bethe registered agent. We do this in
all fifty states, But Karen,a lot of people set up entities either
by themselves or with a small momand pop company, and they may not
have to know how to do thisfiling. You know, it's somewhat complicated,
(06:42):
so we're happy to help people,so they can go to corporatedirect dot
com and we can assist. Thereare so many times in the past few
years that we have heard people whoare called conspiracy theorist later turns out are
not conspiracy theorists. But we're justa little early in revealing the truth about
(07:05):
what is happening, whether it beCOVID or a million IRS armed IRS agents
that have been hired. And sowhen I see this, I mean,
I get this weird feeling that it'sjust and this is just me. I'm
just asking, but it feels likeanother way for the government to get into
(07:28):
the personal information of small business owners. And I mean, am I feeling
weird for a reason? Or isthis just some new law? I mean,
I'm having a hard time understanding theterrorists financing and money laundering on small
businesses. Why does this seem soodd to me? Well, I think
you're onto something there, Karen.It does feel odd because I don't think
(07:53):
the law. You know, theysay they're going after terrorists financing, but
you know, the terrorists are smarterthan this. Really. I mean,
they're in a self report that theyown a Nevada l and yet thirty two
million other, honest, legitimate businesseshave to do this filing. And now
the government has this huge database ofwhat you own. And you know,
(08:18):
this can be used by law enforcement. The federal agencies have access to this
information. State and local agencies canget access to this information. So it
just creates this very large and sensitivedatabase that the federal government can use and
(08:39):
that may be hacked. So,you know a lot of people have thought
that perhaps this act would be repealed, but it hasn't. It has gone
forward. And you know, again, our job is to help our clients
follow the law, which is whatwe're going to do. So everyone go
ahead. I'm sorry. Yeah.And to add on to that is that
(09:00):
it could just be the tip ofthe iceberg. I mean, there are
other dominoes that could fall in thefuture too. New York just passed the
law that's called the New York LLCTransparency Act, and it's going to require
New York LLC owners to report similarinformation to the State of New York.
And you know, I just readan article a few days ago about how
(09:22):
Canada's going to pass a similar law, and it just raises the question like,
is the government going to stop thereor are other governing bodies going to
pass similar laws that peel back onthe privacy. So you know, this
definitely is pretty concerning, and youknow it's good that we're talking about it
here. So everybody wants to protecttheir assets. And when we say that,
(09:52):
it is something to me that's sogeneral that I don't know, doesn't
it makes sense? But it doesn'tmake sense because you have to know how
to protect your assets in order todo that. Why is it even important
to protect your assets? Well,we live in a very litigious society.
I mean, you see the billboardsout there in erect get a check.
(10:16):
You know a lot of people inour society feel victimized and they like to
lash out and sue, and soyou really do need to take steps to
protect yourself. So the system allowsattorneys to sue and collect a percentage,
but the system also allows you toset up LLCs and corporations to protect yourself.
(10:39):
So knowing that when you get intobusiness, when you invest in that
first piece of real estate, youneed to take the affirmative steps right at
the start and protect yourself with anLLC and in some cases of corporation.
And that's why it's important to understandthese issues because Karen, they don't teach
(11:00):
it in school. Yeah, youknow, you have to get this information
on your own. And that's why, you know, it's been so fortunate
for me to be part of theRich Dad organization and travel the world with
Robert Kiyosaki talking about financial education,and that's what we need out here.
But at the start, back toyour point, we do need to take
(11:20):
steps to protect your assets right atthe start, because if you get sued
and the assets are in your individualname, someone suing you can reach those.
So we want that LLC or corporateprotection. Garrett Sutton is a corporate
attorney, asset protection expert and bestselling author and Ted Sutton corporate attorney and
also an author. So what cancan we call you? What can the
(11:46):
average person that who you just describedstart by making a phone call to you?
But before that, what can wedo to say I've got to take
a look at my life and seewhat I need to start doing first.
What is that? Well? Ithink getting educated, Karen is really important.
(12:07):
Corporatedirect dot com. We have plentyof articles. I wrote the book
Start your Own Corporation. We tellstories in there so people can understand the
legal concepts. But you know,if you're starting a business and you don't
have time to learn all this andyou really don't need to learn it.
You just need to get a goodteam member, a good attorney on your
(12:31):
team that can help you get throughthe process of protecting your assets. So
you can get started right away onthis. And you can call us eight
hundred six hundred seventeen sixty or goto corporatedirect dot com and schedule a free
fifteen minute console. Garrett, thereare so many questions I have about business,
and to me, that is evenanother term that's so hard to describe
(12:54):
or I guess understand because there aremillions of business this is now, whether
someone's selling cookies on the internet orclothes, you know, clothes or jewelry.
I mean, what is considered abusiness these days. Well, I
think it's great that there are allthese businesses. I mean, we're still
an entrepreneurial country and that's good.You know, new businesses employee people and
(13:20):
provide for you know, taxes forthe government. So you know, I
encourage people to set up businesses andto invest in real estate, all the
things that is talked about in RichDad, poor Dad. But at the
start, you need to know thatyou are not protected if you operate a
business in your own name. Solet's say you're making cookies and selling them.
(13:43):
If someone gets ill, hopefully youhave insurance product liability insurance. But
if you have that business in anLLC, you're going to be better protected.
The the someone suing can get what'sinside the l but they can't get
outside the LLC to get at yourpersonal assets, the equity in your house,
(14:05):
your cars, your wages. Sowe want to start right at the
beginning with an LLC for protection.Got it? So? Ted? You
wrote a book also, the FiveTricks to Teach Your Kids about Money,
And when your dad's talking about richDad, I was thinking to myself,
it really does start with the parenting, because if you don't get the training
(14:28):
from the time you're little, youare even more lost by the time you
become an entrepreneur and have your ownbusiness. Would you say that that's true,
Oh, I would definitely say so. You know, it's important to
lay that foundation when you're younger,and you know if you have that foundation
going forward, you're going to bemuch better off. And the benefit there
(14:50):
is that you'll have a better financialIQ and when you become an adult,
you'll make better financial decisions and you'llbe a lot wiser with your money.
So the reason I wrote that book, it's called the Five Tricks to Teach
Your Kids About Money, and youcan go ahead and download it for free
at sunstream dot com slash five Tricks. So that's s U n N s
(15:15):
t R e a m dot comslash five tricks. And so the reason
I wrote it was just because ithelps break down certain things that parents can
do to educate their kids about money. Now, the title five tricks,
so it's not like you're going tobe pranking your kids, but they're just
(15:37):
certain you know, you don't wantto play tricks on your kids, at
least too much, not with money, Oh no, no, definitely not.
But they're just certain methods that parentscan use to increase their kids financial
IQ. And you know one ofthem is playing board games because when you
actually stimulate the real experience, thelearning retentions a lot higher. And that's
(16:03):
what the Cone of Learning teaches isthat if you simulate the real thing,
you're gonna learn it a lot betterand it's going to stick with you so
that's one of the chapters in there, but you know, I don't want
to spill the beans on the otherfour. So yeah, if you want
to go ahead and download that forfree at sunstream dot com Slash five Tricks.
(16:23):
I would really appreciate that. It'sa short read, it's about twenty
pages, but there's a lot ofgood information in there that will help your
kids financial foundation and it'll in turnit'll boost their financial IQ. Well.
What is Sunstream? Sunstream is anew streaming platform that we've started. One
(16:44):
of our focuses is kids financial education. We have a section called Cool Kids
Money Smarts, and it's also aplatform for movies and music. We have
made three original documentaries and one kidthis movie called Kangaroo Kids. So we're
getting out there with this streaming platformto help educate, you know, not
(17:08):
only kids, but parents on moneyissues. Nice. That is so needed
and I really appreciate that. Andso it's Sunstream s U N N st
R E A M. Is thatcorrect? Yep? Correct? I hate
we you know, we only havea few minutes, but I really want
to go back to this Corporate TransparencyAct because it is just weighing on me
(17:32):
because when you told me about it. I it's a new term to me.
And I wonder because I am anews junkie and I constantly am watching
what's going on in the world,especially with what's going on with our economy
right now. Why have I notheard about this? Not that I know
(17:52):
everything, but why is this nota huge story? Yeah? Well,
I think part of it is thatthe news nowadays is a little bit more
clickbaity and they sort of have anarrative to push. I think that's part
of it. Another reason is thatI don't think the US Department of Treasuries
(18:12):
really rolled out this rule that well, A lot of the knowledge that I've
gained from it ahead of times justbeen in legal circles. There really hasn't
been a big public push to educatethe public on this law. And the
unfortunate thing is, now that it'sin effect, there's a lot of people
that have been left in the darkabout it. So, you know,
(18:33):
I would say it's probably those twothings, right, there's the news and
then you know the federal government,and just so it's also go ahead.
I'm sorry, it's really it's alsoa negative thing. I mean, it's
just it's not a positive thing formom and pop business owners. I don't
think the government really wants to promotethe idea that we demand all this information.
(18:57):
So it's not a law. No, I totally understand that, especially
when some believe that, you know, entrepreneurs have tons of money and can
know all of the rules, andit can sometimes be just the opposite.
It's people that are the hardest workingand not necessarily have all the money,
(19:19):
right. Yeah, So it's sosad to me, But at the same
time, I am so glad thatyou both came on today to talk about
it. And again, this isGarrett Sutton, corporate attorney, asset protection
expert, bestselling author and Ted Sutton, corporate attorney and author. Can you
both talk tell us where people canfind your books. Sure, my books
(19:42):
are on Amazon. They can sellthem cheaper than I can for some reason.
And then also at corporatedirect dot comagain we offer a free fifteen minute
consultation with a incorporating specialist, aparalegal. And you know we're open for
new clients. So we're happy tohelp people, especially with this Corporate Transparency
(20:03):
Act, which people are in thedark about, and so we're here to
help them. Through it yep,and then you could find my book as
I mentioned on sunstream dot com Slashfive tricks. You know. For more
information on the Corporate Transparency Act,you can go to corporatedirect dot com.
But on top of that, wealso have a YouTube channel, So if
(20:26):
you head on over to YouTube andtype in corporate Direct, you can subscribe
to the channel. I post videosthere weekly that discuss the Corporate Transparency Act
and other corporate law matters. Soif I could get that extra subscriber,
that would be very much appreciated.And there's a lot of good content on
there that you can watch and learnfrom as well. And again, can
(20:48):
you tell us how to find thatYouTube channel? Yeah, so if you
head on over to YouTube dot com, just type in corporate Direct into the
search bar and the channel will showup on one of the first few searches.
I really appreciate the time today.I hope that business owners, small
business owners take action and give youa call. Be aware that the title
(21:12):
is Corporate Transparency Act. That's whatyou need to find out about. And
if you once again could give outyour information about Corporate Direct and a phone
number, that would be so helpful. So it's corporatedirect dot com and the
phone number is eight hundred, sixhundred seventeen sixty eight hundred six hundred seventeen
(21:33):
sixty. Garrett and Ted Sutton,thank you so much for coming on the
podcast today. Thank you, KarenYep, Thanks Karen,
Hi, this is Karen Klaus.Thanks so much for listening to the Art
of Improvement. This week, myguest will be Garrett Sutton and Ted Sutton.
Both are corporate attorneys and authors,and they're also father and son.
They're going to be talking about somethingtoday called the Corporate Transparency Act. It's
pretty important if you're a small businessowner. That topic and more coming up
(00:20):
next with my conversation with Garrett andTed Sutton on the Art of Improvement.
Thank you so much for listening tothe Art of Improvement. I'm Karen Klaus
and my guest today Garrett Sutton andTed Sutton. Garrett is a corporate attorney,
well I think so is Ted.They're both authors, they're a father
(00:42):
and son. Thank you so muchfor coming on the show today. It's
our deal here. Thanks for havingus, Karen. Great. You know,
there was one thing that we hada conversation about, and of course
my eyes went into spirals because whenit comes to money or assets it I
hope I'm not alone when I sayit's something that I hear but I don't
(01:03):
quite completely understand. And what wewere talking about. I think it was
Wted that said there's a new lawcalled the Corporate Transparency Act, and I
wanted for you to tell us alittle bit about it. Yeah, so
you're definitely correct there. So thenew law, as you mentioned, is
called the Corporate Transparency Act, andit just took effect on January first of
(01:27):
this year. And you know,the scary thing is is that nobody's talked
about it, and there's a lotof people who've been left in the dark.
But the whole gist of the actis that it requires many small businesses.
A lot of the federal regulations goafter the big businesses, but what
(01:49):
people don't know is that the CorporateTransparency Act goes after the small businesses and
it requires small businesses to report additionalinformation to the federal government. The reason
they passed it was because of tocombat activities like money laundering and terrorist financing.
(02:09):
And so what people are going tohave to do is they're going to
have to report information to the Departmentof the Treasury. There's a branch there
called the Financial Crimes Enforcement Network,and people are going to need to report
sensitive personal information about the businesses andthemselves. And the worst part of this
(02:32):
act is that if you don't doit, you can face some very steep
penalties. You can face ten thousanddollars in fines or up to two years
in jail. So it's really importantthat people know about this, and it's
good that we're talking about it rightnow. Well, have I have to
go back because there are so manyflags that went up on so many different
(02:57):
topics that you just mentioned before.Behere, I go any further. I
promise I won't forget this because Iwant to go into this. I should
mention that Garrett, you have soldmore than a million books to guide entrepreneurs
and investors. Your best sellers includeStart your Own Corporation, Loopholes of Real
Estate, and Veil Not Fail.I definitely want during the show for you
(03:20):
to tell us where we can findthose books. But Ted, you're also
a license attorney and Garrett's son,and you really are focusing on corporate direct
clients. And so when you talkabout this Corporate Transparency Act, you you
said that small businesses are the targetof this new law, but you said
(03:43):
it's too combat like terroristic activities andwhat else, Yeah, like money laundering,
terrorist financing, or you know,any illegal activity. So the whole
point of passing the act was thatthey did cite evidence of people who you
know, there are foreign nationals oftheir people domestic who set up shell companies
(04:06):
to launder money and you know,conduct illegal activity. And so the whole
gist of the act is that itgoes after a lot of those smaller shell
companies. But the thing is is, you know, and my dad can
speak on this too, is thata lot of that evidence is pretty anecdotal,
(04:28):
just because like my dad's been doingthis for forty years. You know,
I've been out for two years now, but I haven't seen any of
our clients, you know, donefarious acts with the entcs that they have.
So we'll see how how effective thisact is, you know. Unfortunately,
it seems like all the law abidingbusiness owners are going to bear the
(04:53):
brunt of it. Yeah, Karen, it's really interesting. Even the Wall
Street journals said, are the badguys really going to self report? You
know, you're going to have thirtytwo million LLCs and corporations, smaller entities
have to file this information with thefederal government. As Ted said, the
(05:13):
penalties are pretty significant, but arethe bad guys really going to self report?
So the other question is the federalgovernment with this information is creating this
huge targetage database and how protected willthis information be? Part of the law
says if someone hacks into this,they'll face five years in prison. But
(05:36):
how often the hackers get caught?So you know, our job is to
help our clients follow the law.This is now the law. So we
are Corporate Direct clients, and anyof your listeners, Karen, who need
help with this can come to CorporateDirect and get a free fifteen minute consult
on it. But it's important torealize that we have to follow this law
(05:59):
whether we like it or not.So can you tell us how can we
find Corporate Direct? Sure Corporatedirect dotcom and you can go on our website
and schedule a free fifteen minute consultationwith a pairalegal. And we can not
only assist you in with the CorporateTransparency Act filings, but we can also
(06:19):
help you set up new entities bethe registered agent. We do this in
all fifty states, But Karen,a lot of people set up entities either
by themselves or with a small momand pop company, and they may not
have to know how to do thisfiling. You know, it's somewhat complicated,
(06:42):
so we're happy to help people,so they can go to corporatedirect dot
com and we can assist. Thereare so many times in the past few
years that we have heard people whoare called conspiracy theorist later turns out are
not conspiracy theorists. But we're justa little early in revealing the truth about
(07:05):
what is happening, whether it beCOVID or a million IRS armed IRS agents
that have been hired. And sowhen I see this, I mean,
I get this weird feeling that it'sjust and this is just me. I'm
just asking, but it feels likeanother way for the government to get into
(07:28):
the personal information of small business owners. And I mean, am I feeling
weird for a reason? Or isthis just some new law? I mean,
I'm having a hard time understanding theterrorists financing and money laundering on small
businesses. Why does this seem soodd to me? Well, I think
you're onto something there, Karen.It does feel odd because I don't think
(07:53):
the law. You know, theysay they're going after terrorists financing, but
you know, the terrorists are smarterthan this. Really. I mean,
they're in a self report that theyown a Nevada l and yet thirty two
million other, honest, legitimate businesseshave to do this filing. And now
the government has this huge database ofwhat you own. And you know,
(08:18):
this can be used by law enforcement. The federal agencies have access to this
information. State and local agencies canget access to this information. So it
just creates this very large and sensitivedatabase that the federal government can use and
(08:39):
that may be hacked. So,you know a lot of people have thought
that perhaps this act would be repealed, but it hasn't. It has gone
forward. And you know, again, our job is to help our clients
follow the law, which is whatwe're going to do. So everyone go
ahead. I'm sorry. Yeah.And to add on to that is that
(09:00):
it could just be the tip ofthe iceberg. I mean, there are
other dominoes that could fall in thefuture too. New York just passed the
law that's called the New York LLCTransparency Act, and it's going to require
New York LLC owners to report similarinformation to the State of New York.
And you know, I just readan article a few days ago about how
(09:22):
Canada's going to pass a similar law, and it just raises the question like,
is the government going to stop thereor are other governing bodies going to
pass similar laws that peel back onthe privacy. So you know, this
definitely is pretty concerning, and youknow it's good that we're talking about it
here. So everybody wants to protecttheir assets. And when we say that,
(09:52):
it is something to me that's sogeneral that I don't know, doesn't
it makes sense? But it doesn'tmake sense because you have to know how
to protect your assets in order todo that. Why is it even important
to protect your assets? Well,we live in a very litigious society.
I mean, you see the billboardsout there in erect get a check.
(10:16):
You know a lot of people inour society feel victimized and they like to
lash out and sue, and soyou really do need to take steps to
protect yourself. So the system allowsattorneys to sue and collect a percentage,
but the system also allows you toset up LLCs and corporations to protect yourself.
(10:39):
So knowing that when you get intobusiness, when you invest in that
first piece of real estate, youneed to take the affirmative steps right at
the start and protect yourself with anLLC and in some cases of corporation.
And that's why it's important to understandthese issues because Karen, they don't teach
(11:00):
it in school. Yeah, youknow, you have to get this information
on your own. And that's why, you know, it's been so fortunate
for me to be part of theRich Dad organization and travel the world with
Robert Kiyosaki talking about financial education,and that's what we need out here.
But at the start, back toyour point, we do need to take
(11:20):
steps to protect your assets right atthe start, because if you get sued
and the assets are in your individualname, someone suing you can reach those.
So we want that LLC or corporateprotection. Garrett Sutton is a corporate
attorney, asset protection expert and bestselling author and Ted Sutton corporate attorney and
also an author. So what cancan we call you? What can the
(11:46):
average person that who you just describedstart by making a phone call to you?
But before that, what can wedo to say I've got to take
a look at my life and seewhat I need to start doing first.
What is that? Well? Ithink getting educated, Karen is really important.
(12:07):
Corporatedirect dot com. We have plentyof articles. I wrote the book
Start your Own Corporation. We tellstories in there so people can understand the
legal concepts. But you know,if you're starting a business and you don't
have time to learn all this andyou really don't need to learn it.
You just need to get a goodteam member, a good attorney on your
(12:31):
team that can help you get throughthe process of protecting your assets. So
you can get started right away onthis. And you can call us eight
hundred six hundred seventeen sixty or goto corporatedirect dot com and schedule a free
fifteen minute console. Garrett, thereare so many questions I have about business,
and to me, that is evenanother term that's so hard to describe
(12:54):
or I guess understand because there aremillions of business this is now, whether
someone's selling cookies on the internet orclothes, you know, clothes or jewelry.
I mean, what is considered abusiness these days. Well, I
think it's great that there are allthese businesses. I mean, we're still
an entrepreneurial country and that's good.You know, new businesses employee people and
(13:20):
provide for you know, taxes forthe government. So you know, I
encourage people to set up businesses andto invest in real estate, all the
things that is talked about in RichDad, poor Dad. But at the
start, you need to know thatyou are not protected if you operate a
business in your own name. Solet's say you're making cookies and selling them.
(13:43):
If someone gets ill, hopefully youhave insurance product liability insurance. But
if you have that business in anLLC, you're going to be better protected.
The the someone suing can get what'sinside the l but they can't get
outside the LLC to get at yourpersonal assets, the equity in your house,
(14:05):
your cars, your wages. Sowe want to start right at the
beginning with an LLC for protection.Got it? So? Ted? You
wrote a book also, the FiveTricks to Teach Your Kids about Money,
And when your dad's talking about richDad, I was thinking to myself,
it really does start with the parenting, because if you don't get the training
(14:28):
from the time you're little, youare even more lost by the time you
become an entrepreneur and have your ownbusiness. Would you say that that's true,
Oh, I would definitely say so. You know, it's important to
lay that foundation when you're younger,and you know if you have that foundation
going forward, you're going to bemuch better off. And the benefit there
(14:50):
is that you'll have a better financialIQ and when you become an adult,
you'll make better financial decisions and you'llbe a lot wiser with your money.
So the reason I wrote that book, it's called the Five Tricks to Teach
Your Kids About Money, and youcan go ahead and download it for free
at sunstream dot com slash five Tricks. So that's s U n N s
(15:15):
t R e a m dot comslash five tricks. And so the reason
I wrote it was just because ithelps break down certain things that parents can
do to educate their kids about money. Now, the title five tricks,
so it's not like you're going tobe pranking your kids, but they're just
(15:37):
certain you know, you don't wantto play tricks on your kids, at
least too much, not with money, Oh no, no, definitely not.
But they're just certain methods that parentscan use to increase their kids financial
IQ. And you know one ofthem is playing board games because when you
actually stimulate the real experience, thelearning retentions a lot higher. And that's
(16:03):
what the Cone of Learning teaches isthat if you simulate the real thing,
you're gonna learn it a lot betterand it's going to stick with you so
that's one of the chapters in there, but you know, I don't want
to spill the beans on the otherfour. So yeah, if you want
to go ahead and download that forfree at sunstream dot com Slash five Tricks.
(16:23):
I would really appreciate that. It'sa short read, it's about twenty
pages, but there's a lot ofgood information in there that will help your
kids financial foundation and it'll in turnit'll boost their financial IQ. Well.
What is Sunstream? Sunstream is anew streaming platform that we've started. One
(16:44):
of our focuses is kids financial education. We have a section called Cool Kids
Money Smarts, and it's also aplatform for movies and music. We have
made three original documentaries and one kidthis movie called Kangaroo Kids. So we're
getting out there with this streaming platformto help educate, you know, not
(17:08):
only kids, but parents on moneyissues. Nice. That is so needed
and I really appreciate that. Andso it's Sunstream s U N N st
R E A M. Is thatcorrect? Yep? Correct? I hate
we you know, we only havea few minutes, but I really want
to go back to this Corporate TransparencyAct because it is just weighing on me
(17:32):
because when you told me about it. I it's a new term to me.
And I wonder because I am anews junkie and I constantly am watching
what's going on in the world,especially with what's going on with our economy
right now. Why have I notheard about this? Not that I know
(17:52):
everything, but why is this nota huge story? Yeah? Well,
I think part of it is thatthe news nowadays is a little bit more
clickbaity and they sort of have anarrative to push. I think that's part
of it. Another reason is thatI don't think the US Department of Treasuries
(18:12):
really rolled out this rule that well, A lot of the knowledge that I've
gained from it ahead of times justbeen in legal circles. There really hasn't
been a big public push to educatethe public on this law. And the
unfortunate thing is, now that it'sin effect, there's a lot of people
that have been left in the darkabout it. So, you know,
(18:33):
I would say it's probably those twothings, right, there's the news and
then you know the federal government,and just so it's also go ahead.
I'm sorry, it's really it's alsoa negative thing. I mean, it's
just it's not a positive thing formom and pop business owners. I don't
think the government really wants to promotethe idea that we demand all this information.
(18:57):
So it's not a law. No, I totally understand that, especially
when some believe that, you know, entrepreneurs have tons of money and can
know all of the rules, andit can sometimes be just the opposite.
It's people that are the hardest workingand not necessarily have all the money,
(19:19):
right. Yeah, So it's sosad to me, But at the same
time, I am so glad thatyou both came on today to talk about
it. And again, this isGarrett Sutton, corporate attorney, asset protection
expert, bestselling author and Ted Sutton, corporate attorney and author. Can you
both talk tell us where people canfind your books. Sure, my books
(19:42):
are on Amazon. They can sellthem cheaper than I can for some reason.
And then also at corporatedirect dot comagain we offer a free fifteen minute
consultation with a incorporating specialist, aparalegal. And you know we're open for
new clients. So we're happy tohelp people, especially with this Corporate Transparency
(20:03):
Act, which people are in thedark about, and so we're here to
help them. Through it yep,and then you could find my book as
I mentioned on sunstream dot com Slashfive tricks. You know. For more
information on the Corporate Transparency Act,you can go to corporatedirect dot com.
But on top of that, wealso have a YouTube channel, So if
(20:26):
you head on over to YouTube andtype in corporate Direct, you can subscribe
to the channel. I post videosthere weekly that discuss the Corporate Transparency Act
and other corporate law matters. Soif I could get that extra subscriber,
that would be very much appreciated.And there's a lot of good content on
there that you can watch and learnfrom as well. And again, can
(20:48):
you tell us how to find thatYouTube channel? Yeah, so if you
head on over to YouTube dot com, just type in corporate Direct into the
search bar and the channel will showup on one of the first few searches.
I really appreciate the time today.I hope that business owners, small
business owners take action and give youa call. Be aware that the title
(21:12):
is Corporate Transparency Act. That's whatyou need to find out about. And
if you once again could give outyour information about Corporate Direct and a phone
number, that would be so helpful. So it's corporatedirect dot com and the
phone number is eight hundred, sixhundred seventeen sixty eight hundred six hundred seventeen
(21:33):
sixty. Garrett and Ted Sutton,thank you so much for coming on the
podcast today. Thank you, KarenYep, Thanks Karen,
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!