All Forum Posts by: Nathan Hunnicutt

I predict it will be hung up in the court for 2 years then reinstated.  After that time, some mom & pop ice cream stand owner will be fined $50,000 by the law for not updating the FinCen after their driver license expired.  It will destroy them. People will start to realize that a law designed to protect against criminal international money laundering captures more innocents than anything.  The guilty people know how to hide their tracks and could have been arrested under previous laws anyway, so all CTA law did was persecute small business owners.  The entire fiasco will create a media circus and a go-fund-me campaign for the poor couple damaged by this stupid law. Then and only then will congress kill this idiotic legislation.

@Jermaine Washington Glad I could help! A big part of succeeding in this game is simply staying in the game.

Make sure to take the lessons from this experience so it’s not in vain:

• Always keep reserves.

• Stay liquid.

• And prioritize managing your money effectively.

You’ve got this!

Keep in mind this is a TEMPORARY injunction.  The ruling may be overturned.

I do hope that this act is struck down.  They made it sound like it was something easy to comply with, but if anyone who is a beneficial owner has their ID expire or they move, you have 30 days to re-submit the paperwork.  If you forget, you face massive fines.

In a small partnership, you might be redoing this paperwork quite frequently.

@Nathan Hunnicutt What goes into “marketing”? Determining a list price, photos, advertising, sometimes staging and open houses, arranging tours…what else? Genuine question, not meant sarcastically.