once he graduates from law school in Wyoming and joins Sutton’s practice.
Know that you are going to make some mistakes at the start. Everyone does! You are creating future war stories and learning by doing to be a better investor.”
CAUTION FOR CORPORATIONS Currently, Sutton is educating his clients on a new law that goes into effect in January 2022. The Corporate Transparency Act is recognized as an amendment to the Anti-Money Laundering Act. Though lawmakers may have had good intentions, Sutton said, the reality is that the new rule will create a huge filing burden for nearly all corporations and LLCs in the country. The CTA requires all companies to report on an annual basis the beneficial owner, owner’s date of birth, business address and an identifying number from a state-issued ID, such as a passport or driver’s license. The information will be stored in a database maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. Sutton said penalties for not filing or filing false information will be severe, includ - ing fines up to $10,000 or two years in jail. Complicating matters, the Treasury has been slow to release guidance on how to file the required information, Sutton said. To help his clients, Sutton’s firm will offer a new service to help businesses file this information and remain in compliance. He’s well-suited to help companies nation- wide: The firm already offers a resident agent service in all 50 states. That offering “aids in the efficiency of justice,” Sutton said, by making it easy for someone suing a company to make contact. Some business owners mistakenly think that if they can’t be found, they can’t be sued. In fact, Sut- ton said, that scenario makes it more likely that the entity suing will receive a default judgment and win the case. “Hiding is not a good idea,” he said. REFLECTING ON SUCCESS Though he’s gained Titan status in his industry, Sutton said the real measure of success is the satisfaction he’s found through writing books and educating clients. “If you provide a good service, the money takes care of itself. So I’ve never really worried about that part of it,” he said. He also says he’s satisfied in life, being able to travel and provide opportunities for his son and twin daughters, Emily and Sarah. Sutton also has been able to invest his time in causes that resonate with him. He’s on the exec-
GARRETT SUTTON OWNER AND OPERATOR OF SUTTON LAW CENTER AND CORPORATE DIRECT INC.
utive committee of the Nevada Museum of Art in Reno, the only accredited art museum in Nevada. He’s on the boards of Sierra Kids Foundation as well as the American Baseball Foundation, which he has worked with for more than 25 years. His love of the game has spurred another project: a baseball documentary that will be released in the spring. ADVICE FROMATITAN Sutton looks to titans of history for inspiration, saying he particularly admires George Washington’s leadership and character that played a pivotal role in defining the U.S. and the role of president. For those who may look to him for advice, Sutton rec- ommends starting small to anyone interested in real estate investing. “You don’t need to—and probably shouldn’t—do a big deal at the start,” he said. “Learn about real estate and your market by starting with smaller properties. Avoid the paralysis of analysis. Too many potential investors focus just on the numbers and let the opportunities to learn and grow pass them by. “Know that you are going to make some mistakes at the start. Everyone does! You are creating future war stories and learning by doing to be a better investor.” •
12 | think realty magazine :: december 2021
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