Sierra Crest Business Law Group - November 2024

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November 2024

Stop Waiting for ‘Someday’

How to Take Action and Transform Your Life

There’s one illusion every single one of us falls for time and time again. The idea of “someday” — that mystical, far-off time when all our personal ambitions and deferred tasks will magically come to fruition. But here’s the hard truth: “Someday” is not at all real or based on reality. It’s a time frame just as fictional as any fairy tale, yet so many of us base our actions and procrastinations around it. Reflecting on my own life, I’ve realized that treating “someday” as a tangible point in the future is not only unrealistic but entirely disempowering. It’s a passive way to live, consistently pushing meaningful decisions and actions to an undefined point in time. But what if we could seize the day and make those choices now, turning “someday” into today? Let’s talk about getting organized, a common “someday” task for many, including myself. I’ve been meaning to declutter my bedroom closet for months — sorting out items to keep, donate, or discard. I even started a couple of weeks ago but quickly grew overwhelmed by the task, not to mention a bit grumpy, likely due to low blood sugar or the emotional weight of the task. I quit after making just two piles. This project lingered in my mind until over a recent weekend, I attended a leadership class where one of the challenges was to clean up our spaces. Motivated by this, I revisited the closet clean-out project, this time approaching it with a strategy to tackle just a little bit each day. Breaking it down into smaller, manageable tasks made the project feel less daunting and more attainable. It was time to stop leaving this frustrating chore as some large-scale project for “someday” and instead see it as a simpler action I could do today. The concept of “someday” also extends to our relationships. How many of us have thought, “Someday, I’ll have that difficult conversation,” or “Someday, I’ll address how I show up with this person”? Delaying these conversations keeps relationships in a state of limbo, often more strained than we’d like to admit. I’ve been there, too. I finally learned that these conversations, while daunting in anticipation, usually weren’t as painful in execution as I feared. Most importantly, they were profoundly rewarding.

As Thanksgiving approaches — a holiday certainly marked on the calendar and very real — it might be a perfect opportunity to replace “someday” with today. Perhaps this year, amid the festivities and maybe during a commercial break from the football game, we could engage in genuine conversations with our loved ones. It’s about making the most of now, not some elusive “someday.” “Someday” might feel safe because it doesn’t require immediate action, but it’s also where opportunities go to die. Let’s challenge ourselves to transform “someday” into actionable steps we can take today. It’s about making the choice to live more intentionally and turning the abstract into the tangible. After all, the only time we truly have is now. Let’s make it count.

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THE $93,750 SPUD Uncover Fabergé’s Unexpected Masterpiece

sale of a Fabergé potato, the world did a collective double-take. After all, who would have thought a potato — albeit one crafted by a master jeweler — would garner such attention and a hefty price tag to match? The bidding war was intense, with collectors and Fabergé

When you think of the name Fabergé, you probably imagine opulent, jewel-encrusted eggs that epitomize luxury and elegance. But did you know the famous Russian jeweler Peter Carl Fabergé, the mastermind behind the glittering eggs, also created a humble potato? And not just any potato, but one that fetched an astounding $93,750 at a Christie’s auction in 2016. Fabergé’s Glorious Spud In the late 19th and early 20th centuries, Peter Carl Fabergé was the go-to jeweler for Russian royalty. His intricate and lavish creations, particularly the famous Fabergé eggs, were commissioned by Tsars Alexander III and Nicholas II as Easter gifts for their wives and mothers. Each egg was a masterpiece, often containing hidden surprises like miniature portraits, mechanical wonders, expensive jewels, or even tiny replicas of royal palaces. But amidst these exquisite creations, Fabergé had a sense of humor and a knack for the unexpected. Enter the Fabergé potato — a far cry from the shimmering eggs but equally fascinating in its own right. This potato, crafted from pink agate, was a whimsical

enthusiasts eager to own this unique piece of history. When the gavel finally came down, the potato had sold for a staggering $93,750. Not bad for a root vegetable! Why a Potato? You might wonder why Fabergé, a jeweler known for his elaborate and luxurious designs, chose to make a potato. Perhaps it was his way of showing artistry could be found in the simplest of things. Or maybe it was a playful nod to the significance of potatoes in Russian culture — a staple food that sustained many through tough times. Whatever the reason, Fabergé’s potato reminds us that even the most mundane objects can be transformed into something extraordinary with a bit of creativity and a touch of humor.

departure from his usual opulent fare. The Humble Potato’s Journey

Fast-forward to 2016, and this extraordinary potato was again in the spotlight. When Christie’s auction house announced the

PECULIAR LAWS OF THE ANCIENT EMPIRE ROMAN RULES

Dress Codes and Party Fouls Beginning in around 215 BC, the Roman Republic began instituting what was known as sumptuary laws, which restricted the clothes people could wear, foods they could eat, and the maximum number of attendees at parties. They created these, in part, to reduce the costs of banquets, festivals, and other Roman ragers. Some examples were enacted in 213 BC when it became illegal for women to wear colorful dresses — unless they were celebrating a ritual sacrifice — to wear more than a half ounce of gold or even to ride around in carriages. However, they soon repealed these laws because they considered them antiquated . Shocking Statute Tough luck for those who like hanging out on tall metal poles — if a lightning strike killed someone in Rome, the law forbade families from burying them! This is because Romans believed lightning strikes were

divine retribution from the king of the Roman pantheon, Jupiter. See Ya Later, Gladiator! Romans “borrowed” the idea of gladiatorial games from their (conquered) neighbors, wherein people would fight — sometimes to the death — for the public’s amusement and began holding them back in 264 BC. However, because only 3 of every 5 people made it to their 20s at the time, only about 10% of those bouts involved actual fatalities. Many slaves, prisoners of war, and Christian martyrs fought as gladiators in the arena, but if they were already sentenced to execution, they had no hope of survival. One peculiar law involving gladiators was that they would fight until an injured combatant put down his shield and lifted his index finger to ask for mercy. At that point, it would come to an abrupt halt — though the emperor, if in attendance, would make the final decision.

While ancient Rome may be known for gladiators, grand conquests, and fashionable togas, a surprisingly intricate legal system kept their civilization in line. They had many laws — some familiar, others bizarre — that dictated the everyday lives of millions of Roman citizens, enslaved people, and soldiers across a vast empire. Here are three of the most outrageous and interesting laws Romans enacted as a republic and an empire.

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HELPING KIDS WITH ADHD THRIVE

BRAIN GAMES

STRATEGIES FOR SUPPORT AND EMPOWERMENT

It’s common for parents of children with attention-deficit/ hyperactivity disorder (ADHD) to sometimes feel frustrated and overwhelmed — and more than a little guilty for having these emotions. First and foremost, it’s perfectly understandable for any parent to experience hurdles as they work to help their child live a happy, healthy life. Although there are unique challenges to raising a youngster with ADHD, every day is an opportunity to take positive steps to help your child learn and grow. Here are four quick tips to help make the rough times a little smoother. Build a balanced routine. Helping your child stay on task with daily routines is critical to managing their ADHD journey. Are they hydrating regularly? Do they follow consistent meal and sleep schedules? Sometimes, staying consistent with the smallest things makes the biggest impact on your child’s well-being. Plan a digital detox. With everything so tech-based these days, there’s a good chance your child spends a lot of time in front of a screen. Set aside time throughout the week to interact with them in a digital-free environment — even if it’s just to chat about their day. This time is meant to help you build a stronger relationship

SOLUTION

GREEK CHICKEN AND RICE

with your child, so try to avoid discussing anything that may cause conflict or a distraction.

Ingredients

• 2 cups chicken broth • 1 (14-oz) can diced tomatoes • 1 cup uncooked long-grain white rice • Juice of 1 lemon • 1/2 cup feta cheese • Salt and pepper, to taste

• 2 tbsp olive oil • 1 onion, diced

Find a community of support.

Participating in a support group is a fantastic way to connect with other parents, share concerns, and learn new ways to encourage your child’s growth and success. As a bonus,

• 2 cloves garlic, minced • 2 lbs boneless, skinless chicken breasts, cubed • 1 tsp dried oregano • 1 tsp dried thyme

connecting with parents whose experiences are similar to yours could lead to their children interacting with yours — which may go a long way in helping your child relate to other people and develop their social skills. Tailor your tools. Every child with ADHD is a unique individual with specific needs. A specialized mental health professional can help you craft a solid framework to address obstacles as they arise. Whether you need guidance on stress management or tips on sharpening your communication skills, utilizing the services of an empathetic therapist could provide you with the fresh perspective and game plan you need to help your young one thrive.

Directions 1. In a large skillet over medium heat, add olive oil and sauté onion and garlic until softened. 2. Add chicken, oregano, and thyme and cook until the chicken is no longer pink, about 3–4 minutes. 3. Pour in chicken broth, diced tomatoes, and rice. Bring to a boil, then reduce heat to low and cover. Simmer for 15 minutes or until the rice is cooked through. 4. Stir in the lemon juice and feta cheese, then season with salt and pepper.

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INSIDE THIS ISSUE

Discover Why ‘Someday’ Doesn’t Exist

1

Discover Fabergé’s Playful Potato Masterpiece

2

Ridiculous Rules From Ancient Rome

Greek Chicken and Rice

3

Tailoring Your Child’s ADHD Journey

Hollywood Ending in the ‘Rust’ Trial

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HOLLYWOOD ENDING Alec Baldwin Walks Free After Case Dismissed

contributed to the swift decision. She was sentenced to 18 months in prison but has appealed, and what happened in July in Alec Baldwin’s trial may affect the outcome of that appeal. Hollywood Ending When the third day of Alec Baldwin’s involuntary manslaughter trial in New Mexico began, it became apparent that something was amiss. The defense attorneys had something important to bring to the court’s attention. Assistant District Attorney Erlinda Johnson was absent. As it turned out, she had resigned from the case after allegations that Santa Fe police, in conjunction with Special Prosecutor Kari Morrisey, had conspired to hide evidence from the defense. The evidence in question was a case of ammunition matching those retrieved from the set of “Rust.” The ammunition was given to Santa Fe police before the trial, but it was filed under a separate case number — even though

About three years ago, on Oct. 21, 2021, cinematographer Halyna Hutchins was shot and killed by a live round fired by actor Alec Baldwin on the set of the movie “Rust.” You might believe this would be an open-and-shut manslaughter case. However, just like the scenes Hutchins brilliantly captured on film, this scene was more complex and layered than you may expect. Baldwin’s trial was dismissed just three days after it began, on July 13, 2024. Ironically, but perhaps fittingly, Baldwin’s criminal case came to a dramatic, Hollywood-esque conclusion. Is the armorer to blame? Previously, in May, Hannah Gutierrez-Reed, the armorer for the film, was found guilty of involuntary manslaughter for her role in the fatal shooting of cinematographer Halyna Hutchins. The jury deliberated for just three hours before passing judgment; evidence revealing Gutierrez-Reed loaded the gun that killed Hutchins likely

Photo: Abhi Suryawanshi

the witness who handed in the evidence claimed it was relevant to the “Rust” trial. In light of these revelations, Santa Fe County District Court Judge Mary Marlowe Sommer dismissed the case with prejudice. Throughout the day, as the camera centered on Hollywood star-turned-defendant Alec Baldwin, viewers were treated to his wide range of emotions: first, annoyance, then sadness, and, finally, tearful exultation. This was his Hollywood ending.

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Corporate Transparency Act Fact Sheet

What is the Corporate Transparency Act?

partnerships, and certain types of trusts. It also exempts certain large companies and publicly traded companies. There are additional limited exemptions that are not detailed here. Who must be reported to FinCEN as a beneficial owner of a company? Under the CTA, an individual must be reported as a beneficial owner if they directly or indirectly have: • A major influence on the company’s decisions or operations

The Corporate Transparency Act (CTA) requires millions of corporations, limited liability companies, and other entitles registered to do business in the United States to file a Beneficial Owner Information (BOI) report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) database. This reporting requirement is meant to make it harder for illicit actors to launder money and hide assets using shell companies in the United States. The new reporting rule went into effect on Jan. 1, 2024. Knowing the intricacies of the CTA and its potential impact is essential for small businesses. Otherwise, they may incur criminal or civil penalties for failing to timely file or update this report. Is your business required to file a BOI report with FinCEN? Businesses required to file a BOI report with FinCEN include a vast swath of corporations, LLCs, and other business entities formed or operating in the U.S. The CTA exempts sole proprietorships, general

• Ownership of at least 25% of the company

• A similar level of control over the company’s equity.

What information is required to be reported?

Businesses registered or established after Jan. 1, 2024 must provide information regarding the business, its beneficial owners, and its company applicants — including owners’ and applicants’ (if applicable) names, addresses, birthdays, and identification numbers (such as a license or passport number). Businesses established before that date can omit information regarding company applicants. All reporting companies must provide their legal name and trade names, as well as their current U.S. address. They also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. In addition to the required initial filing, the CTA requires companies to update the original filing when things change. For instance, if a beneficial owner changes their address, legally changes their name due to marriage or

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divorce, or obtains a new driver’s license, it may require an update to a company’s BOI report. If the company makes management changes that give a new person control of the business, the company could be required to update its filings even if the person performing those duties does not own equity in the business. The timeline to report changes can be as short as 30 days. What are the deadlines for filing? Reporting Companies formed prior to Jan. 1, 2024, must file their initial BOI report on or before Jan. 1, 2025. Reporting Companies formed between Jan. 1, 2024 and Jan. 1, 2025 must file within 90 days from the earlier of notification or public announcement of their formation. Reporting Companies formed after Jan. 1, 2025 will have 30 days to file their BOI report. Formerly exempt companies that are no longer exempt must file their initial BOI report within 30 days after the date the exemption no longer applies. What are the penalties for noncompliance? Penalties for individuals who willfully provide or attempt to provide false or fraudulent information or who willfully fail to report complete or updated information face penalties for non-compliance of $500 per day up to a maximum of $10,000 and imprisonment of up to two years. Where can business owners get help with their BOI reports? If you opt to file your own BOI report, here is what you will need to do: 1. Determine if your business is required to file. The CTA says that LLCs and corporations must file beneficial ownership information reports unless they qualify for an exemption. 2. If your business must report, list its beneficial owners, which are any individuals who own or control 25% of the company or otherwise exercise substantial control as defined in the CTA. If you are unsure if an individual must be listed as a beneficial owner, consult with a legal professional. Once you have identified the beneficial owners, let them know

that the CTA requires your business to report their personal information to FinCEN. 3. File your report online. Access to the filing portal can be reached at boiefiling.fincen.gov/fileboir . 4. Prepare for updates. Keep all personal information organized, secure, and current. In addition to your initial report, you will need to file updated reports should there be a change in personal information or beneficial ownership. While companies have the option to file their own BOI reports, it is recommended that they consider consulting a knowledgeable advisor, such as an attorney, when filing the initial and/or updated BOI reports to make sure they are completed on time and to FinCEN’s standards. Otherwise, with everything a small business owner is already doing to operate a successful business, the BOI report could be filed late or not completed properly. In addition, there are some issues in the law that could require an interpretation of certain facts to determine who is a beneficial owner that must be included in the filings. If this happens, an attorney to help the company decide how its set of facts fits within this law. If you have questions about the Corporate Transparency Act, give us a call!

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