Beneficial Ownership Reporting: Duplicate Effort, Zero Value

[00:00:04] You're listening to Casual Talk Radio, where common sense is still the norm. Whether you're a new or long time listener, we appreciate you joining us today. Visit us at casualtalkradio.net. And now, here's your host, Leister.

[00:00:21] Today's episode is a shout out to all the small business owners out there. If you're a small business owner or thinking about being a small business owner, I guarantee you today's episode is going to be for you and I hope that it's beneficial and helpful for you as I take you down a journey, take you down a rabbit hole and I hopefully share some information you probably knew or if you didn't know if it's helpful, let us know casualtalkradio.net. My name is Leister. I'm your host.

[00:00:45] And today, I'm talking strictly about one thing that came up on radar. I realize some people may not understand what happened and I figured it was an obligation and an opportunity to share some information to help people out. As I'm a small business owner myself, having owned, let's see, five businesses over time. And now I currently have one that has, you know, five brands, but it's one business entity over top of it.

[00:01:13] And I'm debating whether or not to dissolve the business, but I realized that if I do that, it's going to affect the business banking. So if I, I have to think that through and decide what I'm going to do and, and realign things. And I think it's fine, but I just got to figure it out from, from the banking aspect.

[00:01:29] I do plan to change banks simply because they're no longer local to where I am. So it may be the opportune moment to reconsider everything, figure out how to open up a new bank, you know, account somewhere that's closer and has more branches. I'm not doing Wells Fargo. They're a bunch of scammers. I'm not doing bank of America. They're a bunch of crooks. And I'm not doing chase because they're online. Won't let me do it.

[00:01:53] So you may or may not, if you, let's say that you're in the, cause again, people may be in the category that they are a small business owner, or you're in the category that you're thinking about being a small business owner.

[00:02:03] If you're in the category of having been one in the past, this doesn't apply to you, but it also affects anybody who happens to be a beneficial owner of a business. As in you are not necessarily running it to running day-to-day ops of it, managing it, controlling it, but maybe you have a majority ownership stake. Perhaps you inherited it right from parents. This is why I wanted to try to use the platform though limited to share the information because you may not realize that it does affect you in some way.

[00:02:32] This may have already been put on your desk. I don't know. I doubt it, but may have been put on your desk. And I'm just going to tell you, I don't think it's as bad as it seems. However, it is, it sets a bad precedent and it's somewhat stupid. That's my focus.

[00:02:47] What I refer to beneficial ownership information report from the financial, basically the financial crimes system of the government. And this report, all it does, all it does is document who are the beneficial owners for a given company.

[00:03:05] People are like, well, how does that apply and who does it apply to? And who's covered under it? Well, the truth is if you were required to form a business, when I say a business, I'm not referring to a sole proprietorship type business.

[00:03:18] A sole proprietorship is a business only in brand. You are not an actual formed business, an organized business, a structured business.

[00:03:27] These are businesses where there would have been an articles of organization, articles of incorporation that document who has an ownership stake in the business.

[00:03:37] They're treated differently from a tax perspective. This is a completely different structure than specifically a sole proprietorship, but there's other types.

[00:03:44] A sole proprietor, you are an individual who happens to operate as a brand.

[00:03:50] You don't need to do paperwork to be an individual that's operating as a brand.

[00:03:54] Now, you may do trademarking or other types of paperwork. I'm talking for the formation within a state.

[00:04:00] The state doesn't care if you're a sole proprietor because for the purposes of taxation, you're taxed as an individual person.

[00:04:06] It doesn't really matter. Most people that are out gig workers, say, or ones that work W-2 on contract are just sole proprietors.

[00:04:16] They just do sole proprietorship. There was an increase, and I'd say probably about 15 years ago, there was an increase in the number of people who instead would form an LLC rather than stay sole proprietor.

[00:04:28] Why? Because the tax treatment's different. As an individual, you are required to do withholding.

[00:04:35] The IRS will literally come after you if you do not do withholding because it's all a big pyramid scheme at the end of the day.

[00:04:41] They need to have a steady stream of money coming in. If they don't get it, they'll go after you.

[00:04:46] They won't go after those people that are making, you know, tens and millions of dollars.

[00:04:50] They won't go after them. They'll go after you, the low level, because it's low-hanging fruit and they know you can't fight them.

[00:04:55] So they threaten you and then they'll sue you and then they'll arrest you and they'll do all sorts of stuff to go after the low-level person.

[00:05:00] Not the bigwigs, but the low-level people.

[00:05:03] The states are roughly the same. Not all of them, but a lot of them are the same.

[00:05:06] They know what the game is because they know it's a pyramid scheme.

[00:05:09] They know they cannot rely without steady stream of money coming down to them, which is the flaw of income tax.

[00:05:17] And the reason that Leicester here has always supported a consumption tax.

[00:05:21] A consumption tax simply pays out of the consumption that we normally do and then it's up to the businesses who take money in to send that money up to the government.

[00:05:30] As opposed to money taken away from you simply because you were a productive member of society.

[00:05:35] I digress off the rant.

[00:05:38] The beneficial ownership concept is specifically for formed, structured, organized, incorporated businesses.

[00:05:46] And you might have had some exposure if you're a beneficial owner.

[00:05:51] They might have had you sign some stuff, right?

[00:05:53] One of these documents might be in articles of organization, articles of incorporation.

[00:05:58] These documents say you have a 25% or a 30% or a 50% stake in the business.

[00:06:05] In an LLC, which is the most common form because it's the easiest to form, you might have just a sole member, managing member.

[00:06:14] You might have two or three members, but you usually have like one member that you're just using the LLC as a quote front for business transactions.

[00:06:23] The business transactions in and out go through the business.

[00:06:25] The business is then supposed to pay you.

[00:06:27] For the IRS's side, they want to see that then the business is paying you payroll.

[00:06:32] They want to see that there's payroll taxes withheld.

[00:06:35] Why?

[00:06:36] Because there's another Ponzi scheme, aka Social Security, which is brokered specifically around payroll taxes.

[00:06:42] That's the whole point.

[00:06:43] If they don't get payroll taxes out of you, the Social Security system crumbles.

[00:06:47] They know that.

[00:06:48] And as people age out of the workplace, they already know that it's insolvent.

[00:06:53] But again, they'll threaten you.

[00:06:55] They'll go after you.

[00:06:56] They'll do everything they can to get from the low level instead of the wealthy.

[00:06:59] And the wealthy generally do not take significant salaries.

[00:07:02] You'll see that they took a salary of $1 or a salary of $10 or a salary of $5 because most of the money that they make comes in the form of what?

[00:07:11] Stocks, bonds, some sort of thing that is not immediately taxable because they did not cash it out.

[00:07:17] They only get taxed as capital gains when they cash those things out.

[00:07:22] The government decided there's a lot of crime.

[00:07:25] I'm saying literally they decided there's a lot of crime where it's being hidden by these formed entities.

[00:07:31] And we have no idea who is running the companies.

[00:07:34] That's a lie because they could always contact the states because you are required to form this entity with documents.

[00:07:42] There's significant documents that you must file with the state.

[00:07:45] The feds could literally go to the state and get the same information that they're asking on this form.

[00:07:50] Yet FinCEN is requiring you to duplicate your efforts and fill out the same information that's already on file with the state.

[00:07:57] And it's an honor-based system because they're not vetting that information against the state records.

[00:08:01] They're just collecting it.

[00:08:02] For why?

[00:08:04] Because it's another layer of inefficiency and extra expense because there's expense to do this.

[00:08:09] If you do it yourself, it doesn't take that long.

[00:08:12] The form simply asks about, and I'll get to this secondary stupidity in a moment, but it only asks about information about the owners.

[00:08:19] You have to give your ID, so whatever that is, passport, driver's license, whatever that is.

[00:08:24] It's largely targeted towards the foreign-based entities, but everybody's subject to it.

[00:08:29] So if you have a company that was formed prior to January 2024, there's less information you must produce, which is stupid.

[00:08:40] If you form after formed, past tense, after January 2024, there's more information you must produce, and it really has to do with whatever entity assisted you in setting up the company because they're trying to identify if that person or entity got enriched off of the formation, et cetera, and so on.

[00:08:58] But my bottom line, number one, you need to understand, it's not just the people on the company that are required to do something.

[00:09:05] If you are a beneficial owner of a company, and you might not know that you are, if somebody added you as beneficial owner of a certain entity, and it's unlikely that could have happened without your knowledge.

[00:09:15] I'm saying that it could have.

[00:09:17] If you're a beneficial owner, you are required to be listed with the FinCEN, which includes all of your identifying documentation having been submitted to the government, although in duplication to the information already submitted to the state.

[00:09:30] I'm ranting because I think it's stupid because I would rather FinCEN go to the states and get the same paperwork that's already there.

[00:09:37] It's already on record.

[00:09:38] In fact, in some cases, it's public record.

[00:09:40] In some states, you can literally go to the site and pull it, but they would rather have you duplicate the same information that's already there.

[00:09:47] Same beef I have about companies, government entities that ask you for your birth certificate.

[00:09:53] Literally go to the state and pull it from the digital record.

[00:09:55] You're authorized.

[00:09:56] You're the feds.

[00:09:57] They don't do that because they're trying to put you on the hot seat to deliver this information directly to them, though duplicative, and then don't do anything with it.

[00:10:05] Because as of right now, there's no annual requirement to file.

[00:10:08] So you're like, what's the benefit?

[00:10:09] Because they claim, and this is what I'm stressing, they claim to not know who's behind these companies, despite the fact it's filed at the state level.

[00:10:19] I have a theory.

[00:10:21] Tenfold though I might be.

[00:10:22] I have a theory.

[00:10:23] My theory is that the states don't want to provide that information to the feds.

[00:10:28] My theory is that the states would rather control that and manage it for the businesses that, you know, transact in their state.

[00:10:36] My theory is that the feds really have no business looking at that information, and there's specific types of businesses and specific types of people that they're looking for.

[00:11:12] They're likely those that have an Indian last name.

[00:11:19] They're likely to have an Indian last name, and a live app to do.

[00:11:31] That's what they do.

[00:11:33] Wide swat, same thing with the phone listening

[00:11:35] that they did ages ago before we got rid of copper.

[00:11:38] Wide swat, let's collect up all this information.

[00:11:41] Let's just scrape all this bounty of information

[00:11:43] so that we can pick and choose and needle these ones

[00:11:45] that we can go after instead of using warrants, let's say.

[00:11:50] So let's talk crime.

[00:11:52] If there's a crime, if there's a financial crime

[00:11:54] that you see there's some sort of criminal behavior

[00:11:57] or activity that's happening in some area

[00:11:59] and it's got a company around it,

[00:12:01] you go to the state and you say,

[00:12:02] we've got evidence of a crime we need to,

[00:12:04] what's called pierce the veil of this company

[00:12:07] and get access to their articles of incorporation,

[00:12:11] articles of organization.

[00:12:12] The state would gladly comply with that

[00:12:14] if there's some sort of legal order that they must do so.

[00:12:18] If it turns out that they didn't form an articles

[00:12:20] of incorporation of articles of organization,

[00:12:23] what's the point then of me having to submit

[00:12:24] the beneficial ownership information report?

[00:12:26] Because it would be fake information anyway

[00:12:28] because they're not vetting it against the state.

[00:12:30] Do you understand when I keep saying I'm tinfoil

[00:12:33] in a lot of this stuff?

[00:12:34] Because I understand the way that the federal,

[00:12:36] stress federal, government works.

[00:12:39] They would rather just blanket, violate your privacy

[00:12:42] and pull all sorts of information

[00:12:43] that they have no business getting

[00:12:45] or that's already in places at the state level

[00:12:47] where they could get it when they need it.

[00:12:49] They would rather have all this information

[00:12:51] they're not really directly entitled to

[00:12:52] and do an end run around the constitution

[00:12:55] because that's what they do.

[00:12:56] You might have heard that there was a court case

[00:12:58] that was designed to block this as overreach.

[00:13:01] That court case only applied

[00:13:02] to the specific entity that filed it.

[00:13:05] Could your company file the court case

[00:13:07] and do the same thing?

[00:13:08] Sure.

[00:13:09] You could tie it up in the court system.

[00:13:11] Absolutely.

[00:13:11] If you got the money to do that,

[00:13:13] then keep fighting and fighting and fighting.

[00:13:14] And if you didn't read about the Ripple case

[00:13:16] and how many years it took them

[00:13:18] to finally get that case resolved

[00:13:20] only to have the government go right back at them.

[00:13:22] When you have an unlimited spigot of funds

[00:13:25] to keep attacking and attacking and attacking,

[00:13:27] this, my friends,

[00:13:29] is what stymies small business success.

[00:13:31] When you do things like this

[00:13:33] and they say,

[00:13:34] no, we have to do this

[00:13:35] because there's criminal activity,

[00:13:36] rather than actually finding direct evidence

[00:13:39] of said criminal activity

[00:13:40] specific to the company,

[00:13:41] and rather than going directly to the state

[00:13:43] with an actual legal order

[00:13:45] vetted by a judge

[00:13:46] to get the information

[00:13:47] specific to the company

[00:13:48] alleged to do the crime,

[00:13:50] they would rather do a wide net,

[00:13:52] find all the information,

[00:13:53] force you to go through this nonsense.

[00:13:56] Yes, you can go through

[00:13:57] whatever organization or lawyer

[00:13:59] helped you form your company

[00:14:00] and pay them an egregious fee

[00:14:02] to help you all set it up.

[00:14:04] The IRS isn't going to let you deduct it.

[00:14:07] It's all a scam

[00:14:08] because they're taxing you

[00:14:10] for the benefit of filing a form

[00:14:12] that is duplicative of information

[00:14:14] you already filed with the state.

[00:14:16] Now that's the other tinfoil, right?

[00:14:18] Additional tax revenue

[00:14:19] because if you do it yourself,

[00:14:22] you're losing money

[00:14:23] because you're going to have to do that

[00:14:24] on the clock.

[00:14:25] Somebody's got to do it on the clock

[00:14:27] so that money is not used

[00:14:28] for actual profit.

[00:14:30] It's usually going to be an accountant

[00:14:31] or somebody in your finance,

[00:14:33] but generally accounting department

[00:14:34] that's going to do this stuff.

[00:14:35] Might be somebody in your legal department

[00:14:37] that's doing it.

[00:14:38] That's time they're not going to be able

[00:14:40] to dedicate to other work

[00:14:41] that actually is beneficial

[00:14:42] to your organization.

[00:14:43] So you're essentially losing money on it.

[00:14:45] If you pay

[00:14:46] your formation organization

[00:14:48] or your attorney,

[00:14:50] you might not have had to do that

[00:14:51] prior to this.

[00:14:52] So maybe you have them on a retainer

[00:14:54] where it's kind of included.

[00:14:55] Chances are it's not.

[00:14:57] Chances are it's an extra fee

[00:14:58] that you'll have to pay

[00:14:59] and it's not going to be tax deductible

[00:15:01] because that's what they want

[00:15:02] that extra tax money off you.

[00:15:04] Right?

[00:15:04] So tinfoil me though,

[00:15:06] you might.

[00:15:07] I see what's behind this.

[00:15:09] I see what's driving it.

[00:15:10] Again,

[00:15:11] some people will say

[00:15:12] it's not a big deal.

[00:15:14] It's not the,

[00:15:15] it's the principle of it.

[00:15:16] It's not the level of effort.

[00:15:17] It's the principle of the fact

[00:15:18] that the information they want

[00:15:20] already exists at the state.

[00:15:22] It literally all exists at state.

[00:15:25] Or

[00:15:26] if you have a formation organization,

[00:15:28] somebody who set it up for you,

[00:15:30] they've already collected

[00:15:30] every single thing on that form.

[00:15:32] Just make it to where

[00:15:33] they can't charge for that

[00:15:35] and they're required to do it.

[00:15:36] If they form the company,

[00:15:38] you are required to file beneficial

[00:15:39] and you cannot charge for that service.

[00:15:41] Great.

[00:15:42] Problem solved

[00:15:42] because then it doesn't matter

[00:15:43] because then it's just part of the routine

[00:15:45] of what they do.

[00:15:46] Well,

[00:15:46] then that company is going to flack

[00:15:48] and then they're going to stop

[00:15:48] offering the service.

[00:15:49] Right?

[00:15:50] Because there's no financial avenue.

[00:15:52] You know,

[00:15:52] it costs them money to do it.

[00:15:54] I don't know what's going to happen.

[00:15:56] I know most people

[00:15:56] are required to submit

[00:15:57] at least the initial

[00:15:58] prior to the end of the year.

[00:16:00] December is the deadline

[00:16:01] for the vast majority

[00:16:02] of companies out there.

[00:16:03] And again,

[00:16:04] the information you must submit

[00:16:05] is different

[00:16:05] based on the nature of your company

[00:16:07] and when it was formed.

[00:16:08] I'm not suggesting

[00:16:09] that the need

[00:16:10] isn't legit.

[00:16:12] I'm saying that

[00:16:12] the wide net approach

[00:16:14] of it

[00:16:14] is sketchy

[00:16:15] at best.

[00:16:17] There's specific companies

[00:16:18] they're trying to go after.

[00:16:19] There's specific types

[00:16:20] of entities

[00:16:21] they're trying to go after

[00:16:21] and chances are

[00:16:22] they happen to come

[00:16:23] from India

[00:16:24] based organizations

[00:16:25] or China

[00:16:26] based organizations

[00:16:28] only.

[00:16:28] Okay,

[00:16:29] go after them.

[00:16:30] Quit worrying about

[00:16:31] what social media says

[00:16:32] about being racist.

[00:16:33] If you're,

[00:16:34] if it's true

[00:16:35] that you're going

[00:16:35] after crimes,

[00:16:36] we know

[00:16:37] China

[00:16:38] based LLCs

[00:16:39] have done

[00:16:40] sketchy business

[00:16:41] especially around

[00:16:41] the housing market.

[00:16:43] India based LLCs

[00:16:44] have done sketchy

[00:16:45] business everywhere else

[00:16:46] especially cryptocurrency.

[00:16:47] So go after them

[00:16:48] if that's really

[00:16:49] the source

[00:16:50] of your aggravation

[00:16:51] go after them

[00:16:52] specifically

[00:16:52] and ignore social media.

[00:16:54] The rise of social media

[00:16:55] is part of the problem

[00:16:56] because we didn't have

[00:16:57] this issue

[00:16:57] prior to social media

[00:16:59] with these wide net stuff

[00:17:00] outside of Nixon.

[00:17:01] But I'm saying

[00:17:02] there was a better way

[00:17:04] to do what I think

[00:17:05] they're trying to do

[00:17:05] which is to target

[00:17:06] those specific companies

[00:17:07] that have ruffled

[00:17:08] their feathers

[00:17:09] and instead of

[00:17:09] pissing everybody off

[00:17:10] and adding a burden

[00:17:11] on everybody

[00:17:12] how about you go after

[00:17:13] who it is

[00:17:14] that you specifically

[00:17:14] need information from?

[00:17:16] That's my personal

[00:17:17] take on it.

[00:17:18] Anyway,

[00:17:19] you got options.

[00:17:20] You can file that

[00:17:21] form yourself

[00:17:22] again for free

[00:17:23] on their site

[00:17:23] they have an online deal

[00:17:24] you can fill out the PDF

[00:17:25] and submit it that way

[00:17:27] or you can go through

[00:17:28] your attorney

[00:17:29] and or formation

[00:17:30] you know entity

[00:17:31] wherever set it up

[00:17:32] with you or for you

[00:17:33] you can have them do it

[00:17:34] and pay them a fee

[00:17:35] to do it.

[00:17:35] You got multiple ways

[00:17:36] to do it.

[00:17:37] Chances are you will

[00:17:38] need to do it.

[00:17:39] It's unlikely that you're

[00:17:40] not going to need to do it

[00:17:41] if you're a business

[00:17:41] that's formed.

[00:17:42] I stress

[00:17:43] if you're a sole proprietorship

[00:17:45] and it's important

[00:17:45] you understand the difference

[00:17:46] if you are a sole proprietor

[00:17:48] you are not required

[00:17:49] to submit the form

[00:17:50] because they already

[00:17:51] know who you are.

[00:17:52] You are already

[00:17:52] the source of benefit

[00:17:53] for whatever business

[00:17:55] transactions that you do

[00:17:56] and as a sole proprietor

[00:17:58] you would have already

[00:17:58] filed on your taxes

[00:17:59] just like you would

[00:18:00] if you're a direct employee.

[00:18:02] So you're off the hook.

[00:18:02] It's the ones

[00:18:03] that have a formed

[00:18:04] structured business

[00:18:06] organized business

[00:18:07] incorporated business

[00:18:08] they're the ones

[00:18:09] they're going after.

[00:18:10] If you have multiple

[00:18:11] beneficial owners

[00:18:12] in your organization structure

[00:18:13] let's say some

[00:18:14] might have like five

[00:18:15] beneficial owners

[00:18:16] right

[00:18:17] and each of them

[00:18:18] has 20% stake

[00:18:19] you're going to need

[00:18:19] to contact each

[00:18:20] and every one of them

[00:18:21] to collect certain

[00:18:22] piece of information.

[00:18:23] Let's say their

[00:18:23] driver's license changed

[00:18:24] you're going to need

[00:18:25] to get a copy

[00:18:25] of the driver's license

[00:18:26] that's required

[00:18:27] on the form

[00:18:27] for every beneficial owner.

[00:18:29] You got to get

[00:18:29] personal addresses

[00:18:30] they want the personal

[00:18:31] address for each

[00:18:32] and every person on there.

[00:18:33] You're going to need

[00:18:34] the business address

[00:18:34] you're going to need

[00:18:35] a lot of data

[00:18:35] but it's not

[00:18:36] it's not a long form

[00:18:38] it's a simple form

[00:18:39] it's just the principle

[00:18:40] once again

[00:18:40] that's my beef

[00:18:41] is the principle

[00:18:41] it's not the data.

[00:18:43] The principle is

[00:18:43] all this information

[00:18:44] already exists out there

[00:18:45] it's already part of

[00:18:46] the articles organization

[00:18:47] and other documentation

[00:18:49] filed with the state

[00:18:50] where the feds

[00:18:51] could easily go there

[00:18:52] if they needed

[00:18:52] to get the information

[00:18:53] and they refused to

[00:18:54] which is what pisses me off.

[00:18:57] So have I convinced you

[00:18:58] to reconsider

[00:18:59] being a small business

[00:19:00] please don't feel that way

[00:19:01] I don't want to turn you off

[00:19:02] being a small business

[00:19:04] it's work

[00:19:04] but I do think

[00:19:05] it's the way to be free

[00:19:07] minus garbage like this

[00:19:09] I think it's the way

[00:19:10] to be free

[00:19:10] of the saddles

[00:19:11] of what happens

[00:19:12] when you are an employee

[00:19:13] for another company

[00:19:14] where they're incompetent.

[00:19:15] I've worked for

[00:19:16] countless companies

[00:19:17] where it seems like

[00:19:18] it's an endless stream

[00:19:19] of incompetence

[00:19:20] that was one of the motivators

[00:19:21] for me to start the company

[00:19:22] in 2019 that I did

[00:19:23] and just kind of go with it

[00:19:25] because I couldn't deal

[00:19:26] with this incompetence

[00:19:27] over and over and over

[00:19:28] you know and as a

[00:19:30] contractor myself

[00:19:31] you still work with companies

[00:19:32] where there's a level

[00:19:33] of incompetence.

[00:19:34] I deal with this

[00:19:35] on the personal side

[00:19:36] I'm dealing with companies

[00:19:36] where they have an LLC

[00:19:37] and every last one of them

[00:19:39] does the same thing

[00:19:40] you're trying to get

[00:19:40] some work done

[00:19:41] instead of sending me

[00:19:42] straight to Joe

[00:19:43] the technician

[00:19:44] I got to talk to some girl

[00:19:45] who's clearly a front desk

[00:19:47] okay is your address

[00:19:48] do do do do do

[00:19:49] and your phone number

[00:19:51] is do do do do

[00:19:51] and you're looking to do

[00:19:53] a do do do

[00:19:54] they're just reading off

[00:19:54] of a form

[00:19:55] that's a waste

[00:19:56] of that person's time

[00:19:57] and it's a waste

[00:19:57] of my time

[00:19:58] send my data

[00:19:59] straight to Joe

[00:19:59] the technician

[00:20:00] have Joe

[00:20:01] the technician

[00:20:01] call me

[00:20:02] and say

[00:20:02] I can be out there

[00:20:03] tomorrow

[00:20:03] that's it

[00:20:04] quick fast

[00:20:05] nothing

[00:20:05] I'm not going to talk

[00:20:07] to the girl

[00:20:07] up at the front desk

[00:20:08] it's just a waste

[00:20:08] of effort

[00:20:09] so I understand

[00:20:10] the incompetence

[00:20:11] is all over the place

[00:20:12] I'm not saying

[00:20:13] that it's a good

[00:20:14] or bad thing

[00:20:15] I just recognize

[00:20:16] that's what it is

[00:20:17] and it frustrates me

[00:20:18] and it might not

[00:20:18] frustrate you

[00:20:19] I'm hopeful

[00:20:20] though that none

[00:20:21] of what I'm talking

[00:20:22] about discourages

[00:20:23] people that were

[00:20:24] strongly considering

[00:20:24] being a small business

[00:20:25] you just have to

[00:20:26] understand

[00:20:27] although there are

[00:20:28] pros

[00:20:28] there are certainly

[00:20:29] cons

[00:20:29] the pro

[00:20:30] is a better control

[00:20:31] over your money flow

[00:20:32] that rhymes

[00:20:33] the con

[00:20:34] is bottom line

[00:20:36] you're dealing

[00:20:36] with incompetent

[00:20:37] people

[00:20:37] no matter what

[00:20:38] you do

[00:20:38] and with

[00:20:39] your self

[00:20:41] business

[00:20:41] you're dealing

[00:20:42] with incompetent

[00:20:42] government

[00:20:43] you're dealing

[00:20:43] with inept

[00:20:44] government

[00:20:44] you get exposed

[00:20:45] to how government

[00:20:46] simply doesn't

[00:20:47] know what the

[00:20:47] F they're doing

[00:20:48] they just do

[00:20:49] a bunch of stuff

[00:20:49] where you're asking

[00:20:50] the question

[00:20:51] why can't you

[00:20:51] get this from the

[00:20:52] state

[00:20:52] and it opens

[00:20:53] your eyes

[00:20:53] to the fact

[00:20:54] that the reason

[00:20:55] that they can't

[00:20:55] get it from the

[00:20:56] state is the

[00:20:56] state doesn't

[00:20:57] want to give

[00:20:57] it to them

[00:20:57] the state

[00:20:58] would like to

[00:20:59] protect their

[00:20:59] citizens

[00:21:00] for good or

[00:21:01] good or bad

[00:21:01] they'd rather

[00:21:02] protect their

[00:21:02] citizens from

[00:21:03] federal overreach

[00:21:04] that's what they

[00:21:05] want to do

[00:21:06] so one saving

[00:21:07] hope for this

[00:21:08] whole business

[00:21:09] is the theory

[00:21:10] that certain

[00:21:10] states might

[00:21:11] step up

[00:21:12] attorneys general

[00:21:14] A and B

[00:21:14] might step

[00:21:15] together and say

[00:21:16] we're suing

[00:21:16] the federal

[00:21:17] government

[00:21:17] this is

[00:21:17] overreach

[00:21:18] to block

[00:21:18] this just

[00:21:19] like what

[00:21:20] happened with

[00:21:20] Biden's

[00:21:21] student education

[00:21:22] plan

[00:21:23] it's possible

[00:21:24] I don't want

[00:21:25] to get your

[00:21:25] hopes up

[00:21:25] I am telling

[00:21:26] you about it

[00:21:27] because chances

[00:21:28] are you're going

[00:21:29] to need to

[00:21:29] file this

[00:21:29] nonsense

[00:21:30] if you are a

[00:21:31] small business

[00:21:32] and or you're

[00:21:33] a beneficial

[00:21:33] owner of a

[00:21:34] small business

[00:21:34] whether or not

[00:21:35] you know about

[00:21:35] it I do think

[00:21:48] small business

[00:21:49] man business

[00:21:50] ownership in

[00:21:51] general

[00:21:51] business

[00:21:52] ownership

[00:21:52] it's a

[00:21:52] it

[00:21:53] it's

[00:21:54] enriching

[00:21:55] but at the

[00:21:55] same time

[00:21:56] you see so

[00:21:57] much silliness

[00:21:58] and stupidity

[00:21:59] and it just

[00:21:59] asks you the

[00:22:00] question

[00:22:00] it's like

[00:22:00] okay now I

[00:22:01] understand

[00:22:01] why the country

[00:22:03] has gone

[00:22:03] down the

[00:22:04] tubes

[00:22:04] it's because

[00:22:05] we do

[00:22:05] everything in

[00:22:06] our power

[00:22:06] to suppress

[00:22:07] small business

[00:22:08] yes

[00:22:09] and then

[00:22:10] here's the

[00:22:11] thing

[00:22:11] the exception

[00:22:12] to this

[00:22:12] whole thing

[00:22:13] is when you

[00:22:13] make over

[00:22:14] five million

[00:22:14] so the large

[00:22:16] companies they

[00:22:16] don't want

[00:22:16] nothing about

[00:22:17] it

[00:22:17] okay

[00:22:18] am I still

[00:22:19] tinfoil

[00:22:19] right

[00:22:20] am I still

[00:22:21] crazy

[00:22:21] am I still

[00:22:21] out of my

[00:22:22] mind

[00:22:22] you decide

[00:22:23] for yourself

[00:22:23] but again

[00:22:24] I don't want

[00:22:24] to dissuade

[00:22:25] you from

[00:22:25] being a

[00:22:26] small business

[00:22:26] I'm just

[00:22:26] calling out

[00:22:27] these blatant

[00:22:28] things that

[00:22:29] they're doing

[00:22:30] where they're

[00:22:31] attacking now

[00:22:31] small business

[00:22:32] owners

[00:22:33] and discouraging

[00:22:34] small business

[00:22:35] growth

[00:22:35] I guarantee you

[00:22:36] it's going

[00:22:36] to hurt

[00:22:37] the country

[00:22:37] if you don't

[00:22:38] have support

[00:22:39] for small

[00:22:39] businesses

[00:22:39] because they're

[00:22:40] what keep

[00:22:41] the whole

[00:22:41] thing floating

[00:22:43] meanwhile

[00:22:43] the large

[00:22:44] ones

[00:22:44] they'll keep

[00:22:45] on crashing

[00:22:45] and burning

[00:22:46] to the point

[00:22:47] we might end

[00:22:47] up in another

[00:22:48] housing bubble

[00:22:49] here soon

[00:22:49] thanks to all

[00:22:50] the loans

[00:22:50] and the

[00:22:51] them lowering

[00:22:51] the requirements

[00:22:52] again

[00:22:52] and pushing

[00:22:53] home equity

[00:22:54] loans again

[00:22:55] I'm

[00:22:57] it's okay

[00:22:57] to call me

[00:22:58] tinfoil

[00:22:59] I'm sharing

[00:23:00] it because

[00:23:00] it's important

[00:23:01] because I may

[00:23:02] be the only

[00:23:02] one out

[00:23:03] right now

[00:23:03] and I want

[00:23:04] to be ahead

[00:23:04] of it

[00:23:04] and if I

[00:23:05] get it

[00:23:05] right

[00:23:05] you come

[00:23:05] back

[00:23:06] get my

[00:23:06] credit

[00:23:06] I want