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$500 Per Day Penalty: How the Corporate Transparency Act May Affect Notary Entrepreneurs in 2024 and Beyond

Maybe you’ve heard of the Corporate Transparency Act. I had heard it, but I’ve been ignoring it because when I hear the word “corporate,” I think big business. 

I was wrong. 

As the government combats terrorism, money laundering, and other illegal activities, the Corporate Transparency Act is designed precisely to gain ownership information of small, mom & pop, or single person companies, or solo-preneurs. 

This is us, notaries! 

In many cases, notaries public who are doing business as an LLC, corporation, partnership, a fictitious name, or other registered entities will have to comply with the Corporate Transparency Act. 

If we don’t file the information on time, by January 1, 2025, we may be subject to fines of $500 per day (and maybe even jail time!). 

And if you’re thinking, “Oh well, what’s $500? Small price to pay.” That’s only assuming the government is efficient enough to notice you...

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Blazing New Trails with Cannabis

Picture it: Las Vegas 2022, the National Notary Association's annual conference, a group of notaries sitting around a casino bar dreaming of ways to bring more value to their communities. 

With the various “creative juices” one can find in a bar, we were brainstorming even more specialty work that a notary could focus on to not only help more people, but create more revenue for their business that was not reliant on the mortgage industry. 

One of the notaries sparked up the topic of marijuana, and that’s where things went crazy. Some of the notary cohorts in that bar conversation were already serving the cannabis industry by notarizing compliance documents on a regular basis. 

And, doing what I tend to do, I bought a domain or two. 

Right there, that minute, I bought 420Notary.com, just in case there might be a bigger opportunity for notaries here. 

Fast forward through two years of research, and there is a big opportunity in cannabis for...

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Congratulations, You're a Notary! Now What? Basic Business Questions Answered with the National Notary Association

 

How to Become a Notary Public?

Now that you've answered THAT question and received your notary commission, you likely have even MORE questions:

*How can I make money as a notary public?

*Do I have to have an LLC to be a mobile notary?

*How do you get more notary clients?

And so many more questions!

In this special video, @NationalNotary and I break down some of the most common questions from beginning notary entrepreneurs and help you get rolling on your new business.

Being a notary public gives you a way to make unlimited income with a flexible schedule in a business you can be proud of.

YOU are the last line of defense against mortgage and identity fraud!

And you get to serve the public both on their best days, and their worst.

We have resources to help you get the skills you need to succeed.

For FREE training and more information, visit www.NotaryCoach.com 

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Three Reasons Notaries Need to Adopt & Adapt to Trust Work

If you haven't noticed, I've shifted a lot of my attention and training towards attorneys, and in particular, estate planning attorneys.

Why do you think that is?

It's not because I hate loan signings now.

It's not because I think loan signings are going way for good.

I love loan signings and I know that people will always be buying, selling, and refinancing real estate.

But not at the volume we saw from 2020-2022.

A few ticks off the prime rate isn't going to spark a surge in refi's, so don't bank on loan signings alone.

You have to diversify.

That's what I started doing in December 2021. I saw the writing on the wall. And I wanted my phones to keep ringing.

So I did what I do. I connected some dots. If there were still millions and millions of documents being notarized, EVEN WITHOUT LOAN SIGNINGS, then where were they?

Guess what.

Three truths about the shift to estate planning documents:

  1. There's about 100 million Americans that need an estate plan/living trust but don't have one...
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Marketing Prowess: 13 Musts For Notaries

 

As a mobile notary you run an old fashioned business in modern times. Gaining customers comes down to two overarching strategies: Optimizing online visibility and leveraging your network of relationships. 

 

That’s it. 

 

Don’t overcomplicate it and don’t sit back and wait for the latest widget to fix it. 

 

If you want to build a business that will thrive, regardless of mortgage interest rates, commit to learning marketing techniques that eliminate concern. 

 

For Online Visibility Learn About…

 

  • Standardizing your profile for as many online directories as you can. Include LinkedIn as your “Master Profile” that is used to fill all others. 
  • Optimizing your Google Business Profile. It’s free. It’s easy. No excuses. 
  • Creating (or paying someone else to) a website that is mobile friendly, SEO’d, and easy for customers to hire you from. 
  • Capturing email addresses....
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The Quadrangle of Trust: Claim Your Seat at the Table as a Professional Notary Public

 

You’ve probably never heard of the Quadrangle of Trust. I made it up last year. 

 

I made it up because there is an insider term called the Triangle of Trust that consists of the three most trusted advisors for consumers;  Attorneys; Tax advisors (CPA); Wealth advisors (Financial planner). 

 

All of these advisors make important additions to anyone’s advisory team, but to me, the missing piece, the crux, if you will, was the fourth leg of the table-the notary public. Which makes this triangle of trust...

The Quadrangle of Trust.

 

As notaries public, we’re not advisors. In fact, we spend most of our career avoiding advice of any kind. 

 

It’s outside our purview. 

 

And still, simply because of the office we hold as a notary public, we have the trust of the public. Which makes our referral list extremely valuable. 

 

Notaries get in more doors than any salesman (or advisor) ever will. In fact,...

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Giving Feedback Is A Superpower

 

The ability to give feedback that supports positive outcomes and allows for the preservation of relationships is a skill that should be regarded as a superpower. 

The challenge is that most people who request feedback ask the wrong people and in the wrong way. 

And most people who give feedback aren’t the ones who should, and then they offer what I call “fluffy feedback” anyway. 

It does no one any good and it’s a waste of time. 

 

How to Ask for Feedback

 

First, ask the right person. Seek someone who has the results you want or who has experienced something similar to what it is you want feedback on. 

There’s a big difference between opinions and good counsel. 

For example, don’t show your travel itinerary for Switzerland to your mom who's never left her hometown and ask for her insights and feedback. 

In business, don’t ask for feedback on your website from those who don’t have a ...

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Why Do People Come Here? 12 Social Media/Blog Prompts About You and Your City

 

I know social media isn’t everyone’s cup of tea. And not everyone enjoys writing longform blog articles. 

And I suppose that’s okay…

Still, these forms of communication are effective for both building relationships (they allow your prospects to get to know, like, and trust you more), as well as for boosting online visibility with search engine optimization strategies. 

I hear lots of questions about what you’re supposed to talk about in this type of content, so I thought I’d share twelve prompts about you and the city you live in. 

The Posting Formula: Consistency Matters

When it comes to social media posts and blog articles, consistency is more important than quantity (usually). If you’re a guru of all things social, post like crazy (it does actually work). 

But if you’re new to this, or don’t enjoy it, pick a rhythm and stick to it, no matter what it is- once a day, once per week, once per...

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The Courage To Do The Thing

courage momentum resilience Dec 19, 2023

 

At some point, you just have to do it. 

You have to stop thinking about it. Stop planning for it. Stop dreaming about doing it. 

And just do the thing.

The thing you know you should be doing anyway. 

Send the email to a prospect. Pop-in to an attorney. Make the cold call. Create the list. Update the profile. Click publish. Hit send. Walk out the door. Knock. Dial. Enter. 

It’s time.

 

Bill Soroka is on a mission to help mobile notaries serve more clients, make more money, and build a business that thrives beyond loan signings, self-reliant & untethered to the housing industry. Together with industry expert Laura Biewer, he wrote the bestselling book, “Beyond Loan Signings: How to Monetize Your Notary Commission Through Specialty Work.”You can order your copy here.

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108 Ways to Make More Money as a Notary Public

 

“How can I make more money as a notary public?”

It’s one of the most common questions I hear, especially now that the loan signing boom has ended (for now).  

The answer to the question comes in many forms. The standard way of answering is, “it depends on what your state allows for notarial fees and travel.”  

Or, we might talk about how important it is to ride the wave of the next big boom for mobile notaries as a Certified Notary Trust Delivery Agent 

Both are true.  

But, there’s far more to this notary-entrepreneur thing.  

This business isn’t just about knowing how to sign, date, and stamp a piece of paper.  

It’s about people and how you treat them. It’s about the efforts you take to make sure your clients are in competent hands, genuinely cared for, and how well you provide a smooth and efficient transaction.  

You must always remember that you...

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