What would it feel like if at this time next year you looked back at how you lived your 2018 and said, “That was a wild awesome ride, let’s do it again!”?
I invite you to put away the resolutions for a minute and stop listening to the troll on your shoulder dancing around mocking all your bad habits, failures and what needs to be changed. Instead think about one dream that you’ve always said ‘someday you’re going to do’ and imagine accomplishing it in 2018.
You see your dreams are like the pea in the Princess and the Pea fairytale. There’s a mile-high stack of old mattresses on top of that pea. You shouldn’t be able to feel it anymore, but yet it’s still there.
I call this whisper of dreams the Desire Effect™ and it’s the marriage between yourself and life. Even if you hid your deepest desires away they’re still there in sickness and in health, for richer or poorer, and for better or worse. They never leave because they’re the key to your true happiness, self-esteem, and a life lived without regret, yet they are covered everyday with another mattress. This marriage with your desires may be the least nurtured relationship in your life.
Your desires are the most powerful allies in being able to live the life you’re meant to live and to break the desire/regret cycle, yet most people will die never having let the desires come to full effect.
Most of this has happened subconsciously. Once you understand it, well then it does become your responsibility to change it. So decide if you’d like to take control of your life and throw off all those mattresses before you read on, because what I’m about to tell you will leave you in control and some people would prefer the excuses. They’d rather leave their lives in the hands of programs and gurus, doctors, and bosses, bad relationships, and blame, because there’s a part of their brain that says, “We’re safe. We don’t like discomfort.” Seventy-five percent of the population is motivated by external forces: praise from others; fear of pain; fear of being reprimanded; love from others, etc. So oftentimes you make decisions based on what society will deem success and right.
So are you ready to see what those external forces have done to you?
Let’s take a little journey together.
Everyone starts with dreams and desires. Little kids imagine what their lives will look like. They dream big. Every adult has a list of, “Some day I’m going to_____.” So imagine you’re standing at a split in a road with a huge mountain in front of you.
That mountain looks steep and rocky. You’re holding a treasure chest of all your dreams.
When you look to the right you see the people in your life. They’re urging you to follow the path they’ve taken or want you to take. “You want to be a dancer? That’s silly. Barely anyone makes it and you don’t have the body. You want to be a writer? I wanted to be a writer but it’s not practical. An artist? Well maybe if you go into graphic arts. Sail the world? Everyone wants to travel, but then it’s time to realize that life doesn’t turn out the way you want and it’s what happens when you’re making other plans.”
All these external voices are coming at you telling you what you should be. Many of these voices are well intentioned. These people love you and they don’t want to see you fail. Their personal fears and experiences are placed upon you. Add in the media and all the propaganda you’re fed about what makes a successful life and there’s a constant bombardment battling with your dreams aka the mattresses on top of the pea.
Let’s turn away for a moment and look at the left split in the road—the chance to follow your desires. This path is terrifying. There’s very little data on how it will work out, because it’s a unique path, one that only you can take and no one else has ever done. There’s no map, no one to take your hand and say, “See this is how it will end up.”
So you take the path on the right. At first it works out well. You see the design in front of you, and you know the goals. You work hard to get there. Yet underneath, The Desire Effect™, keeps haunting you like that little pea that won’t allow you to sleep comfortably. Suddenly life, even if it looks perfect on the outside, starts feeling like a chore and resentment builds along with unhappiness. The stress compounds and the psyche yearns for release. Food, alcohol, social media attention, fighting with loved ones, creating drama that gives you a boost of brain chemicals, all create bad patterns that are hard to break. You begin to zone out; to get away for one minute from the life you’ve built by binge watching television or just shutting down.
Ultimately you need an outside force to break you from this pattern and you see commercials for workout systems, diets, financial programs, counseling, coaching, etc. They give you a new vision of what will make you happy, and forward momentum happens as you get an endorphin rush based on a future results. The feeling is fleeting, failure starts to be debilitating and once again you start to simply make it through the day.
By the end of most people’s lives they look back and wonder, where did all my dreams go? Where is my health? My life? Oh well this is just the truth of living.
But it’s the biggest lie ever told.
What if instead, you got off of the right path and stepped into the unknown. It’s scary, your brain and that troll are going to tell you it’s impossible. You can’t remember your dreams anymore, or you can, but they aren’t practical. You have responsibilities. You like your life. There’s no real reason to complain. There isn’t enough money.
But what if you could climb the Appalachian Trail? Or take a month off and live in Italy? Or write that novel? Or learn to dance? Or whatever your pea has been whispering for so long.
Let’s take an imaginary stroll down the left path. There’s excitement and fear wrapped together because it means so much to go after your dreams and you don’t know if you have what it takes to do it. You take the first small steps and think, “Well at least if I fail I’ll know I tried, but to fail would hurt so much because I want this badly.”
And then you do fail. It’s inevitable. It happens, yet instead of running back to the right path you realize you’ve started to climb the steep mountain and didn’t even notice. You learn from the failure and decide, “Hey it hurt, I fell, but I’m still okay.” Your confidence goes up.
Suddenly there’s a desire to be healthier because you want to climb this mountain faster and your diet and workouts are chosen to enhance what you’re doing. You begin to make financial decisions not based on stuff, but on a life well–lived with meaning and experiences. You realize if you’re out of debt or make more money you’ll have freedom to have more dreams, more fun, and you start making better decisions. Suddenly the view of the top of the mountain comes into sight and you’re not even breathing hard. You notice that you’ve been meeting like-minded people who also chose the unknown path and you’re happier in your relationships. The regret is gone.
You reach the top of the mountain, with a few bruises, a few healed injuries, but as you summit you see a whole world before you that wasn’t visible at the original crossroads and you realize that this one dream that you took a chance on has led you to a huge life. There’s no longer time for zoning out, or binge watching television or all those things that allowed you to escape. You need at least five lifetimes because there’s so much to explore.
Do you still want to make that resolution based on changing what you dislike about yourself?
Want to step onto the unknown path? Don’t know where to start? Take the Dream Survey to see where you stand with your Desire Effect™. Join our Facebook group A Year of Dreams and like our Page Dare to Dream/ Marci Nault for a year of inspiration and support. Only in dreaming can you see how magnificent your life is meant to be. Make 2018 the year you settle for nothing less than magnificence.
Business entities can be defined as the corporate, tax and legal structures which an organization chooses to officially follow at the time of its official registration with the state authorities. In total, there are fifteen different types of business entities, which would be the following.
- Sole Proprietorship
- General Partnership
- Limited Partnership or LP
- Limited Liability Partnership or LLP
- Limited Liability Limited Partnership or LLLP
- Limited Liability Company or LLC
- Professional LLC
- Professional Corporation
- Nonprofit Organization
- Cooperative Organization
As estates, municipalities and nonprofits do not concern the main topic here, the following discussions will exclude the three.
Importance of the State: The Same Corporate Structure Will Vary from State to State
All organizations must register themselves as entities at the state level in United States, so the rules and regulations governing them differ quite a bit, based on the state in question.
What this means is that a Texas LLC for example will not operate under the same rules and regulations as an LLC registered in New York. Also, an LLC in Texas can have the same name as another company that is registered in a different state, but it's not advisable given how difficult it could become in the future while filing for patents.
To know more about such quirks and step-by-step instructions on how to start an LLC in Texas, visit howtostartanllc.com, and you could get started with the online process immediately. The information and services on the website are not just limited to Texas LLC organizations either, but they have a dedicated page for guiding fresh entrepreneurs through the corporate tax structures in every state.
Sole Proprietorship: Default for Freelancers and Consultants
There is only one owner or head in a sole proprietorship, and that's what makes it ideal for one-man businesses that deal with freelance work and consulting services. Single man sole proprietorships are automatic in nature, therefore, registration with the state is unnecessary.
Sole proprietorships are also suited to a degree for singular teams such as a small construction crew, a group of handymen, or even miniature establishments in retail. Also, this puts the owner's personal financial status at jeopardy.
Due to the fact that a sole proprietorship entity puts all responsibilities for paying taxes and returning loans, it directly jeopardizes the sole proprietor's personal belongings in case of a lawsuit, or even after a failed loan repayment.
This is the main reason why even the most miniature establishments find LLCs to be a better option, but this is not the only reason either. Sole proprietors also find it hard to start their business credit or even get significant business loans.
General Partnership: Equal Responsibilities
The only significant difference between a General Partnership and a Sole Proprietorship is the fact that two or more owners share responsibilities and liabilities equally in a General Partnership, as opposed to there being only one responsible and liable party in the latter. Other than that, they more or less share the same pros and cons.
Registration with the state is not necessary in most cases, and although it still puts the finances of the business owners at risk here, the partnership divides the liability, making it a slightly better option than sole proprietorship for small teams of skilled workers or even small restaurants and such.
Limited Partnership: Active and Investing Partners
A Limited Partnership (LP) has to be registered with a state and whether it has just two or more partners, there are two different types of partners in all LP establishments.
The active partner or the general partner is the one who is responsible and liable for operating the business in its entirety. The silent or investing partner, on the other hand, is the one who invests funds or other resources into the organization. The latter has very limited liability or control over the company's operations.
It's a perfect way for investors to put their money into a sector that they are personally not experienced with, but have access to people who do. From the perspective of the general partners, they have similar responsibilities and liabilities to those in a general partnership.
It's the default strategy for startups to find funding and as long as the idea is sound, it has made way for multiple successful entrepreneurial ventures in the recent past. However, personal liability still looms as a dangerous prospect for the active partners to consider.
Limited Liability Company and Professional LLC
Small businesses have no better entity structure to follow than the LLC, given that it takes multiple good ideas from various corporate structures, virtually eliminating most cons that are inherent to them. Any and all small businesses that are in a position to or are in requirement of signing up with their respective state, usually choose an LLC entity because of the following reasons:
- It removes the dangerous aspect of personal liability if the business falls in debt or is sued for reparations
- The state offers the choice of choosing between corporation and partnership tax slabs
- The limited legalities and paperwork make it suited for small businesses
While more expensive than a general partnership or a sole proprietorship, a professional LLC is going to be a much safer choice for freelancers and consultants, especially if it involves risk of any kind. This makes it ideal for even single man businesses such a physician's practice or the consultancy services of an accountant.
B, C and S-Corporation
By definition, all corporation entities share most of the same attributes and as the term suggests, they're more suited for larger or at least medium sized businesses in any sector. The differences between the three are vast once you delve into the tax structures which govern each entity.
However, the basic differences can be observed by simply taking a look at each of their definitive descriptions, as stated below.
C-Corporation – This is the default corporate entity for large or medium-large businesses, complete with a board of directors, a CEO/CEOs, other executive officers and shareholders.
The shareholders or owners are not liable for debts or legal dispute settlements in a C-Corporation, and they may qualify for lower tax slabs than is possible in any other corporate structure. On becoming big enough, they also have the option to become a publicly traded company, which is ideal for generating growth investments.
B- Corporation – the same rules apply as a C-Corporation, but due to their registered and certified commitment to social and environmental standards maintenance, B-Corporations will have a more lenient tax structure to deal with.
S-Corporation – Almost identical to a C-Corporation, the difference is in scale, as S-Corporations are only meant for small businesses, general partnerships and even sole proprietors. The main difference here is that due to the creation of a pass-through entity, aka a S-Corporation, the owner/owners do not have liability for business debt and legal disputes. They also are not taxed on the corporate slab.
Cooperative: Limited Application
A cooperation structure in most cases is a voluntary partnership of limited responsibilities that binds people in mutual interest - it is an inefficient structure due to the voluntary nature of its legal bindings, which often makes it unsuitable for traditional business operations. Nevertheless, the limited liability clause exempts all members of a cooperative from having personal liability for paying debts and settling claims.
This should clear up most of the confusion surrounding the core concepts and their suitability. In case you are wondering why the Professional Corporation structure wasn't mentioned, then that's because it has very limited applications. Meant for self-employed, skilled professionals or small organizations founded by them, they have less appeal now in comparison to an LLC or an S-Corporation.