How to Choose the Best Business Structure

How to Choose the Best Business Structure

SMALL BUSINESS

Choose The Best Business Structures

5 common business structures

Margit Willems, Owner

22 October 2016

How to choose the best business structure when starting a business can be an overwhelming task for many  .

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The 5 Common Business Structures

In review, the five most common business structures are:

5 common business structures

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Sole Proprietorship

Advantages

The pros of a sole proprietorship are:

Easiest to form

It is the easiest and least expensive form to organize.

Least expensive to form

It is the easiest and least expensive form to organize.

Owner has complete control

It is the easiest and least expensive form to organize.

Easy tax preparation

It is the easiest and least expensive form to organize.

Lowest tax rates

It is the easiest and least expensive form to organize.

Profits flow-through to owner’s personal tax return.

It is the easiest and least expensive form to organize.

Easy to dissolve

It is the easiest and least expensive form to organize.

Disadvantages

The cons of a sole proprietorship are:

Unlimited personal liability
Personal assets at risk
Hard to raise money
Responsible for successes and failures
Hard to attract talent
Benefits only partially adjustment to income

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Partnership

Advantages

The pros of a partnership are:

Generally easy to establish

It is the easiest and least expensive form to organize.

Relatively inexpensive

It is the easiest and least expensive form to organize.

Shared financial commitment

It is the easiest and least expensive form to organize.

Ability to raise funds may increase

It is the easiest and least expensive form to organize.

Complementary skills among partners

It is the easiest and least expensive form to organize.

Attract better talent through partnership incentives

It is the easiest and least expensive form to organize.

Disadvantages

The cons of a partnership are:

Joint and Individual Liability
Disagreements among partners
Profits must be shared with partners
Unequal contribution can cause discord among partners.
May have a limited life
Some employee benefits not deductible from income on tax returns.

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Limited Liability Company

Advantages

The pros of a limited liability company (LLC) are:

Limited liability of members
Flexible check-the-box taxation e.g., sole owner
Pass-through taxation; no double taxation
Easier to Raise Money
Ease of Ownership Transfer
Flexible management structure
Enhanced credibility

Disadvantages

The cons of a limited liability company are:

Cost of Set Up
requires formal organization
periodic filings with the state
Lack of uniformity by state
Limited growth potential
Self-employment tax of members
businesses eligible test

Advantages

The pros of a S corporation are:

Limited liability
No double taxation of income
Pass-through taxation
Investment opportunities
Perpetual existence
Once-a-year tax filing requirement

Disadvantages

The cons of a S corporation are:

extra startup and termination costs
Ownership Restrictions
Extra Tax Accounting
Closer IRS scrutiny
U.S. citizens and permanent residents only

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Corporation

Advantages

The pros of a corporation are:

LIMITED LIABILITY
RAISING CAPITAL
Company continuity of existance
Fringe benefits
Attracting top-notch Talent
Enhanced credibility

Disadvantages

The cons of a corporation are:

Expensive to start
Government regulations and formalities
No deduction of corporate losses
Additional Paperwork

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20 + Inspirational Steve Jobs Quotes for Entrepreneurs

20 + Inspirational Steve Jobs Quotes for Entrepreneurs

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Steve Jobs Quotes For Inspiration AND Reflection

23

SEPTEMBER, 2016

Steve Jobs
Quotes
Inspiration

Still sitting on the fence about what to think about Steve Jobs?

The Steve Jobs Quotes listed below are a great start.

Removed from the noise of popular opinion—both good and bad, each quote provides inspiration, as well as insights, to help you along your personal journey.

Read them, reflect upon them, and make them yours!

Steve Jobs Quotes

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““Don’t let the noise of others’ opinions drown out your own inner voice.”

Steve Jobs Quotes

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“You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out. ”

Steve Jobs Quotes

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“If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on.”

Steve Jobs Quotes

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“Why join the navy if you can be a pirate?”

Steve Jobs Quotes

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“the people who are crazy enough to think they can change the world are the ones who do.”

Steve Jobs Quotes

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“Have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”

Steve Jobs Quotes

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“You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”

Steve Jobs Quotes

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Photograph by Detroity2K via Flickr

“Think Different.”

Steve Jobs Quotes

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“Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.”

Steve Jobs Quotes

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“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.”

Steve Jobs Quotes

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“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”

Steve Jobs Quotes

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“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.”

Steve Jobs Quotes

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“Details matter, it’s worth waiting to get it right.”

Steve Jobs Quotes

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“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future.”

Steve Jobs Quotes

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“Quality is more important than quantity. One home run is much better than two doubles.”

Steve Jobs Quotes

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“Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”

Steve Jobs Quotes

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“Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful, that’s what matters to me.”

Steve Jobs Quotes

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“The heaviness of being successful was replaced by the lightness of being a beginner again.”

Steve Jobs Quotes

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“Stay Hungry, Stay Foolish.”

Which one is your favorite Steve Jobs quote, and why? Is is something you know deep down you need to incorporate or improve upon? In other words, does one or the other expose one of your weaknesses.

One of my weaknesses in recent years has been one of focus.  This hasn’t always been the case. But let’s be honest, life happens and we come to crossroads.

Crossroads come in many forms. For some it is the failure of a business, for others it is loosing a loved one, and for still others a personal illness. The important thing is to get back into the “saddle” again and keep moving on—but smarter.

But let’s move on to a few more quotes.

More Steve Jobs Quotes

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Innovation distinguishes between a leader and a follower. ~ Steve Jobs

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Things don’t have to change the world to be important. ~ Steve Jobs

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I want to put a ding in the universe. ~ Steve Jobs

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I believe life is an intelligent thing: that things aren’t random. ~ Steve Jobs

Steve Jobs Quotes

Photograph by adambrack via Flickr

I hope you enjoyed the Steve Job Quotes collection and would love to hear about your favorite quote. If you have one that is not included in the list, please leave me a comment so I can add it to the ever growing Steve Jobs Quotes list.

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Original Header Image Source; Flickr (CC BY-2.0) Modified on September 24, 2016 by Margit Willems.(CC BY-SA 2.0)

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Eight Famous Men Who Overcame Obstacles

Eight Famous Men Who Overcame Obstacles

Despite The Obstacles They Faced, These Eight Men Achieved Great Things.

We all need heroes in our lives—a person we admire for courage, outstanding achievements, or noble qualities.

When we were children, we wanted to be like Pippi Longstocking, Huckleberry Finn, Superman, Wonder Woman and Company.  As we grew older, we became more interested in real persons, like Jackie Kennedy, Princes Diane, Ghandi, and so on.

Then, came a turning point in our life—called reality, or whatever we called it, and our dreams went to the way side.

But, it doesn’t have to be this way.

If life handed you lemons in your early years, it is still time to make some fabulous lemonade.

The eight famous men who overcame obstacles in the following slide did it and so can you..

They had the mindset, determination and persistence that got them through strong adversities.

Who is your hero?

If you don’t have one, pick one from my list.

Next time you face a challenge ask yourself, “what would my hero do in my situation.”

In closing, when the going gets tough, the tough get going. And, just like the famous eight, you too can achieve great things in life.

 

Sir Isaac Newton

 

Dec 25, 1642 – Mar 20, 1726

Occupation: Scientist

Challenge: From birth the cards were stacked against him. He was: born prematurely, three months after his father’s death; raised by his grandmother; removed from school at age 17; expected to become a farmer; and paid his way through college…Read More

Legacy: Universal Law of Gravitation, Laws of Motion and the Reflecting Telescope. Read More

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Benjamin Franklin

Jan 17, 1706 – Apr 17, 1790

Occupation: Diplomat, Inventor and Scientist

Challenge: Benjamin Franklin was one of seventeen children. His father could only afford to send him to school for one year and his schooling ended when he was ten.

Legacy:  Franklin was one of the Founding Fathers of the United States. He invented the lightning rod and bifocals.

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Thomas Edison

Feb 11, 1847 – Oct 18, 1931

Occupation: Inventor and Business Man

Challenge: In school, young Edison’s mind often wandered and his teachers told him “he was to stupid to learn.” Work was no better.  After the railroad bypassed his home town in 1854 and business declined, his family relocated to  bypassed his home town, his family moved to Port Huron, Michigan. To make ends meet, he sold candy and newspaper on the train and…Read More

Legacy: Electric light bulb, phonograph, movie camera.

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Vincent Van Gogh

 

Mar 30, 1853 – Jul 29, 1890

Occupation: Painter

Challenge: Early in life, even so he was brought up in a cultured atmosphere, van Gogh lacked self-confidence, struggled with his identity and lacked direction. In 1888, he was treated for psychiatric issues. During his life, he sold only one painting, lived in poverty, was malnourished and overworked.

Legacy: Van Gogh is one of the most well-known and influential artists.

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Henry Ford

 

Jul 30, 1863 – Apr 07, 1947

Occupation: American Industrialist

Challenges: Henry Ford was brought up on a farm, outside of Detroit, MI. He was twelve, when his mother died of childbirth. While his father hoped Henry would someday take over the family farm, young Henry preferred to tinker.

Legacy: Model T automobile and the Five Dollar Workday

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Albert Einstein

Mar 14, 1879 – Apr 18, 1955

Occupation: Theoretical Physicist

Challenge: He did not speak fluently until after he was nine and was considered slow. Although he was an average student, he was eventually expelled for his rebellious nature. Learn More

Legacy: The Theory of Special Relativity (1905)

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Charles Darwin

Feb 12, 1809 – Apr 19, 1882

Occupation: Naturalist

Challenge: In 1825, Charles Darwin set out to study medicine, but he soon found out he disliked everything about it.  His father proposed he become a parson as a respectable alternative. Darwin was admitted a member of Christ College, Cambridge, but he had to relearn Greek, as well as advanced Greek before….Read More

Legacy: Theory of Evolution

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Franklin Roosevelt

Jan 30, 1882 – Apr 12, 1945

Occupation: US President

Challenge: FDR was diagnosed with polio in 1921, five years prior to becoming 32 president.

Legacy:  FDR served as the 32nd President of the United States (1933–1945). During his four terms, he guided America through its greatest domestic crisis, other than the Civil War), and its foreign crisis.

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7 Tips From Women Behind Successful Men

7 Tips From Women Behind Successful Men

Women Behind Successful Men

7 Tips From Women Behind Successful Men.

Growing up in a family business, I learned early in life what was expected of the wife of a successful businessman. Since, I have had many opportunities to reconfirm the value of my early lessons, both in my professional as well as my personal life. I could site many instances where a client or friend talked about the difficulties they were having in their marriage, but the incident that gave me the inspiration to write this article is much, much closer to home. It was during a visit back home when I was asked by someone close to me to “please talk to her about what I expect of her, or the relationship is over,” and, “it takes more than beautiful hair and a nice figure. It takes a certain set of attributes as well.

While many internet sites and polls claim that the set of attributes men are looking for in women has changed since the late 1980s is simply not true, or only half of the truth is published. If anything, today, men want the total package─ranging from being attractive, educated, and worldly, to being a supportive spouse.

Attribute Of Women Behind Successful Men

So what are the attributes successful men really want in women they intend to marry?

Let’s find out!

7 Tips From Women Behind Successful Men

She boosts your self-confidence.

Successful men want women who praise what they do. A great woman can stroke their ego so they have the confidence to succeed in whatever men envision to attain.

Most people assume that confidence is constant. This is simply not true. Men are no different than women when it comes to needing a boost to keep their momentum going.

Tip: How did you feel the last time someone gave you a compliment? Good, better…etc. The same applies to successful men. While they are used to succeeding, they are not immune to the ups and downs of a hectic day.

She feeds your ambition, drive and vision.

Many women behind successful men will tell you that they are attracted to men who are ambitious, driven and dedicated to getting ahead in their career. Unfortunately, this mix can be likened to a double-edged sword. One the one hand, ambition can consume us to the point we forget about the things that are important in life. This can lead to hasty decisions. On the other hand, loss of ambition can become troubling over time, especially as we get older. A wife who shares his vision and acts as a sounding board is in a unique position to keep his vision alive and help refine the focus and drive.

She allows you to take risks.

“Only those who dare to fail greatly can ever achieve greatly.” ~ Robert F. Kennedy

Taking risks is a common trait among successful people. An intelligent spouse knows this. Hence, she will do her best to build your confidence, provide you with a stable personal life and encourage your vision that will allow you to take the risk necessary to reach your professional goals in life.

Further, a spouse who cares deeply about you will support you every step along the way. There are many stories about wives who supported their husband to achieve great things in life. An epic story is the one of Napoleon and Josephine. While known as one of the greatest military minds in history, Napoleon gave Josephine credit for fueling his confidence during his campaign in Italy in 1796–97. Another man who gives credit to his wife is one of today’s most highly public speakers. His wife supported him every step of the way, even so it meant going deeply into debt without any guarantee about a possible outcome.

In short, a great wife will let you reach for the stars, but is there to catch you if you fall.

Tip: if you are risk adverse, explore where this feeling comes from.

She offers you firm support.

We all know how good it feels to talk to someone about the things that trouble us. All it often takes is to find someone who really listens to what we have to say. An intelligent wife knows this and is there to listen to you, providing you have the willingness to accept her influence, thus helping you to address the issues. She acts as a sounding board when you need to verbalize thoughts and ideas, offers emotional support during difficult times and motivates you when the going gets tough. And, as long as which makes you feel better about yourself.

Tip: The next time you have a conversation with your spouse pay attention to the dynamics of the conversation. Who does most of the talking? More importantly, “are you willing to accept her influence?”

She gives your life perspective.

A loving wife helps you to gain a different perspective on what is important in life. Many men have become successful before they married, but a study conducted at Washington University in St. Louis, suggests “that people with ambitious career goals may be better served to seek supportive partners with highly conscientious personalities.” A perfect example is Bill and Melinda Gates. While Bill Gates had become the richest man in the world before marrying Melinda, it wasn’t until after their marriage the Bill & Melinda Gates Foundation was created.

While this article is about attributes of women of successful men, how ambition affects us, both men and women, is very similar. Ambitious individuals can literally work themselves to death and, thereby, miss out on what is truly important in life. On my blog, Four Pillars of Health, I go into details about why work-life balance is important for all of us.  Lifestyle changes, including work-life-balance, become even more important as we advance in years.

She carries the household.

Throughout history, women were the keepers of fire, hearth and home, while men were the providers of economic means and soldiers of war. In the 20th century, things started to change for women.  As men were sent to war, women were forced to take up leadership roles and work outside the home, in addition to running a home and raising children. Over the decades, many things have changed, but one remains the same: successful men want women who, for the most part, carry the household.  This doesn’t mean for the woman to stay at home. It does mean for her to make a house a home—adding that special touch, and holding down the fort while he attends to business affairs. A supportive husband recognizes and values the contribution she makes to ensure everything is running smooth.

She is strong and independent

She does not live life through you but with you. A successful man understands that a women who is co-depend on him will weigh him down over time.  Women of successful men often have an income of their own.  This not only takes the pressure of things, like risky investments to get ahead but also makes her less dependent on you. It is really all about the balance of autonomy.  When the mix is right, life with a strong and independent, yet loving, nurturing and the supportive spouse has its own rewards for both partners.

A word of caution! If you are looking for a trophy wife understand this, “a women is not a trophy, or arm candy, for achieving financial success or professional goals.”[1] .

 

If you are a successful man, what are you looking for in a woman?

And, to all the women behind successful men, what attributes resonate the most with you

If you like the infographic, “7 Tips From Women Behind Successful Men,” you can download a pdf copy here! No information required—just a simple download.

And, don’t forget to share it. The more the merrier.

[1] :http://www.askmen.com/money/successful_100/147b_success.html

Nine Former First Lady Quotes

Nine Former First Lady Quotes

We all have heard the saying, “Behind every great man there’s is great woman.” But why is a great woman behind every great man?

Several years ago, former First Lady Jackie Kennedy’s interviews made the headline where she spoke candidly about her life as first a senator’s wife and later as first lady of the United States.  Today, many accolades are given to the spouses of successful men, but we should not forget the early ones—the women who not only indirectly shaped our nation, but also influenced the life’s for women today.

If you enjoyed the quotes, check back often as I will add quotes from the other first ladies soon.

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