Jan
28
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Jan
25
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Jan
24
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Jan
23
Limited liability companies and their formation
A limited liability company (LLC) is a form of business structure that is very popular. A limited liability company allows the owners to have limited liability for the debts and actions of the company. Additionally, the company itself does not pay taxes. The tax liability is upon the owners. Within the state of Wisconsin, you can register for a LLC online with a cost of $130. The Articles of Organization are two page long and ask for a name of the company, the person who will act its “registered agent”, the person (or people) who is organizing the company, the name of the person completing filing, and the business contact. My guess is that in many cases, these roles will be filled by the same person.
So, what are the tax implications? According to the IRS, “The federal government does not recognize an LLC as a classification for federal tax purposes. An LLC business entity must file a corporation, partnership or sole proprietorship tax return.” This means that, more likely than not, you will be filing your tax return the same way you would for sole proprietorship.
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Jan
22
Goals
Measurable goals are an important driver for success. Many people have fantasies. There is a difference between fantasies and goals, though. The author Brian Tracy once wrote:
A goal is something distinctly different from a wish. It is clear, written, and specific. It can be quickly and easily described to another person.
A goal, crucially, should be something that you can measure. Did you earn the degree or not? Did you get the promotion or not? Did you increase your gross income by 25% or not? If you don’t have something that you are consciously working towards, how are you going to achieve it? In my own life, I have had many goals. I was admitted to a good University. I helped to found a new collegiate chapter of a professional fraternity. I went overseas to study business in Europe. I got a steady job, in my chosen field. I started and successfully finished work on an MBA degree. These are all measurable goals.
Recently, I’ve struggled with prioritizing the items on my list. I want to get a job that doesn’t require lengthy daily commutes and offers better benefits. I want to buy a house. I want to get a private pilot’s licence. I also want to own and operate my own profitable, sustainable business. I think that the first two are at the top of my list and the second two come next. All four goals have significant levels of difficulty. The key to domination of goals is to work towards them on a daily basis. Don’t forget about them, don’t stop working on them, and you will achieve them.
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