I wanted to harp on the "Economy of the Mind" that knows nothing of man -made recessions for a bit. I say man made because these recessions or declines are very much derived from governmental, lobbying, and big corporate policies. Yet, do we have to rely on government and these lobbying factions for us to prosper. The answer is NO. I want to put you on to something. There is a reason in a recession that often times the rich get richer and this is because they don't only just rely on the stock market index to make moves nor feed into all the talk and propaganda in the media about recessions. These people rely on the energies of the Universe. You see the Universe does operate on a cyclical pattern and they've studied the cycles of the energies while feeding you the reverse cycles. For example in real estate when there was the big buying frenzy a few years ago in the last decade did you know the experienced investors sat on their cash because they knew the prices were being inflated and the markets were saturated with novices. This is why it was called a "bubble" because it was bound to burst. Now that it has burst guess who's buying houses up under us with outright cash for the low- low. The media will tell you a different story though while all these international investors and experienced investors are picking them up. Better yet, you'll see a man like Warren Buffet tripling his shares in a company that may have some people scratching their heads. They do it because they understand the energies and cycles of the Universe in addition to how to create their reality using their minds at the conscious and subconscious levels. They don't feed into the fear mongering of the media or rely on the economic cycles that have been fed to us for so long. It is often said during economic downturns more millionaires are born out of them then ever. This is true and one only needs to go back and check stats on "The Great Depression" and you'll see.
In essence the previous comments were meant to highlight how the 1% or the rich operate counter-intuitive to what media will portray in order to sustain and grow their wealth and many of them understand the Universe's cycles not the man made one's. Did you know there are stock market investors out there that understand these cycles so well that they guide their investing through something like an Investor's Farmer's Almanac based on Universal energies not the man made cycles that some of these media outlets may feed us. This is why in some previous social network commentary I've said " the news may present the superficial stories yet are you willing to dive deep and make the connections ". This principle runs across the board for so many aspects of our society. One thing we must know is that these individuals, investment groups, and entrepreneurs have in common is that they "OWN" their businesses and have portfolios for multitple income streams.
Anyhow the main gist of this article is about utilizing the "Economy of The Mind" in efforts for you too to become a business owner rocking with the Universal energies to help you create, grow, and sustain your business. The energies right now have so many people becoming intrapreneurs where they have a side business, hustle, or passion that they do while working in their corporate or other such jobs. The times also are calling for these side hustles because the times are difficult, yet only as difficult as the mind may perceive them for some. Then their are those that don't even have a job, underemployed, and seeking a new job. Now we all have passions, hobbies or interests, why can't we turn these into our new gig. Better yet, how about turning these side hustles or new gigs into legitimate businesses. The process is much easier now than ever to turn your passion into a legit small business and I wanted to highlight some avenues to make this happen by and for yourself or with a group to monetize your efforts. Let's first start by highlighting some popular small business entities that are out there now and then right beneath each I'll highlight some links that will provide the benefits and avenues where you can turn an existing or new hustle into a legit entity from an economically efficient standpoint which may be close to a 1/3 of what an attorney may charge.
The four popular one's that come to mind are Limited Liability Companies (LLC's),Limited Partnerships (LP), and "S"-Corporations (S-Corp)or Non- Profit (501c3). Below: I will highlight briefly what they are and will add a link from reliable resources that will provide the benefits of such entities and may even assist you in forming them:
Limited Liability Companies (LLC)- A Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner.
LLC Benefits & Formation Link
Limited Partnership (LP)- A limited partnership (LP) is similar to a general partnership while still offering limited liability protection to some of the partners. In an LP, at least one partner must be a general partner with unlimited liability, and at least one partner must be a limited partner whose liability is limited to the amount of his or her investment. Limited partners act as “silent partners” making a capital investment much like passive shareholders in a publicly traded corporation but having no involvement in the management decisions of the business
LP Benefits & Formation Link
S Corporation(S-Corp) -An S corporation is a corporation that elects to be treated as a pass-through entity (like a sole proprietorship or partnership) for tax purposes. Since all corporate income is "passed through" directly to the shareholders who include the income on their individual tax returns, S corporations are not subject to double taxation. Moreover, the accounting for an S corporation is generally easier than for a C corporation which is the classic corporation as we know them to be.
S- Corp Benefits & Formation Link
Non-Profit (501c 3) -A nonprofit corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for nonprofit status, your corporation must be formed to benefit: (1) the public, (2) a specific group of individuals, or (3) the membership of the nonprofit. Examples of nonprofits include: religious organizations, charitable organizations, political organizations, credit unions and membership clubs such as the Elk's Club or a country club
Non-Profit Benefits & Formation Link
Some of the preceding information may already be familiar and the meat is in the links. These were some tools I utilized to educate myself on these entities among many others but they definitely provide a good informative start. I am the proud owner of 2 LLC's and I'm a partner in another LLC. I utilized sites such as bizfilings.com and legalzoom.com (no affiliations to these companies) as a means to start each and every one of them for a fraction of the cost it would take by going to an attorney. Nonetheless, I want to drop a hint of how you can actually have an attorney for the low-low. This may be achieved by utilizing your neighborhood pre-paid legal man or woman. Most neighborhoods have them and I advise not to sleep on these people because there will be times when you start or own your business you will need an attorney to review or draw up something like a contract or set up something like a DBA ( doing business as) name which is just another legal name for your existing company. These are just a few examples, but trust you will at some point need an attorney especially in the contract realm and with pre-paid legal you can always have one on hand at a low rate. Also, these services can even obtain a tax ID number for you so you can reap the tax benefits. The beauty in a lot of this is that even if you have bad personal credit if you can keep your expenses and liabilities intact or in order you can get credit in the companies name and not your's. Now that's a hustle in itself =-)
While I'm not an accountant nor a lawyer I felt it necessary to at minimum provide some basic steps in setting up or converting an existing business to a legal entity, especially during this wave of entrepreneurial energy. Often times we see the business but don't know how it was formed from the ground up. So many others have also been doing so on the social network, we must remember these people are just key droppers but we have to choose to do the research and open the doors willingly to survive "tough" but soon to be rewarding times. What I've learned is how to have the mindset of the rich "idiot" and that's not dissing myself but something I learned from a book called "How Come That Idiot's Rich and I'm Not?" by Robert Shemin which speaks to utilizing some Universal energy principles and teaches you to not so much try and re-invent the wheel but pick the brains of the people that are already in the know instead of trying to always figure out the concepts from scratch. I heard Magic Johnson is one of the best key droppers and has helped quite a few other athletes set up shop. I hope you feel me on this as this is a pragmatic post. Remember a brotha once said in his social commentary " Dream up the lofty dreams, yet be pragmatic in your approach towards achieveing them." The Soul Survivor Movement seeks to balance the Spiritual with material as for too long we've been lied to and told to stay away from worldly things, but how can that be the case when this theatre company called "Life" is very much about the experience and exercising the Peace of Source that is within you.
Peace & Love Family
-B.Poe
P.S. Happy Turkey or Tofurkey Day to you and yours and remember Thanksgiving should be more about charity, family, and friends than anything else.
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