[Video] Secrets of Successful Entrepreneurs #1

I'm publshing a series of videos on YouTube (channel ElizabethPW), called Secrets of Successful Entrepreneurs.  I'm going to share the habits that I have used, and that I have seen the seven+ figure entrepreneurs use, to create the lifestyle and business of their dreams.

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Use the Appropriate Tax Status for Your Business Phase and Entity.

The words "entity" or "status" of your business may be used in two ways:  (1) to describe the legal entity of your business (sole proprietor, partnership, LLC, S-Corporation, C-Corporation) or, (2) to describe status of your business for tax purposes (pass-through or corporation).  In the following post we will be discussing which legal entity is appropriate for your business for asset protection purposes; here, we are evaluating what status you should be using for tax purposes. 

Generally, either a business is a pass-through tax entity or it is taxed as a corporation.  If a business is pass-through, the profits or losses are passed-through to the tax return of the owners.   The owner owes taxes for any profits, even if those profits are not actually taken home by the owner.

If the business is taxed as a corporation, the corporation files its own tax return and pays taxes on its profits.  Money may be paid to owners as salaries for work performed and the owner will pay taxes on his/her salary, just like any employee.  Other money may be paid to owners as dividends on their stock and the owner will pay taxes on dividends, just like any dividends received on stock. 

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Are you stepping up to your own brilliance?

Just wanted to sharing an amazing post from Wendy Piersall, former eMom, now CEO of Sparkplugging, on "What do American Idol & the Butterfly Effect Have to do With Your Destiny?"  Wendy does an amazing job of analyzing the subtle differences between those who are talented and moderately successful, and those who crack through to the top — it's not just based on being the best, but on a mental change …

And I realized that even now, when someone gives me a compliment, or acknowledges what I have accomplished, I still squirm a little and will even sometimes downplay it.  Tiny, self-depreciating indications that I haven’t quite owned my own truth - that I am here to change lives. End of sentence. No explanations, no justifications.

Are you still playing small?