The power of a company.
LLC, S Corp, C Corp, Inc, LTD…the humble corporation. What is it that is so great about these entities? Well I’m not here to describe or go into detail about the merits of each one or talk about liablity limitation or any of that boring stuff, instead I wanted to give you some insight into a very powerful use of these entities.
What people fail to understand is that a company that is incorporated is given an identity of it’s own. This means that it can own property, own patents, have bank accounts, own investments such as stocks or bonds and do practically anything a natural person can do. For 15 years I understood the basics about liability limitations and building company credit but recently was let in on a secret that is immensely powerful.

The secret is that you can substitute a company for yourself. This may seem trivial. Why would anyone want to substitute a phony entity for themselves? Hehe. That’s what I thought!! Imagine you were Kobe Bryant and you were given the task of assembling an all star team around you. You are just one player who plays one position so you need to build a team. Who would you pick? This is the power of a company. By creating a company, and in particular a general partnership you get to be a member of an all star team instead of trying to go at it yourself. By substituting a company for yourself you can literally stack your team!
I buy real estate so I will use that as an example. Imagine you wanted to buy an apartment building and you didn’t have any money. So you find a good deal then form a company that becomes a general partnership. You bring the deal and another person brings the money and you buy the property. What if you have bad credit? Find a partner with 800 credit. What if there’s an experience requirement? Find someone with experience. Partner with as many people as you need to make the deal happen. Yes, you’ll have to split your earnings but just imagine the leverage and power available to you once you have an all star team that trusts you. How many more deals can you do?
Limited partnerships are the other side of the deal. In real estate there is usually a general partner and a group of investors. The general partner as I described above can be a company formed to act as the general partner. Combine this with a group of investors in a limited partnership and you’ve got power. You have an all star team and the money to power it.
The moral of the story is that any limiting belief you have is just an excuse. I hear it all the time: I’m too old, I’m too young, I’m too poor, I’m too inexperienced, I’ve got bad credit, I have a criminal record…etc, etc, etc. I was exactly the same way and here’s the bottom line. If you have a vision and believe in that vision with passion and tell everyone about it you will draw people to you. Go to networking events, trade shows, cashflow games, mastermind groups, investor clubs and growth conferences. Take a stack of business cards and contact cards (blank cards that people can write their information on) with you everywhere and build you network. Then for less than $200 you get to build your very own all star team. So what are you waiting for? Life Unbounded baby — Let’s do this!!