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The speaker discusses the importance of making money and wanting to be rich. They then introduce the topic of structuring a business in five easy steps. The first step is to choose a name for the business, keeping it short and related to what the business does. They also mention the importance of checking if the domain name is available. The second step is to register the business with the State Corporations Commission or Secretary of State, depending on the state. They emphasize the ease of doing this online. The speaker suggests reserving the chosen name on a domain website before registering it with the state. The third step is to decide on the type of business entity, such as a C corporation or LLC, and file the necessary paperwork. The speaker briefly explains the differences between the two types. Oh, that's what I need. These two collectors, they ring my phone. They're calling me when I'm not at home. Ain't got no time to be fooling around. Deep is the floor that I stay on top. You see, I want money, nothing left to mine. I wish to fly in the sky. I want money, nothing left to mine. So don't be asking me why. I want to be rich. Oh, I want to be rich. If it makes money, we talk about it with big papa dollar. Because that's what we do. Right here on this podcast, we talk about it when it's talking about making money. Whether you want to be rich or not, everybody has that thing called money that they want to do. They want to make money. All right. Today's podcast, we're going to talk about how to structure a business in five easy steps. We're going to set up a business in five easy steps. And let me, first of all, do a full disclosure. I am not an attorney. I do not offer legal advice. And I do not subjugate myself to, you know, as far as contracts is concerned, I don't do legal work. Under any circumstances. Any information that I share with you today is going to be information that is firsthand. I've done it before. I've experienced it before. And those kinds of things. That's basically what we talk about. We talk about making money. And I like to think we've made a few dollars here and there over the years. And we can share some information with you that will probably help you along the way. So how we do this today. We're going to set up a business within five easy steps. And, again, folks, I'm going to be right there every step of the way. So let's get started because here's the deal. I try to utilize only 20 minutes of your time and 20 minutes of mine. Well, actually, it takes a little bit more than 20 minutes to put this on. But 20 minutes of your time to listen. And hopefully within 20 minutes you will get out of this what you need. And we're going to keep it moving. Keep in mind that you'll always be able to fall back. And, you know, we're in the giving business. We're not going to charge you anything except for the fact that we actually give you a little pledge challenge to go over to our donate page and kind of step around in there a little bit. And, you know, we just ask that you, you know, do a pledge challenge. And if you can do that, we're good. So without further ado, let's talk about the first step, obviously, is to gain a name, right? Your name of your business should be at least some sort of correlation to what your business do or does, whatever the case may be. So if your business is into barbecue and, let's say, chicken or whatever, you want to kind of give it a name that's associated to KFC or some kind of chicken. That wasn't really funny. Anyway, one of my rule of thumbs is that what we like to do is when you're looking at a name and setting up a name, you want to keep that name within probably two or three consonants. If you can keep it within two or three words of a name, like Geico, you know, and anybody knows what Geico is, is, you know, government and employee insurance, and da-da-da-da-da company, but they made it short. And it's pretty cool. Anytime you can make something short, like FedEx, UPS, you know, those kinds of names, those acronyms and sometimes names actually catch on. You want to do that with your name. Another little tidbit that I'd like to share with you as far as the name is concerned, before you actually put the name into the state corporation's permission or the secretary of state, and we'll get into that as far as step number two, but before you do that, you want to check to make sure that that name is available, let's say, on the Internet. You know, you want to have that domain name, so if it's xyz.com, you want to be able to utilize that xyz.com on the Internet and your email, and we'll get into that a little bit as well. But if you can't corner that particular name in a .com, then you may want to alter your name a little bit so that you can get it. And one of the things that I do, and, again, we'll get the name searches when we get into the state corporation's permissions and the secretaries of state, but domain.com, that's domain.com, well, actually, you don't have to have an account. That's the one I use. You can use GoDaddy. You can use several others that are out there that charge you the same kind of pricing. Right now, if you don't have a – we'll talk about hosting in another podcast, but you want to be able to, you know, contain that name, and you can check the name through domain.com or GoDaddy or something like that. And if it's available, you know, you want to go ahead and reserve it as soon as possible because somebody else may come along and snatch it away. But if it's not available, then you can actually – they'll give you some suggestions. I'll get that out in just a second. Some suggestions insofar as what other names you may be able to use, And that will give you an idea of how you can actually, you know, put that name over into the corporation if you have to alter it in any way. Just a little bit of a tidbit there. So that's the name process. That's actually number one. And we're moving right along, so let's move on to number two. And number two is actually registering your corporation or your business. You register your business through actually the State Corporations Commission or your Secretary of State. This is different ways of how they actually do that business in every state. So every state has a different way of – well, a different name in which they call themselves. Again, it could be the State Corporations Commission for your state or it could be the Secretary of State. You know, the names kind of vary. So what we would suggest at this point is to go to the Google process and just kind of Google your state agencies and see which one comes up and how they classify it in your state. It's a real easy process, and once you get to that process, once we get you to the Secretary of State or State Corporations Commission, all of this can be done and will be done online, right? So you find your State Corporations Commission, and I've done them in several states like Virginia, North Carolina, Mississippi, Alabama, Michigan even. But there's a different process for each and every one of them. Well, not every one of them, but there's a different process, and most of which is done online. Once you find the state agency that you've been looking for, you search for on Google, the next thing you want to do is go into the name search and search to see if that name that you came up with is actually in the system. And if it's in the system, well, obviously you can't take it. But if it's not in the system, I would go back – I would reserve it real quick, and then I'd go back to domain.com, and then I would say, okay, if it's still available, then I'm going to use that name, and then I'm going to go back over here. I want to reserve that name over at domain.com, and then I'm going to go back over to my State Corporations Commission where I'm registering my corporation, and I want to make sure that that name is in the system as well, and I'm going to start my Articles of Incorporation right now. That way you've tied up both of them, both the name on your domain and, of course, the name within the State Corporations Commission or your Secretary of State or whichever one, however they use that name in your state. So the next thing you would do is go ahead and set up an account with your state and begin the process of filing your business papers and so far as Articles of Incorporation. And, folks, this is the kind of thing where it's not going to – it will take you a little time to do a little bit of, you know, fumbling around in the website and that kind of thing. It will take you a few minutes, but it's worth it on the inside, at the end, because, you know, we're only going to pay a simple fee that the government requires you to pay as opposed to $800, $900, $1,200 that you would pay a legal person to actually drop the incorporation papers. And that is – for me it's a little bit of a waste of time. It really is. I don't think that you would want to spend that kind of money to do a $125 filing fee, and you can do this little bit of research yourself. I just feel like that might be – yeah, it just makes no sense. So – yeah, yeah, yeah. So when you actually research the name and everything came up goody, goody, and you're fine, let's go with now filing those papers, and that's the filling out of the document of the Articles of Incorporation. So you found the information that you need within your state corporation's commission, and the next thing you want to do is make sure that you're filing the right papers, and that is you've decided whether you want a C corporation, you've decided whether you want an LLC, you want to be a sole proprietorship. Again, I am not a legal scholar. I can't tell you one way or the other which one to go with that. I can only advise or give you some examples insofar as why you would choose one as opposed to the other. LLC is exactly what it says it is. It's a limited liability corporation, which limits the liability that you share in the event that something happens to that corporation. And who is held liable? Well, actually, you would be limited insofar as your liability is concerned, but when it's all said and done, at the end of the day, you become the liability of that LLC, which calls itself a limited liability. I don't know sometimes why that even makes sense, but I do know why it makes sense in a C corporation because I have set up many C corporations for myself, and the C corporations are a separate entity. It sits over there all by its lonesome, all by itself, you know, and it has its own little number like a social security number and everything. Well, the LLC does, too, but it ties itself back to you personally. But that C corporation sits over there, and if anything happens to that C corporation, it's the C corporation, not you. Even though you may be the CEO or the president of that corporation, it doesn't make you liable to some degree. And the only way it does make you liable, and, again, I am not a legal scholar, so do not, you know, you can't sue me for this kind of information, but the only way that it can actually come back to you is that you actually do some co-signing and that kind of thing for that C corporation. And you will find yourself doing, if you are a success in that business, whatever you so choose. Okay, so now, the Articles of Incorporation, if you decide to go with the LLC or the Articles of Incorporation or a sole proprietorship, for that matter, it doesn't really matter. The document is going to be somewhat the same. Excuse me. The document is going to be somewhat the same. It will ask you things like, you know, the name of the corporation, and be exact. This is very important. This is, I can't stress this enough. This is so important that you be exact. And you'll get this in a few minutes when I start talking about some other things that you need to do in step number four and five. But, oh, and step number three as well. But be accurate. This is very, very important. Be accurate in your name spelling and in your name spelling insofar as your personal name and in your company name and your addresses and things of that nature. All of these things need to be exact. Okay, so they're going to ask you for all of the things like the company name, the person that's incorporating, and those kinds of things. The only little tricky thing is probably you need to make sure you understand is that registered agent question. And on the application, they're going to ask you for a registered agent. Now, the registered agent is kind of different in every state. And when I say kind of different, well, it's not. It is different. So here's the deal. If you are in, let's say, North Carolina, you can be your own registered agent. What do I mean by that? You can incorporate your company and be your own registered agent as being the sole person that receives information about the company for any given reason. For instance, anything mailed to you or any registered documents and anything like that. That's what a registered agent is going to receive. So you can act as your own registered agent in some states. And in some states, you have to have a different registered agent and actually have a person that does not live at the same address that you are incorporating or is not associated with the same address that you are incorporating. So that gets kind of tricky. But here's what I always suggest. Just go ask grandma. Go ask Uncle Billy. Go just ask somebody next door if you have to. But you just need another address other than that of your own. And that pretty much is the most. Oh, and one more thing. The shares of stock usually starts at about $1,000 and that kind of thing. So you want your shares of stock to be $1,000 and usually just part shares of $1,000. You don't want to, unless you have something other than, let's just say you have four or five people that you need to split up stock with, and you're setting up a company and you want to split these stocks up 33, 33, 33, that kind of thing. You want to specify those kinds of things within that document. And it will ask you who was incorporated and do you have others that you want to have named within the corporation and how many shares if you want to put that there. But most of the companies that I've set up so far, it usually is just one person or two people, and then they split that stock kind of thing. So that's just something else to be aware of. Then the other thing is that they're going to ask you, you know, within the filing, do you want to file this online or do you want to mail it in? You want to print it off and mail it. Well, it doesn't cost no fees usually. It doesn't cost a fee to do it online. And there are a couple of companies, a couple of states that charge you $5 if you do it online, a couple of states that charge you nothing. And some states might even charge you $10 to do the processing. But for the most part, you're only going to pay about $100, $125 to incorporate, whether it be an LLC or a C corporation. Now, I've done them in Michigan for absolutely close to nothing, and I've done them in Mississippi for like $50. North Carolina, they charge about $120, $125. Virginia, somewhere there about. But it varies throughout the country insofar as how much it's going to cost you to do an LLC filing or a corporate filing within the state, even in a sole proprietorship. Then it's just a matter of signing it away. Once you click the send button, you put in your credit card information. And I've had the turnaround be as low as somewhere around, well, I had one in Mississippi probably 45 minutes, and we were in business. And then we were talking about one maybe in, let's say, here in North Carolina, which is where I reside. It can take up to two or three days. Now, you want to make sure the accuracy is there, because if you're not accurate, they will kick it back. So if you're going to use XYZ Corporation or XYZ Incorporated, and you need to be able to be exact about whether it's incorporated or incorporated or LLC or whatever the case may be. So if you've got whatever the case may be incorporated, I-N-C period, then it must be listed that way. You make sure that you list your name. If you're going to use your full name on other documents related to your company, then you use your full name on that document. If you're only going to use, like, your first and last name, if that's all you're going to use on further documents, that's what you use on that document for your company. Folks, I can't tell you how important this is, because I've stepped in those waters, and I have made those mistakes, and I have had to pay for those mistakes. So I want to make sure you don't. And, again, I'm with you every step of the way. So we're going to go to step three now. And I'm running a little bit over time, but I had to get a few things out, because I have to explain a little bit more than I normally would. But we're going to give you, you know, we're going to do about another ten minutes, if everybody's okay with that. I didn't find it funny, but it's okay. So let's go with now to get your tax ID number. And this is very important, because your tax ID number is like your social security number as a person. So your business is now taking on a personality of its own. It has its own personality number, you know, like your social security number. It has a tax ID number. And then something that you have to remember, going to the bank and all those kinds of things, you know, and setting up, you know, loans. And that's the number. You don't necessarily use your number. But we'll get that to another podcast, and we'll talk about that another time. So what we want to talk about right now is getting that tax ID number. Once your filings have been done with your Articles of Incorporation have been accepted to your state, they will send you a document with a control number to let you know that your Articles of Incorporation are approved. And here's your, you know, they'll send you a document. You can request that document either in email, or you can request that document be sent to you in a mail. If you're like me, I like to go ahead and send it to me in email. And, shucks, you can go ahead and send it to me in the mail as well. But I want to have it as soon as possible. So once I've got that, I can now get my tax ID number. And that is a simple thing and a very, very important thing. So you go to IRS.gov. Okay. Don't Google it. Don't do anything like go to a search engine or anything like that to try and get your tax ID number. Because guess what's going to happen? They're going to get you a whole lot of people out there that says, I can get you your tax ID number right now for 75 bucks or 125 bucks or 150 bucks. Folks, you can give me that 150 bucks if you like. Just on the front side, there's a donate process on there. There's my pledge challenge on my account. You can do that if you want to. I have no problem with that. But you do not have to spend any money to get a tax ID number. So don't. IRS.gov. And, once again, it's going to take you. You've got to play around in there a little bit. You may find some things that you've been needing to do, right? But so IRS.gov. You find it, and it'll have a clear little button there that says get tax ID number. It doesn't get any simpler than that. Now, here's the thing. Here's what you've got to be careful about. And I can't stress this enough. I've been in that pitfall, and I'm trying to make sure you don't get in it. And it is being accurate. So the same name that you put on your Articles of Incorporation and the same address that you put on your Articles of Incorporation spell the same way. And your name has to be the same way when you put the application for your tax ID number on IRS.gov. Okay? Same everything. You miss a period, or you miss incorporated and you spell it the wrong way, or you spell corporation the wrong way, or you do something with your address that's incorrect that you did not do on the Articles of Incorporation, it will kick you out. So you'll find yourself having to go back and forth trying to figure out what's going on with my tax ID number. Because once you fill out the information accurately, and the only thing that you may have a little bit of an issue with is this category thing, which they ask you about, you know, what kind of category is your business. And I don't know, if you're in agriculture or something like that, then it's going to be, like, really detailed information. If you're just general business and that kind of thing, and that's what I would encourage. Same on your Articles of Incorporation, by the way. Just a general business. You're incorporated to do everything that you can do under your corporation. That's the only little tricky part that you may get. Otherwise than that, they give you a PDF file within two minutes after you've given them that information, and you'll have your tax ID number. Wow. That was easy, right? Okay. Okay. That really was easy, though. All right. So, we've gotten through number four. Number three, actually. So, one, two, three. And now we're going to get to number four, which is the lovely part. You know, then you're going to give up some money, right? Not to me. But the next thing you want to do is open your bank account. You want to do that as soon as you possibly can. And that will establish your legitimacy and the whole powerful thing where you just get to beat your chest for a little bit, right? I am now in business. So, take that information to any bank, and I suggest that the information that we're talking about here is just your Articles of Incorporation, your tax ID number, and that is pretty much all you're going to need to go to the bank. You can take that Articles of Incorporation document that the state agency sends you, verifying that you are incorporated, is something that you want to take to the bank. And, again, you take the IRS document to the bank, too, because you can print that off as well. It's a PDF. Take that to the bank with you, and usually it costs you about $50 to, you know, deposit your first, usually your first deposit is somewhere around $50, $200. They require that. Some of them do. Some of them waive it. It doesn't really matter. But, you know, $50, you put it in there and take it out. It doesn't really matter. But you'll understand that once you get there, and they run you through the whole gamut of which program this and which program that. But do not be intimidated. You are now on your way. And so once you've gotten that bank account set up, the last thing, number five, is get your Dun & Bradstreet number. And, of course, you can do the same thing, again, that Google thing called, you know, just Dun & Bradstreet. It's very easy. All you've got to do is put in the most accurate information, like we talk about, and they can verify that information back to your tax ID number. They can verify that information back to your Articles of Incorporation and your name of your business. And guess what, guys? You're all set. And that's it. If it makes money, we talk about it here. Okay? With Big Papa Dollar, that's what we do. And, again, this is not rocket science. And we don't charge anybody for anything. Like I said, the web challenge, I'm sorry, the pledge challenge is there for everyone. Right? So we do have a pledge challenge. And all you've got to do is hit that donate, if you like what you're hearing, like what you're seeing. Do a pledge challenge. And that pledge challenge always, I equate that pledge challenge to, this is kind of interesting, because I do it often, you know. I give people stuff. I was in a store one night, and it just happened to be that it was 11 degrees outside. And there was this guy that was just like homeless, so to speak. And I didn't want to recognize him as homeless, but he was. And so I asked him, I said, you know, what's your deal, right? And so he was talking to one of the cashiers about where he sleeps. I was like, so where do you sleep? So he said he sleeps outside. And I was crushed. I just couldn't believe it. And it was 11 degrees that night, and I didn't know what to do. But I equate these pledge challenges to some of that kind of thing where I say, you know, this is, for the person that, if you had a problem rolling down the window at the intersection where the old panhandling guy was asking for a dime or a dollar, you can kind of just set aside that and say, you know what? Let's just let this guy right here do it. That's okay. Do a pledge challenge for us. You never know what's going to happen one way or the other. So do a pledge challenge over there, and we'll see you in the next podcast, I guess. And let me throw a little shout out to my guys over there, Black Land Buyers of America Incorporated. You can actually reach those guys at blacklandbuyers.com. If you got some land to sell, they'd be glad to take it off your hands. I tell you, you know, let's try to keep it in the music, keep it in the business, baby, keep it within the family. It's been lovely talking to you today. Enjoy your day, and if you have any questions, like I said, we can talk to you on the other side. All you got to do is ring my phone, baby. The Big Papa Dollar. Don't be asking me why. I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Full of love, peace, and happiness. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich. Oh, I want to be rich.