Mantrepreneur©2022Dr. Joan Cartwright
For half a century, I talked to my children about being in their own business. The United States of America is a free enterprise country. Unless you incorporate your own business, you are a slave to the corporate system. If the system goes down, so do you.
My daughter Mimi Johnson got it, early on. She and her late husband, Glenn, incorporated Caustic Entertainment Group, Inc. In Atlanta, Georgia, she produces content for MJTV Network. Mimi and her daughter, Muki, perform The Ma and Pop Show.
My son took a little longer to grasp the benefits of entrepreneurship. Today, he is the producer of several events that gather people together in Brooklyn, New York. Finally, he gets that you need multiple streams of income with rapid flow.
My two companies continue to operate. We moved to North Carolina on June 1, 2022.
Since I lived in Florida, the following steps are relevant there. Each state has a Division of Corporations and the fees may fluctuate.
How to start a business
- Choose Your Business Name, Incorporated (or Inc., LLC)
- For profit
- Non profit
- Product or Service (for profit) or Mission Statement (non-profit)
- Go to www.sunbiz.org to apply for incorporation $78 – 82
- For profit must have a president (you)
- A nonprofit must have President, Secretary, and Treasurer. You may have a resident agent, if the owner lives in another state.
- Get an EIN – Employer Identification Number (Tax ID #) from www.irs.gov
- Open a Bank Account (take Certificate of Status + EIN + $100 to deposit)
- Liability Insurance (optional)
- Business cards, website, telephone number, business address
- Set up PayPal, Square, Zelle, or another method to invoice customers
- Pay $150 corporate tax before April 30 each year at www.sunbiz.org
- On May 1st, the penalty is $400 for late annual report filing. So, pay by April 30th!
Dr. Joan R. Cartwright