Starting a Business
Presented by: Jennoa R. Graham, Ph.D.
Friday, August 9, 2013
Business – A trade or profession.
Sole Proprietor - An owner of an
unincorporated business enterprise.
Doing Business As - A name under which a
corporation conducts business that is not the
legal name of the corporation as shown in its
articles of incorporation.
NOT Recommended for Use
If required; use owner’s name
Corporation – A body that is granted a charter
recognizing it as a separate legal entity
having its own rights, privileges, and
liabilities distinct from those of its members.
Partnership – A legal contract entered into by
two or more persons in which each agrees to
furnish a part of the capital and labor for a
business enterprise, and by which each
shares a fixed proportion of profits and
Trust – Property or money is held for the
beneficiary until a period of time for
Endowment – Funds or property donated to
an institution, individual, or group as a
source of income.
Legacy - Something handed down or received
from an ancestor or predecessor.
Things to Consider
People with Disabilities
What am I selling?
How much is going to going to cost?
Do I need to store what I am selling?
Who are my customers?
How will customers order?
How will customers receive product/service?
Will I need help?
Land line/Cell phone
What computer system/apps are required?
Individual State Laws/Regulation
Updating Sales Tax Software
Principal Business Activity Code
Designed to classify by type of activity
Administered by the IRS Internal Revenue Code
Based upon the North American Industry Classification
System (NAICS) – Federal statistics
See NAIC - www.census.gov/eos/www/naics/
Activity Codes - www.irs.gov
Quarterly Estimated Payments - Federal
1040ES - Independent Contractor
1120W – Corporations
Sole Proprietor & Partnership (N/A – only for
Fisherman & Farmers
Annual Federal Filing
Schedule C – Individual; Sole Proprietor/Independent
1120 – Corporation
1065 – Partnership
See www.irs.gov or tax professional
Quarterly Estimated Payments - State
500ES – Individual; Sole Proprietor/Independent
602ES – Corporation
CRES - Partnership
Annual State Filing
500 – Individual; Sole Proprietor/Independent
600 – Corporation
700 - Partnership
See www.etax.dor.ga.gov or tax professional
Visual plan – Write it and make it plain
Executive Summary – Purpose; 5 min pitch
Company Summary – Fun facts
Products and Services – What do I offer
Market Analysis – What else is out there
Strategy – How am I going to succeed
Federal EIN Number
9 digit number (##-#######)
Sacred as a social security number
Register at www.irs.gov
Principal Business Activity
This MUST align with the NAIC Business Activity Code
Other; depending on organization type
Georgia Business ID
9 digit number (#######-XX)
Sacred as a social security number
Register at www.gtc.dor.ga.gov
Address (Mailing & Location)
Federal EIN #
Make estimated payments online
State of Business (Excludes unincorporated)
Must register in each state where doing business
State were product/service is purchased or shipped
See a sales tax professional for more information
Register at www.sos.georgia.gov
$100 filing fee (may vary per state)
Business Owner or Delegate
Agents can be hired – for a fee ($99)
Minimum of 5% share for sale
Articles of Incorporation – SAVE IN A SAFE PLACE!!!
be the same
Understand YOUR business type(s) and research
all legal, tax, market, and consumer matters
Think about the day to day aspects of your
business and review “Things to Remember”
Pay TAXES… estimated and annual
Create a detailed business plan
Register your business… Federal, State,
Keep all documentation in a safe place
The American Heritage® Dictionary of the
English Language (2009), Fourth Edition,
Houghton Mifflin Company. Retrieved
August 5, 2013, from
IRS (2013). Principal Business Codes, Tax
forms and definitions. Internal Revenue
Code, Retrieved August 5, 2013, from
U.S. Small Business Administration (2013).
Business types, definitions, and tools.
Starting and Managing a Business, Retrieved
August 5, 2013, from http://www.sba.gov
GA Department of Revenue (2013). Tax forms
and definitions. Office of Tax Policy,
Retrieved August 5, 2013, from
Georgia Secretary of State (2010).
Corporation forms and registration. Retrieved
August 5, 2013 from
United States Census Bureau (2013). North
American Industry Classification System,
Retrieved August 5, 2013 from