HHM Finance Night - Starting a Business

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Tips for consideration when starting a business.

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HHM Finance Night - Starting a Business

  1. 1. 1 Starting a Business Presented by: Jennoa R. Graham, Ph.D. Friday, August 9, 2013
  2. 2.  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 2
  3. 3.  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 losses. 3
  4. 4.  Trust – Property or money is held for the beneficiary until a period of time for transfer.  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. 4
  5. 5.  Business Types  Things to Consider  Taxes  Business Plan  Registration 5
  6. 6.  Nonprofit  Green  Startups/High Growth  Home-Based  Online  Franchise  Buy Existing 6  Self Employed/ Independent Contractor  Women-Owned  Veteran-Owned  Minority-Owned  People with Disabilities  Young Entrepreneurs www.sba.gov
  7. 7.  What am I selling?  Product  Service  How much is going to going to cost?  Time  Money  Do I need to store what I am selling?  Location  Preservation 7
  8. 8.  Who are my customers?  Demographic  Geographic  How will customers order?  Phone  Online  Email  How will customers receive product/service? 8
  9. 9.  Will I need help?  Employees  Responsibilities  Hierarchy  Services  Land line/Cell phone  Printing/Shipping  What computer system/apps are required?  Maintenance  Technological Support 9
  10. 10. 10
  11. 11.  Sales Taxes  Individual State Laws/Regulation  Updating Sales Tax Software  Monthly/Quarterly Reporting  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 11 See NAIC - www.census.gov/eos/www/naics/ Activity Codes - www.irs.gov
  12. 12.  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 Contractor  1120 – Corporation  1065 – Partnership 12 See www.irs.gov or tax professional
  13. 13.  Quarterly Estimated Payments - State  500ES – Individual; Sole Proprietor/Independent Contractor  602ES – Corporation  CRES - Partnership  Annual State Filing  500 – Individual; Sole Proprietor/Independent Contractor  600 – Corporation  700 - Partnership 13 See www.etax.dor.ga.gov or tax professional
  14. 14.  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 14
  15. 15.  Federal EIN Number  9 digit number (##-#######)  Sacred as a social security number  Register at www.irs.gov  Organization type  Sole Proprietor  Corporation  Partnership  Address  Responsible Party  Principal Business Activity  This MUST align with the NAIC Business Activity Code  Other; depending on organization type 15
  16. 16.  Georgia Business ID  9 digit number (#######-XX)  Sacred as a social security number  Register at www.gtc.dor.ga.gov  Organization type  Sole Proprietor  Corporation  Partnership  Address (Mailing & Location)  Federal EIN #  Account Type  Quarterly  Annual  Make estimated payments online 16
  17. 17.  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)  Signer  Filer  Business information  Registered Agent  Business Owner or Delegate  Agents can be hired – for a fee ($99)  Minimum of 5% share for sale  Incorporator  Articles of Incorporation – SAVE IN A SAFE PLACE!!! 17 Signer, Filer, Agent, and Incorporator can be the same person!
  18. 18.  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, Corporation  Keep all documentation in a safe place 18
  19. 19. 19 Vision Document Communicate Implement Review/Revise
  20. 20. 20
  21. 21.  The American Heritage® Dictionary of the English Language (2009), Fourth Edition, Houghton Mifflin Company. Retrieved August 5, 2013, from http://www.thefreedictionary.com  IRS (2013). Principal Business Codes, Tax forms and definitions. Internal Revenue Code, Retrieved August 5, 2013, from http://www.irs.gov 21
  22. 22.  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 http://etax.dor.ga.gov 22
  23. 23.  Georgia Secretary of State (2010). Corporation forms and registration. Retrieved August 5, 2013 from http://www.sos.georgia.gov  United States Census Bureau (2013). North American Industry Classification System, Retrieved August 5, 2013 from http://www.census.gov/eos/www/naics/ 23

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