Tips for consideration when starting a business.

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Starting a Business
Presented by: Jennoa R. Graham, Ph.D.
Friday, August 9, 2013

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
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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.
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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.
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5.  Business Types
 Things to Consider
 Taxes
 Business Plan
 Registration
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6.  Nonprofit
 Green
 Startups/High Growth
 Home-Based
 Online
 Franchise
 Buy Existing
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 Self Employed/
Independent Contractor
 Women-Owned
 Veteran-Owned
 Minority-Owned
 People with Disabilities
 Young Entrepreneurs
www.sba.gov

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
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8.  Who are my customers?
 Demographic
 Geographic
 How will customers order?
 Phone
 Online
 Email
 How will customers receive product/service?
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9.  Will I need help?
 Employees
 Responsibilities
 Hierarchy
 Services
 Land line/Cell phone
 Printing/Shipping
 What computer system/apps are required?
 Maintenance
 Technological Support
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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
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See NAIC - www.census.gov/eos/www/naics/
Activity Codes - www.irs.gov

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
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See www.irs.gov or tax professional

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
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See www.etax.dor.ga.gov or tax professional

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
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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
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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
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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!!!
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Signer, Filer,
Agent, and
Incorporator can
be the same
person!

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
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19. 19
Vision
Document
Communicate
Implement
Review/Revise

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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
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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
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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/
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