HEAVENS HARVEST MINISTRIES – FINANCE NIGHT 1 Starting a Business Presented by: Jennoa R. Graham, Ph.D. Friday, August 9, 2013
Oct 22, 2014
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HEAVENS HARVEST
MINISTRIES – FINANCE NIGHT
Starting a Business
Presented by: Jennoa R. Graham, Ph.D.
Friday, August 9, 2013
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KEY TERMINOLOGY 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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KEY TERMINOLOGY (CONT.) 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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ASSIGNMENT FROM FINANCIAL PLANNING & WILLS CLASS (7/12/13)
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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OVERVIEW Business Types
Things to Consider
Taxes
Business Plan
Registration
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BUSINESS TYPES Nonprofit
Green
Startups/High Growth
Home-Based
Online
Franchise
Buy Existing
Self Employed/ Independent Contractor
Women-Owned
Veteran-Owned
Minority-Owned
People with Disabilities
Young Entrepreneurs
www.sba.gov
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THINGS TO CONSIDER 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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THINGS TO CONSIDER (CONT.) Who are my customers?
Demographic Geographic
How will customers order? Phone Online Email
How will customers receive product/service?
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THINGS TO CONSIDER (CONT.) 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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TAXES 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
See NAIC - www.census.gov/eos/www/naics/Activity Codes - www.irs.gov
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TAXES 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
See www.irs.gov or tax professional
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TAXES 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
See www.etax.dor.ga.gov or tax professional
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BUSINESS PLAN 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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REGISTRATION 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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REGISTRATION (CONT.) 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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REGISTRATION (CONT.) 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!!!
Signer, Filer, Agent, and
Incorporator can be the
same person!
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SUMMARY 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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Vision
Document
Communicate
Implement
Review/Revise
SUMMARY (CONT.)
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REFERENCES 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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REFERENCES 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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REFERENCES 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/