STARTING A BUSINESS

CERTIFICATE OF INCORPORATION Articles of Incorporation: Document used to create the corporation. Prepared by the incorporators Filed with the Secretary of State, who reviews the application for approval. Contents include: Name of corporation Number of shares available to be issued Address of the registered office Name of the corporation’s registered agent Name and address of each incorporator Corporate duration and purpose

AFTER ARTICLES OF INCORPORATION ARE APPROVED: Certificate of Incorporation is issued and company officially begins operation Directors hold the first meeting Set of by-laws (rules of the corp.) are created Officers are elected Corporate resolutions established Minutes of the meetings are kept in a folder which outlines all activities of the corporation

Employer identification no. PURPOSE OF EIN NO.: Nine digit number used by a corporation for filing and reporting taxes. Required if you pay taxes to one or more employees. INFO. REQUIRED: Corporate Name Trade Name (if different from corporate name) Name and social security number of principal officer of the company.

Characteristics of CHARACTERISTICS OF AN ENTREPRENEUR characteristics of successful entrepreneurs Courage: A willingness to take risks in spite of possible losses. Creativity: Inventing new ways of doing things; thinking outside the box Curiosity: The desire to learn and ask questions. Determination: Refusing to quit in spite of obstacles. Discipline: The ability to stay focused and follow a schedule to meet deadlines. Empathy: Sensitive to the feelings of others. Enthusiasm: Being passionate about something; the ability to see problems as opportunities

Rewards/risks of being an entrepreneur Profit Your own boss Respect for yourself Connection with other companies Develop friendships Make your own hours Expansion Get involved with your community RISKS Bankruptcy Criticism Competitors May not have immediate profit Investing your own money Could get sued Long hours Friendships/Relationships effected

Rewards of being an entrepreneur MAKING YOUR OWN RULES: Make your own business decisions and act on them. DOING WORK YOU ENJOY: People stay more focused when they do something they enjoy. CREATING GREATER WEALTH: There is no limit to how much you can make if you work hard and stay focused on growing your co. HELPING YOUR COMMUNITY: Opens doors to help make your community a better place to live. Offer products or services needed by your community and open up new jobs.

Risks of being an entrepreneur POTENTIAL BUSINESS FAILURE: You may make the wrong business decisions. The time and money may not pay off. UNEXPECTED OBSTACLES: Problems can happen that you don’t expect. You need support of family and friends. FINANCIAL INSECURITY: Your salary may go up and down depending on the economy and how well the business is performing. LONG HOURS AND HARD WORK: Work many hours during start-up process. May not be able to hire others until you see a profit.