ENTREPRENURES LEARNING ZONE
Goal To change the outlook for Urban American Families by helping them create generational wealth through entrepreneurship.
Explanation: The focus is to get to the next step. (Focus on one (1) thing at a time. – Make this your primary focus.”) Focus on one (1) thing at a time.
STEP 1. PRODUCT
STEP 2. BUSINESS STRUCTURE
A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes. However, the business owner is personally liable for all debts incurred by the business.
A General Partnership is composed of 2 or more persons (usually not a married couple) who agree to contribute money, labor, or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.
A Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses. Limited partners share in the profits of the business, but their losses are limited to the extent of their investment. Limited partners are usually not involved in the day-to-day operations of the business. Filing with the YOUR Secretary of State is required.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is similar to a General Partnership except that normally a partner doesn’t have personal liability for the negligence of another partner. This business structure is used most by professionals, such as accountants and lawyers. Filing with the YOUR Secretary of State is required.
Limited Liability Limited Partnership (LLLP)
A Limited Liability Limited Partnership is a Limited Partnership that chooses to become an LLLP by including a statement to that effect in its certificate of limited partnership. This type of business structure may shield general partners from liability for obligations of the LLLP. Filing with the YOUR Secretary of State is required.
A Corporation is a more complex business structure. A corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control. Corporations may be formed for profit or nonprofit purposes. Filing with the YOUR Secretary of State is required.
A Nonprofit Corporation is a legal entity and is typically run to further an ideal or goal rather than in the interests of profit. Many nonprofits serve the public interest, but some engage in private sector activities. If your nonprofit organization is, or plans to, raise funds from the public, it may also be required to register with the Charities Program of the YOUR Secretary of State. Charitable activities may require additional registration. Contact the Office of the Secretary of State for more information.
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is formed by 1 or more individuals or entities through a special written agreement. The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses. LLCs are permitted to engage in any lawful, for-profit business or activity other than banking or insurance. Filing with the YOUR Secretary of State is required.
STEP 3. WEBSITE WITH E-COMMERCE
STEP 4. JOIN THE NATIONAL MINORITY SUPPLIER DEVELOPMENT COUNCIL (NMSDC)
NMSDC is the most influential and successful organization in America that advocates for successful partnerships between the nation’s top corporations and minority business from the Asian, Black, Hispanic and Native American communities.
NMSDC has established a network of corporate members, now numbering more than 1,400. It includes America’s top companies – publicly, privately and internationally owned – as well as universities, hospitals and other institutions with supply-chain needs.
NMSDC initiates and develops connections between these corporate members with minority owned suppliers of all sizes – Minority Business Enterprises (MBEs) – that have been certified to meet NMSDC’s rigorous standards for excellence.
NMSDC assists certified MBEs in developing their business, then connect them with NMSDC corporate members, a process that is equitable and profitable to all stakeholders while advancing the cause of minority business. Enlightened and visionary corporate executives can testify to the value of adding MBEs to their rosters of suppliers.
Criteria for Certification:
STEP 5. LEARN WHAT TO SAY TO BUYERS
STEP 6. GET YOUR PRODUCT ON THE SHELF
STEP 7. HAVE A FACTORY TO GO AFTER THE “BILLION DOLLAR ROUNDTABLE”.