HOW TO START

A COMPANY

BioApogee

​​  WHAT IS A COMPANY?

A company is a group individuals that share a common purpose and work together to use their various skills and abilities to achieve specific goals.



  WHAT ARE THE MAIN STEPS TO STARTING A COMPANY?

  1. Idea stage:  Decide what the company is going to do
  2. Legal formation of the company:  Get the company approved by the state government and the Federal government
  3. Develop a business plan:  Create a detailed plan for the company



  IDEA STAGE

What is the name of the company?
BioApogee


Define the purpose of the company and determine what the company is going to do?
BioApogee’s mission is to bring back extinct animals by cloning samples of existing DNA found in fossils.


How will the company make money?
BioApogee will make money by selling the animals it creates. 



  LEGAL FORMATION OF THE COMPANY

A company is a legal entity that must be created according to the laws of a state

  • All companies start at the state level and, in order to create a company, it must first be approved by the state where it is formed
  • The state agency that oversees the approval of new companies is the Secretary of State
  • After a company has been approved by the Secretary of State, it must then be approved by the Federal Government
  • The Federal agency that oversees the approval of new companies is the Internal Revenue Service (IRS)




How to register a company with a state

Step 1- Find the state you want to register in. Many businesses are registered in Delaware, due to their business friendly laws. 


Step 2- Notify the state government that you want to make a company using the Secretary of State's website.  The Secretary of State provides an application that you must fill out, that they then review and approve.

Step 3- Part of the application process is deciding what kind of company it will be:  a for profit or a not for profit company.  

Step 4- Another important part of the application process is deciding what business structure you will have.  The two main business classifications are Limited Liability Companies (LLCs) and C Corps.

  • An LLC is a company whose taxes are spread out between its owners, who are responsible for paying the taxes
  • A C Corp is a company whose taxes are paid by the company itself, not its members.






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How to register a company with the Federal Government 


Step 1- Go to IRS.gov to begin the application process for a Federal Employer Identification Number (EIN).


Step 2- Identify the type of company being formed and where it is formed.


Step 3- Identify the number of individuals that will be owners of the business and the reason for requesting an EIN.


Step 4- Choose a tax year schedule and complete the personal identification forms for the owner of the business.








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  DEVELOP A BUSINESS PLAN

What is the purpose of the company?
To bring back extinct animals.


Are you going to be selling goods or services?
Goods


Is the company going to be a for profit or a not for profit company?
It's a for profit company


How do you plan to run the business?
BioApogee will employ geneticists, biologists, archeologists, software engineers, and other researchers.  The company will be managed by a Chief Executive Officer (CEO), Owen Marietta, who will also be the lead engineer.


What need does the business satisfy?
BioApogee will provide living examples of extinct animals to

  • Allow researchers to learn about species that have not been studied
  • Provide zoos with new animals for the purpose of public education
  • Restore and maintain threatened ecosystems



Who are the company’s primary customers?

  • Researchers
  • Zoos
  • Farmers
  • Individuals



How will you promote your business?
BioApogee will be initially promoted through its website.


What are the competitive advantages of the company?
BioApogee’s primary strength is its cutting edge technology.


Where is the company going to be located?
BioApogee’s research labs will be stationed deep underground and in a remote setting far from society in order to keep the public, and the animals, safe.


How much money will be needed to start the company?
In order to begin its operations, BioApogee will need $7.5 million, to be used for:  $3M for construction of its labs; $3M for materials (technology, DNA samples); $1.5M employee compensation.


How will the company get the money it needs to start operating?
BioApogee will fund its $7.5M startup costs through donations, by borrowing money from banks, and by selling stock to investors.​