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Your customers or target market is the group of people at which you aim all your marketing efforts. People with common characteristics set them apart as a group. The more statistics you have about a target market, the more precise marketing strategy you can develop.

A board of directors should be comprised of people who are interested in the development and the success of the business as well as community minded individuals. The board of directors shall constitute the selected governing body of the corporation. The initial board shall be appointed and afterwards elected by other members of the board. All operational and managerial authority regarding the corporation shall reside with the board of directors. Generally, the board of directors includes a president who acts as the CEO, vice president, secretary and treasurer.

An employer must pay its employees at least the minimum wage for all hours worked, and time and one-half overtime pay based on an employee's regular rate of pay for all hours worked in excess of 40 in a workweek unless the employee is exempt for some reason. The minimum wage and overtime pay are based on the hours worked each workweek and not by the number of hours worked each day or the number of days worked. Each workweek stands on its own regardless of the length of the pay periods. For purposes of overtime pay, employers of tipped employees must calculate the time and one-half overtime pay based on the employee’s regular rate of pay, which includes both the cash wage paid to the employee and the tip credit counted as wages for the employee at least equal to the minimum wage, which becomes the regular rate of pay for a tipped employee. Employers must apply tipped employees' hourly wage rate when determining overtime compensation. That rate can never be less than the minimum wage even if the employer is actually paying less by taking a tip credit. Take the example of a waiter who receives $2.13 an hour and enough in tips to make at least the minimum wage per hour. The employee's overtime wage would be 150 percent of $7.25 --- the standard minimum wage --- rather than $2.13. If the waiter receives a base wage higher than $7.25, in addition to tips, 150 percent of that higher amount would be his overtime wage.

An employer must pay its employees at least the minimum wage for all hours worked, and time and one-half overtime pay based on an employee's regular rate of pay for all hours worked in excess of 40 in a workweek unless the employee is exempt for some reason. The minimum wage and overtime pay are based on the hours worked each workweek and not by the number of hours worked each day or the number of days worked. Each workweek stands on its own regardless of the length of the pay periods. For purposes of overtime pay, employers of tipped employees must calculate the time and one-half overtime pay based on the employee’s regular rate of pay, which includes both the cash wage paid to the employee and the tip credit counted as wages for the employee at least equal to the minimum wage, which becomes the regular rate of pay for a tipped employee. Employers must apply tipped employees' hourly wage rate when determining overtime compensation. That rate can never be less than the minimum wage even if the employer is actually paying less by taking a tip credit. Take the example of a waiter who receives $2.13 an hour and enough in tips to make at least the minimum wage per hour. The employee's overtime wage would be 150 percent of $7.25 --- the standard minimum wage --- rather than $2.13. If the waiter receives a base wage higher than $7.25, in addition to tips, 150 percent of that higher amount would be his overtime wage.

Hazard insurance protects homeowners against property damage caused by natural disasters such as a fire or severe storm. If your property is damaged during a catastrophe, hazard insurance should cover the costs to rebuild your home. Banks and lenders require that you get a hazard insurance policy before you buy or refinance a home. Generally, you have to pay for the first year of hazard insurance on the closing date.

An impound account is also known as an escrow account and is required by lenders in most states, particularly when the amount you are borrowing represents a large percentage of the property's market value. When an escrow or impound account is required, you can often waive the use of an impound account for the hazard homeowner's insurance and property taxes for a fee. You will always have to prepay your mortgage insurance payments (if any) into an impound account.

The interest rate is the cost for borrowing a lenders or banks money while the APR takes into account the total cost of a mortgage, including closing fees and lender points over the life of a loan, not just the interest due.

Shares of stock represent ownership of a corporation. When no shares are issued, no individual(s) owns the corporation. Therefore, shares must be issued to those individuals who will own the corporation. Most states have created many exceptions and exemptions from registering a stock issuance with the State or with the Securities and Exchange Commission for most small businesses, it is recommended to contact the appropriate entity to determine whether you must file a notice of stock issuance on a state or Federal Level.

The Board of Directors is essentially the management body for the corporation. Responsibilities of the Board of Directors include establishing all business policies and approving major contracts and undertakings. The Board may also elect the President. Ordinary business practices of the corporation are carried out by the Officers and employees under the directives and supervision of these Directors. The Directors must act collectively for their votes and decisions to be valid. That is why Directors may only act at a Board of Directors meeting. The meeting requires certain formalities. One such formality is that the Directors must all be notified of the upcoming meeting in a prescribed manner. This can be waived or provided for in the corporation's Articles of Incorporation or Bylaws. For a Directors' meeting to be valid, there must also be a Quorum of Directors present. A Quorum is usually a majority of the Directors then serving on the Board. The Bylaws may specify another minimum number or percentage. The Board of Directors must meet on a regular basis, usually monthly or quarterly, but in no case less than annually. These are the regular Board meetings. The Board may also call Special Meetings for matters that may arise. Boards may call a special shareholders' meeting by adopting a resolution stating where and when the meeting is to be held and what business is to be transacted. The first meeting of the Board of Directors is important because the Bylaws, the Corporate Seal, Stock Certificates and Record Books are adopted. Board members, like officers, have a fiduciary duty to act in the best interests of the corporation and cannot put their own interests ahead of the corporation's. The Board must also act prudently and not negligently manage the affairs of the corporation. The Board must make certain that it properly exercises its authority in managing the corporation and does not abrogate its responsibilities to others. This means that the board must be very careful to document that each Board action was reasonable, lawful and in the best interests of the corporation. The record or Corporate Minutes of the meeting must include the discussions or statements to support the Board action and must detail why the action was proper.

Most jurisdictions allow the same person to act in different capacities. Generally, There are up to 6 officers. President, Vice President, Treasurer, Secretary or clerk, Assistant Secretary, Assistant Treasurer.
Although most jurisdictions allow one person to serve in all capacities, the person's responsibility and authority changes through the different officer ships the person assumes.
The President is typically responsible for entering into contracts on behalf of the corporation, the Treasurer is responsible for maintaining and accounting for corporate funds, and the Secretary is responsible for observing corporate formalities and maintaining corporate records. In addition to these required officer positions, a corporation may also have vice presidents and assistant secretaries or assistant treasurers.
Generally, the authority and responsibilities of each officer is described in the corporate bylaws and may be further defined by an employment contract or job description.
The President has the overall executive responsibility for the management of the corporation and is directly responsible for carrying out the orders of the board of directors. He or she is usually elected by the board of directors.
The Treasurer is the chief financial officer of the corporation and is responsible for controlling and recording its finances and maintaining corporate bank accounts.
Actual fiscal policy of the corporation may rest with the Board of Directors and be largely controlled by the president on a day to day basis. The Secretary is typically responsible for maintaining the corporate records.