Hire Yourself (St. Lawrence County)

7/27/2019 Hire Yourself (St. Lawrence County)

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Senator Patty Ritchie reports to St. Lawrence County

IMAGINE THEPOSSIBILITIES

Advice for Small Business Ownersand Entrepreneurs Looking to OpenYour Own Business

HIRE YOURSELF

Do you know where to find the help your business needs?

Start-up adviceWhere to Find helpSmall business loans

WHATS INSIDE

St. Lawrence CountyDistrict Office:

330 Ford St.(City Hall Basement)Ogdensburg, NY 13669Tel: (315) 393-3024

E-Mail: [email protected]:ritchie.nysenate.gov

Senator Patty Ritchie48th Senate District


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SMALL BUSINESS STARTUP ASSISTANCE

New York State Small Business Development CenterThe Small Business Development Centers provideexpert business advice to both new startups andestablished businesses. Whether you need towrite a business plan, need help with accounting,marketing, financial planning, cost analysis,training, construction management, loan informationassistance or teleconferences, the SBDC can helpand its free!

SUNY Canton SBDC34 Cornell DriveCanton, NY 13617(315) [email protected]

New York Business Development CorporationNYBDC works in partnership with banks to provide loansto businesses which may not meet the requirements for

traditional financing. In many cases, NYBDC includesmultiple participations, SBA guarantees, flexibleamortization and long-term payouts.

215 Washington StreetSuite 102Watertown, NY 13601(315) 785-7907

Clarkson Universitys Assistance To EntrepreneursClarksons Center for Entrepreneurship offers My SmallBusiness 101, a course to help small business leaders.Over 600 North Country entrepreneurs have takenthe course. The Centers website also offers over 100easy-to-read articles with detailed tips on everything fromways to improve cash flow to tips on what loan officerswant. It is also home to the Clarkson Consulting Group,

an undergraduate and graduate course that works with localcompanies to solve business issues. http://www.clarkson.edu/entrepreneur/

New York State Tax Guide

For New Businesses

The State Tax Departmentprovides a 36-pagepublication on tax issuesthat affect new businessowners, including typesof organizations andtax responsibilities,Federal EmployerIdentification Numbers,filing requirements for

employers,sales and uses tax, miscellaneous taxes andsales tax consequences of purchasing a business. Alsoincluded is information on record keeping, accounting,

bookkeeping and more. (Ask for Pub. 20.)(800) 225-5829www.tax.state.ny.us

Health InsuranceYou can obtain health insurance for you and youremployees by joining your local Chamber of Commerceand taking advantage of the benefits of group purchasingor contacting your local insurance agent:

St. Lawrence Chamber of Commerce

101 Main St.Canton, NY 13617(315) 386-4000

TYPES OF BUSINESSES IN NEW YORK STATEThe most common forms of businesses are sole proprietor, partnership, limited liability company and corporation. Ifyou plan to conduct business under a name other than your own, you must register that name. Here is a chart of the mostcommon business entities.

Business Form Description Filing Forms

Sole Proprietorship

Partnership

Limited Liability

Company (LLC)

Corporation

This is the simplest form of businessstructure owned by one individual. Allbusiness responsibilities and decisionsare those of the single owner. Theowner has unlimited liability for thebusiness.

This is the relationship between twoor more individuals or companies thatconduct business together. In theabsence of a partnership agreement,the New York State Partnership Lawsets forth the rights and duties of thepartners.

A Limited Liability Company is an

unincorporated business organizationof one or more persons having limitedliability for the contractual obligationsand other liabilities of the businessother than a partnership or trust.

This entity is separate and distinctfrom the individual(s) who own andmanage the business. A corporationcan sell, buy and inherit property inits own name and is legally endowedwith rights, powers and duties toconduct lawful activities. Corporationsoperate for profit and can raise capitalby selling shares of interest in thecorporation. A corporations debts andobligations are distinctly its own.

Certificate of Conducting Business as aSole Proprietor. Please file a completedand notarized form with the county clerkin each county in which the business islocated. You should have three copies: theoriginal for the county clerk, one for thebank, and one for the business.

Certificate of Conducting Business asPartners. Please file a completed andnotarized form with the county clerk in eachcounty where the business is located. Youshould have three copies: the original forthe county clerk, one for the bank, and onefor the business.

The New York Department of State requires

the filing of Articles of Organization. An LLCmust publish a notice in two newspapers inthe county where the business is locatedeach week for six successive weeksspecifying the details of the limited liabilitycompany within 120 days after filing.

Source: Governors Office of Regulatory Reform

A Certificate of Incorporation

INSURANCE


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Another option is enrolling in Healthy NY. The programwas designed to help provide health insurance coveragefor small business employees and individuals. Programbenefits include essential in-patient and outpatientservices, physician and surgical services, maternitycare and preventative health services, diagnostic andemergency services and a limited prescription benefit.

Eligibility requirements are as follows:

The business must have 50 or fewer employees whohave not had group health insurance coverage during the12-month period before applying.

At least 30 percent of the employees must have annualwages at or below $36,000; and at least 50 percent of theemployees, including one employee earning $36,000 orless, must participate, and

Employers must contribute at least half of the premium costs.

For more information, including a Healthy NY ConsumerGuide, please visit the Healthy NY website at www.ins.state.ny.us, or call 866-healthyny (866-432-5849).

Property Casualty InsuranceAn essential part of running a small business isensuring that you have enough insurance coverageto minimize financial risks. Businesses need propertyand casualty insurance to protect their assets, replaceproperty damage, provide for lost income, cover liabilityfor negligent acts and provide coverage for workerscompensation. Just one uninsured loss in any of thesecategories could devastate a business so it is critical thatbusinesses have adequate insurance coverage to coverthe needs of their particular business type.

To obtain more information concerning businessinsurance, including small business insurance guides,visit the New York State Insurance Department on the

Internet at www.ins.state.ny.us

Many small entrepreneurs need help starting up anew business or expanding an existing business. Yourbusiness may be eligible for a low interest loan. In mostcases youll be required to put up a share of the financing,but you may be eligible for low interest financing whetheryour project is $5,000 or $5 million.

Local Loan Funds in St. Lawrence County

The following loan funds are administered through theSt. Lawrence County Industrial Development Agency:

St. Lawrence County IDA Industrial Progress Fund

St. Lawrence County IDA Local DevelopmentCorporation Business Venture Fund

St. Lawrence County Local Development CorporationMicroenterprise Loan Fund

Development Authority of the North Country CommunityDevelopment Loan Fund - Up to 50% of project

U.S. Small Business Administration - 504 LoanProgram: Real estate,machinery and equipment

U.S. Department of Housing and Urban Development

Small Cities Community Development Block Grant:

Real estate, machinery and equipment, and workingcapital may be financed where a low-to moderate- incomeimpact is demonstrated.

NYS Job Development Authority: Real estate,machinery and equipment may be financed under thestates established guidelines; no retail or hotel.

NYS Empire State Development - EnvironmentalServices Unit: Real estate, machinery and equipment,and research and development may be funded for wastereduction and recycling projects.

River Valley Development Agency provides financialand other assistance to new and existing businesses.

St. Lawrence County IDA

80 State Highway 310, Suite 6Canton, NY 13617(315) 379-9806

LOCAL LOANS

Ogdensburg Bridge and Port Authority

OBPA operates two industrial parks that provide ahome to almost 30 US and Canadian businesses. Theauthority also offers railroad service and a full servicedeep water international port with 125,000 square feet ofcargo warehouse space, and a Foreign Trade Zone.

OBPA1 Bridge PlazaOgdensburg, NY 13699(315) [email protected]

Other Loan Funds:

In addition to the available countywide and regionallending programs, many local municipalities have theirown individual loan funds:

St. Lawrence InitiativeCanton Office of Economic Development(315) 386-2871, x5www.cantonecondev.com

Clifton Fine Economic Development Corporation

PO Box 115Wanakena, NY 13695

Gouverneur Village Development Programs

33 Clinton StreetGouverneur, NY 13642(315) 287-1720 x226

Ogdensburg Growth Fund Development Corporation

330 Ford Street, City Hall, Room 10(315) 393-7150www.ogdensburg.org

Town of Oswegatchie Local DevelopmentCorporation Loan Fund

51 State StreetHeuvelton, NY 13654(315) 344-2400

Potsdam Planning and Development Office

P.O. Box 5168Potsdam, NY 13676(315) 265-1670

Business Development Corporation

for a Greater Massena85 Robinson RoadPO Box 5217Massena, NY 13662(315) [email protected]

One Stop Career Center

Helps employers find qualified employees, conductsinterest and aptitude assessments, and identifies trainingprograms to provide requisite skills.

80 State Highway 310, Suite 8Canton, NY 13617(315) 386-3276


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PERSONAL ASSESSMENTThe first and mostimportant thing you should do is a self-evaluation.Knowing your strengths and weaknesses will helpyou focus on things you do best and where you needimprovement.

WRITING YOUR BUSINESS PLANA business planprecisely defines your business, identifies your goalsand serves as your business resume. Basic business

plans include a current and projected balance sheet,an income statement and cash flow analysis. Itwill help you allocate resources properly, handleunforeseen complications and make good generalbusiness decisions. Because of the specific financialorganization that is included within a business plan,an accurate and exhaustive plan is critical to loanapplications.

KNOW ALL YOUR EXPENSESYou should knowall of the on-time and start-up expenses starting abusiness will endure, as well as the extent of yourresources to cover these expenses. Itemize eachpurchase and research its realistic cost.

SECURE NECESSARY CAPITALThis can be in anyform, including bank loans, personal savings andfamily contributions.

LEGAL CONSIDERATIONSDetermine any legalissues you will need to resolve, including the contractswith vendors and financial institutions and the termsof a lease.

REGISTERING YOUR BUSINESSYou must decidewhat type of entity should be set up and register thatentity appropriately.

ESTABLISHING A BUSINESS BANK ACCOUNTEstablish a bank account that is separate from any ofyour personal accounts. Make sure you have a bank

account that best fulfills your needs, and considerthe strength of the bank you use.

SETTING UP YOUR ACCOUNTING SYSTEMTo determine the success of your business, youmust keep records about your sales, inventory,expenses and cash flow. These records help youcompare your projected business to your actualresults and will be necessary to file taxes at the end

of the year.

ASSESS YOUR REAL ESTATE NEEDSWhat typeof space do you need? Pay particular attentionto the cost of the space compared to similarbusinesses, as well as the appropriate layout ofyour business. Make sure you refer to local zoningregulations before you sign a lease.

IDENTIFY YOUR VENDORSIdentify the companiesand organizations that will provide the supplies andservices you need to run your business.

ASSESS YOUR PERSONNEL NEEDSIdentify

other positions you will need to fill. Establishjob descriptions and qualifications to fill thesepositions.

START NETWORKINGJoin trade associations andyour local Chamber of Commerce to help promoteyour business and receive advice from otherbusiness owners.

RESEARCH TECHNICAL ASSISTANCEOPPORTUNITIESContinue to attend workshops,seminars and counseling services that will help youto fully understand the workings of your business.You will have particular strengths, but you will need

to understand every aspect of your business. Hiringadvisors such as accountants and attorneys can bea valuable investment in your success.

Chambers of CommerceJoining your Chamber of Commerce is a good way tobuild public awareness of your business, products andservices, as well as network with other business ownersto trade ideas and become more aware of availableopportunities and resources.

St. Lawrence County Chamber of Commerce

101 Main Street, Canton, NY 13617

(315) [email protected]

Black Lake Chamber of Commerce

P.O. Box 12Hammond, NY 13646www.blacklakeny.com

Canton Chamber of Commerce

P.O.Box 369Canton Municipal BuildingCanton, NY 13617(315) [email protected]

Greater Gouverneur Area Chamber of Commerce

214 East Main St.Gouverneur, NY 13642(315) 287-0331

Greater Massena Chamber of Commerce

50 Main StreetMassena, NY 13662(315) 769-3525

Morristown Area Chamber of Commerce

P.O. Box 167Morristown, NY 13664(315) 375-6530.morristown-ny.com

Greater Ogdensburg Chamber of Commerce

1 Bridge Plaza

Ogdensburg, NY 13669(315) [email protected]

Potsdam Chamber of Commerce

One Market StreetPotsdam, NY 13676(315) [email protected]

Waddington Chamber of Commerce

38 Main Street, PO Box 291Waddington, NY [email protected]

Tri-Town Chamber of Commerce

907 Route 11CBrasher Falls, NY 13613(315) 389-4800

SMALL BUSINESS START-UP CHECKLIST

Hire Yourself (St. Lawrence County)

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