Senator Patty Ritchie reports to Jefferson 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 advice

✔

Where to Find help

✔Small business loans

WHAT’S INSIDE

Jefferson County Office:

317 Washington St.Watertown, NY 13601(315) 782-3418

E-Mail: ritchie@nysenate.gov

Senator Patty Ritchie48th Senate District

            

E-Mail: ritchie@nysenate.govWeb: ritchie.nysenate.gov

 

SMALL BUSINESS STARTUP ASSISTANCE

New York State Small Business Development CenterThe Small Business Development Centers provide expertbusiness advice to both new startups and establishedbusinesses. Whether you need to write a business plan,need help with accounting, marketing, financial planning,cost analysis, training, construction management, loaninformation assistance or teleconferences, the SBDC canhelp and it’s free!

Jefferson Community College SBDCWatertown, NY 13601-1897(315) 782-9262sbdc@sunyjefferson.edu

New York Business Development CorporationNYBDC works in partnership with banks to provide loansto businesses which may not meet the requirements fortraditional financing. In many cases, NYBDC includes multipleparticipations, SBA guarantees, flexible amortization and long-term payouts.

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

New York State Tax Guide For New

Businesses

The State Tax Departmentprovides a 36-pagepublication on tax issues

Numbers, filing requirements for employers,salesand uses tax, miscellaneous taxes and sales taxconsequences of purchasing a business. Also included isinformation on record keeping, accounting, bookkeepingand 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:

Greater Watertown North CountryChamber of Commerce

1241 Coffeen St.Watertown, NY 13601(315) 788-4400

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:

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 LiabilityCompany (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 anunincorporated 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 corporation’s 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 requiresthe 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: Governor’s Office of Regulatory Reform

A Certificate of Incorporation

            

      

      

INSURANCE

publication on tax issuesthat affect new businessowners, including typesof organizations and taxresponsibilities, FederalEmployer Identification

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 the

 

• An hour north of Syracuse

• Foreign Trade Zone

• Empire Zone Benefits

City Center Industrial Park

• Located in the heart of downtown Watertown

• 70 acres fully developed

• Blocks from Interstate 81 – direct access to

Syracuse and Canada

• Electric, natural gas, water and sewer in-place

• Competitively priced

• Located in the Empire Zone – great financialand tax benefits

Jefferson County Job Development Corporation

Jefferson County’s “One Stop Shop” for business develop-ment assistance. From capital financing to low-cost facilityoptions to economic development incentives, the JCJDAprovides the services your company needs to grow. Theorganization operates three economic development or-ganizations for the benefit of new and expanding busi-nesses.

Jefferson County Job Development Corporation800 Starbuck Avenue, Suite 800Watertown, NY 13601(800) 553-4111

Jefferson County Agricultural Development Corp.

The agency provides assistance to agriculture businesses,agricultural tourism related businesses as well as provideinformation on area farmers markets, agricultural services,loan funds and joint marketing opportunities.

Jefferson County Agricultural Development Corp.Agricultural CoordinatorP.O. Box 838, 21170 NYS Rte 232Watertown, NY 13601(315) 782-1806www.comefarmwithus.com

Other Loan Funds

In addition to the available countywide and regional pro-grams, many municipaliities have their own programs.

Watertown Economic Growth Fund

Watertown Local Development CorporationRevolving Loan

Watertown Local Development CorporationMicroenterprise Loan Fund

Watertown Local Development CorporationThe Buck Building82 Public SquareWatertown, NY 13601(315) 786-3494www.watertownldc.com

Local Development Corporation of Carthage

Towns of Wilna, Champion; Villages of Carthage, WestCarthage

(315) 646-3548

Sackets Harbor Local Development Corporation

(315) 493-1060

Joint Marketing and Advertising Opportunities

Jefferson County has an extensive and growing tourismindustry. Tourism related businesses should consider theopportunities available to share marketing and advertisingby joining local chambers of commerce and tourism pro-motional programs.

Greater Watertown North Country Chamber

employees, includingone employee earning$36,000 or less, mustparticipate, and

Employers mustcontribute at least half ofthe premium costs.

For more information,including a Healthy NY Consumer Guide, please visitthe Healthy NY website at www.ins.state.ny.us, or call866-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, visitthe New York State Insurance Department on the Internetat 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 you’ll 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 Jefferson County

The Jefferson County IDA provides a wide variety ofpublic financing programs:

 JCIDA Revolving Loan Fund

 JCIDA Microenterprise Revolving Loan Fund

 Industrial Revenue Bonds for projects

 North Country Alliance Regional Revolving Loan Fund

Development Authority of the North Country CommunityDevelopment Loan Fund

 JCIDA Microenterprise Loan Fund

 Jefferson County Chamber of Commerce

 U.S. Dept. of Housing and Urban Development Small

Cities Community Development Block Grant: Real estate,

machinery and equipment, may be financed where a low-to moderate-income impact is demonstrated.

 NYS Job Development Authority: Real estate,machinery and equipment may be financed under thestate’s 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.

 Statewide Zone Capital Corporation

Jefferson County Industrial Development Corporation800 Starbuck Avenue, Suite 800Watertown, NY 13601

(315) 782-5865

Jefferson County also offers assistance with locatingbusiness sites:

Jefferson County Corporate Park

• Located adjacent to Interstate 81

      

      

LOCAL LOANS

Greater Watertown North Country Chamberof Commerce

1241 Coffeen St.Watertown, NY 13601(315) 788-440

• Competitively priced

• Lots – “Tenant Ready”

• More than a dozen businesses on site

• Direct access to Canada – 30 miles

      

 

 PERSONAL ASSESSMENT The 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 PLAN A business planprecisely defines your business, identifies your goalsand serves as your business’ resume. Basic businessplans 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 EXPENSES You 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 CAPITAL This can be in anyform, including bank loans, personal savings andfamily contributions.

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

 REGISTERING YOUR BUSINESS You must decidewhat type of entity should be set up and register that

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

 SETTING UP YOUR ACCOUNTING SYSTEM To 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 endof the year.

 ASSESS YOUR REAL ESTATE NEEDS What 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 VENDORS Identify the companiesand organizations that will provide the supplies andservices you need to run your business.

 ASSESS YOUR PERSONNEL NEEDS Identifyother positions you will need to fill. Establishjob descriptions and qualifications to fill thesepositions.

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

 RESEARCH TECHNICAL ASSISTANCEOPPORTUNITIES Continue to attend workshops,seminars and counseling services that will help youto fully understand the workings of your business.

Chambers of Commerce

Clayton Chamber of Commerce

517 Riverside Dr.

Clayton, New York 13624

(315) 686-3771

Carthage Area Chamber-Commerce

120 South Mechanic St.

Carthage, NY 13619

(315) 493-3590

Sackets Harbor Chamber of Commerce

304 West Main St.

Sackets Harbor, NY 13685

(315) 646-1700

Alexandria Bay Chamber of Commerce7 Market St.Alexandria Bay, NY 13607(315) 482-9531

Cape Vincent Chamber of CommerceP.O. Box 482Cape Vincent, NY 13618(315) 654-2481

Chaumont-Three Mile Bay Chamber of CommerceP.O. Box 24Three Mile Bay, NY 13693(315) 649-3404

SMALL BUSINESS START-UP CHECKLIST

            Henderson Harbor Area Chamber of CommerceP.O. Box 468Henderson Harbor, NY 13651(315) 938-5568

Orleans Business AssociationP.O. Box 231LaFargeville, NY 13656(315) 482-5253 ext.3

Theresa Progress GroupP.O. Box 416Theresa, NY 13691(315) 783-4350

South Jefferson Chamber-Commerce10924 US Route 11, Suite 2Adams, NY 13605(315) 232-4215

      

entity appropriately.

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

to fully understand the workings of your business.You will have particular strengths, but you will needto understand every aspect of your business. Hiringadvisors such as accountants and attorneys can bea valuable investment in your success.