WBDC
The Leader of Entrepreneurial Training for Women in Connecticut
FREQUENTLY ASKED QUESTIONS
What is the Women’s Business Development Center?
The Women’s Business Development Center (WBDC) is the leader of entrepreneurial training for women in Connecticut. WBDC is a non-profit micro-enterprise development organization whose goal for the past 12 years remains consistent – to increase economic independence for women (men too!) through entrepreneurial training.
The WBDC Mission
WBDC helps women achieve economic self-reliance by educating and counseling them to start and grow businesses, resulting in job creation and community vitality.
A proven combination of long and short term training, business counseling, technical assistance, general information, advice and resource referrals provides the woman business owner or prospective business owner with a dynamic program, responsive to individual needs, during the early years of operation through periods of growth.
WBDC programs are offered in Stamford, Norwalk, Bridgeport, New Haven, Shelton and Waterbury. Main Office: Stamford Government Center, 888 Washington Blvd, 10th Floor, Stamford, CT 06901. To learn more and see our current offerings visit our website: www.ctwbdc.org.
I have a great business idea and heard WBDC can help me launch my concept. Is that true?
WBDC offers entrepreneurial education and professional development training. If you are a committed entrepreneur with a desire to learn and accept the challenges of self employment, you can benefit from the services of WBDC. WBDC does not do the “launching” for you, but it will provide you with the opportunities to increase your chances of success if you are committed to the process.
If you’re ready to launch your business but are unsure of next steps, contact WBDC to sign up for our Exploring Entrepreneurship and/or Fast Trac New Venture® classes.
Do I need a business plan?
Yes! Every business needs a business plan, whether or not it will be borrowing money or seeking investors. Writing a business plan not only helps you determine whether your business idea is feasible, it also establishes a guide for your company's future. The business plan is not just for banks and investors but also supplies you with a blueprint for succeeding in business. The plan provides you with the direction of your company and is a guidepost for your employees too. If you are seeking funding from a bank or investor they will require a complete business plan. WBDC is the premier FastTrac® Business Planning Source in CT at the best price! Call today to learn more: 203.353.1750 Ext. 10.
What are the types of business ownership?
LLCs and LLPs
The limited liability company is a popular business form. It combines selected corporate and partnership characteristics while still maintaining status as a legal entity distinct from its owners. As a separate entity it can acquire assets, incur liabilities and conduct business. It limits liability for the owners. LLC owners risk only their investment, not personal assets. The limited liability partnership is similar to the LLC, but it is aimed at professional organizations.
Sole Proprietorship
A Sole Proprietorship is one person operating a business as an individual. Profits are taxed as income to the owner personally. The personal tax rate is usually lower than the corporate tax rates. The owner has complete control of the business, but faces unlimited liability for its debts. There is very little government regulation or reporting.
General Partnership
A partnership exists when two or more persons join together in the operation and management of a business. A formal partnership is recommended to address potential conflicts. Under a general partnership each partner is liable for all debts of the business. Profits are taxes as income to the partners based on their ownership percentage.
Limited Partnership
Like a general partnership, this is established by an agreement between two or more individuals. However, there are two types of partners: a general partner has greater control in some aspects of the partnership; limited partners can only receive a share of profits based on the proportional amount on their investment, and the liability is similarly limited in proportion to their investment.
“C” Corporation
A “C” corporation is a legal entity made up of persons who have a charter legally recognizing the corporation as a separate entity having its own rights, privileges and liabilities, apart from those of the individuals forming the corporation. It’s the most complex form of business organization and is comprised of shareholders, directors and officers. The corporation can own assets, borrow money and perform business functions without directly involving the owners.
Subchapter “S” Corporation
This is a special section of the Internal Revenue Code and permits a corporation to be taxed as a partnership or sole proprietorship, with profits taxed at the individual, rather than the corporate rate. A business must meet certain requirements for Subchapter “S” status.
For further information, visit the Secretary of the State website: www.ct.gov/sots.
Do I need to register the name of my business? If so, how do I go about it?
If you are doing business under any name but your own, you are required to register with the Secretary of State. This requirement enables people to identify who is operating a particular business. For information on how to register your name, visit the Secretary of State's website at www.sots.state.ct.us, for an index of all forms, or at www.sots.state.ct.us/CommercialRecording/CRDform.html for a listing of miscellaneous forms. You can also call 860.509.6001.
What is a Tax I.D. Number? Do I need one?
A Business Tax I.D., also referred to as a Federal Employer Identification Number (EIN), is issued by the Internal Revenue Service for the purpose of identifying employers. If you have employees, you will need an EIN. EINs are not issued by the State. Many small businesses obtain a Tax I.D. for use in purchasing merchandise and supplies at wholesale prices. Information on how to obtain an EIN can be found at: http://www.irs.ustreas.gov/businesses/small/article/0,,id=97860,00.html.
Do I need a license for my business?
Several types of businesses and professions require state licensing. The Connecticut Licensing Information Center (CT-CLIC) is your gateway to business registry. Designed to bring businesses into full compliance with Connecticut law quickly and easily, CT-CLIC offers both a self-service approach via their website at www.CT-CLIC.com and a full service approach through the Smart Start business registry program. CT-CLIC’s website provides information on over 900 licenses, permits and registrations among 29 licensing agencies and offers contracts and links to downloadable forms. For further information, contact Beth Wallace, Director of Smart Start, at 860-571-6207.
What is an SBA Loan?
The SBA does not provide loans to for-profit companies. The SBA guarantees loans made by a commercial lender to some of its borrowers. An SBA loan guarantee is only available through commercial lenders, typically a local bank. It assures the lender that in the event the borrower does not repay their obligation and a payment default occurs, the Government will reimburse the lender for its loss, up to the percentage of SBA’s guaranty. Under this program, the borrower remains obligated for the full amount due.
For further information, visit the U.S. Small Business Administration’s website at: www.sba.gov. WBDC’s Access to Capital counseling can assist and guide you to obtain the funding you need. Contact WBDC today for more information: 203-353-1750 Ext. 10.
What is certification for a small business? Why is it important?
There are many types of certification. They enable the small business owner to gain access to new markets.
The most popular certifications are:
Minority Owned Businesses (MBE)
The mission of the Greater New England Minority Supplier Development Council is to significantly increase the procurement opportunities between corporate members and certified minority owned businesses. A minority-owned business is a for-profit enterprise, regardless of size, physically located in the United States or its trust territories, which is owned, operated and controlled by minority group members. "Minority group members" are United States citizens who are Asian, Black, Hispanic or Native American. For further information, contact Dr. Fred McKinney, President of the Greater New England Minority Supplier Development Council at 203-288-9744.
Women Owned Businesses (WBE)
The WBENC certification for women-owned businesses is one of the most widely recognized and respected certifications in the nation. Accepted by thousands of corporations within the country and a number of federal and government agencies, your WBENC certification will be an important marketing tool for expanding your company's visibility among decision makers in corporate supply chain diversity and procurement. For further information, contact the Women Presidents’ Education Organization (WPEO) at 212-688-4114 or visit their website at: www.wpeo.us.
State of Connecticut Certified Small or Minority Business (SBE/MBE)
The State of Connecticut does not have any registration requirements in order for a company to participate in the competitive procurement process. However, in the case of competitive procurement issues with set-aside requirements, a company must have the required certification at the time of the solicitation due date. To become a certified small or minority business enterprise, go to the Office of Supplier Diversity website (http://www.das.state.ct.us/Purchase/New_PurchHome/busopp_template.asp?F_ID=25) and click on the On-line Application form. For further information, contact Meg Yetishefsky, Director of the Supplier Diversity Program for the State of Connecticut at 860-713-5236 or at Supplier.Diversity@ct.gov.
Doing Business with the Federal Government
The world’s largest buyer of goods and services is the Federal Government, with purchases totaling more than $425 billion per year. The government especially encourages small businesses to bid on contracts for some of these needs. In fact, Federal agencies are required to establish contracting goals, with at least 23 percent of all government buying targeted to small firms. Except for certain “set aside” contracts, the government does not require any type of certification for a company to be eligible to bid on contracts. For further information, contact Laura Rowe, Procurement Specialist at the CT Procurement Technical Assistance Program at 860-437-4659, x214 or at LRowe@secter.org.
WBDC offers classes on each of the above certifications. Contact WBDC today to find out what classes are being offered in your area: 203-353-1750 Ext. 10.
Are there grants available for women business owners?
From time to time cities and towns throughout Connecticut will offer small grants to micro entrepreneurs who conduct business in local communities. To find out if your community offers this program contact the office of community and economic development in the city/town in which you live or intend to do business.
Also, there are grants for innovative, fast paced and high growth business sectors such as healthcare and technology. In Connecticut you can learn more about this through the Connecticut Small Business Innovation Research (SBIR). The SBIR helps the state’s small high-tech companies and innovative manufacturers find and obtain grant funding from a variety of sources. For more information visit www.ctsbir.com or contact CT SBIR Program Director Deb Santy at 860-257-2893 or at Deb.Santy@ctinnovations.com.
I need help in securing a better job. Can WBDC help me?
Yes, WBDC can help. In addition to entrepreneurial training, WBDC offers professional development services, including career coaching, job search counseling and workshops.
Contact WBDC today to obtain an application for counseling and/or career coaching: 203.353.1750 Ext. 10.
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