For small business owners and prospective owners:
The City Of Concord works to help small business owners grow and prosper by providing access to needed services. Information and web links on this page will connect you with a network of business-building resource organizations in Concord, Cabarrus County, North Carolina, and elsewhere in the nation.
Business Link North Carolina (BLNC) is a division of the Economic Development Partnership of NC (EDPNC) and offers a central source for consultations, information and referrals. Call 1-800-228-8443 to speak with a business counselor for free.
► Business Link North Carolina (BLNC)
► Business Insurance
► Doing Business with the Government
► Export Assistance
► Fire Insurance Rates
► Industrial Extension Service of N. C. State University
► North Carolina Institute of Minority Economic Development
► Rowan-Cabarrus Community College Small Business Center
► Small Business & Technology Development Center
► Southeastern Trade Adjustment Assistance Center (SETAAC)
► Types of Business Ownership
► U.S. Small Business Administration
Business Insurance
Through the N.C. Department of Insurance web site, there is information regarding insurance for businesses. A helpful publication entitled, Guide to Insurance for Your Business is available to view, or download.
Doing Business with the Government
Some businesses provide special services to a government entity, including federal, state, and/or local. Below are some helpful sites that can help a business tap into the government market.
Federal
Business.gov (the official business link to the U.S. Government and the states):
http://www.business.gov/states
IRS Guides to Doing Business with the Government:
http://www.irs.gov/opportunities/procurement/article/0,,id=125244,00.html
State
State of North Carolina:
https://www.ips.state.nc.us/ips/vendor/vndpubmain.asp
Local
Cabarrus County
City of Concord
Export Assistance
The U.S. Export Assistance Centers of North Carolina help NC businesses to excel in international markets. Experienced International Trade Specialists are located in Charlotte, Greensboro, and Raleigh. Specialists in the global network will assist U.S. firms to export products and services by identifying qualified international buyers and representatives, advocating on their behalf, and providing comprehensive solutions to whatever challenges they may encounter. The related U.S. Government web sites are www.export.gov andwww.BUYUSA.GOV.
Fire Insurance Rates
Fire insurance rates are based on a rating scale established by Insurance Services Office, Inc. (ISO). The rating system ranges from 1-10 with 1 being the best rating possible. The City of Concord was assigned an ISO rating of 2 by the North Carolina Department of Insurance effective June 1, 2013. This rating is only calculated every 10 years, or on the request of the city. The City of Concord requested this survey due to the fact that the City has been working diligently to reduce the rating.
There are 44,870 departments in the nation that are surveyed and given an ISO rating. The Class 2 rating places the City of Concord's Fire Department in the top three percent in the nation.
Industrial Extension Service of N. C. State University
NC State University's Industrial Extension Service, the first of its kind in the US, was established in 1955 to help North Carolina industries grow and prosper. On their website you will find information about the ways that they can help your company stay abreast of the latest technologies and best practices from both engineering and business management perspectives. The website describes their extensive products and services for continuing education; industrial and solar energy; environmental, safety, and health management; lean enterprise; and quality. Additionally, you can access true stories describing successful collaborations with North Carolina companies, and tap into a multitude of other resources.
North Carolina Institute of Minority Economic Development
Rowan-Cabarrus Community College Small Business Center
The Small Business Center at the local Rowan-Cabarrus Community College is designed to assist people starting a small business and to help people expand existing businesses. Through workshops, seminars, individual counseling, and referrals to other agencies, the centers are able to provide FREE assistance to the small business owner.
Since its beginning in 1992, the Small Business Center has assisted more than 500 small businesses. In addition, the center has individually counseled or provided seminars for more than 2,000 individuals who wanted to start a small business. There is a "How-to Booklet" you can view to gather information.
The RCCC Small business Centers provides free, confidential counseling services for new and existing businesses. Available on an as-needed basis, this free, confidential service acts as a sounding board for ideas and concerns you may have about your business. The professional staff will help you find solutions to your challenging business questions. No question is too simple or complicated.
Seminars are available on a variety of small business topics including:
How to Start a Business
How to Write a Business Plan
Recordkeeping and Taxes
Financing a Business
Marketing for Success.
Licenses & Permits
Business/Legal Structure
Rowan-Cabarrus Community College
399 Biotechnology Lane Kannapolis, NC 28081
Email: sbc@rccc.edu
Website: Rowan-Cabarrus Community College Small Business Center
Small Business & Technology Development Center
PORTAL Building, Suite 252, 9319 Robert D Snyder Rd, Charlotte, NC 28223
(704) 687-0440 | sbtdc.org/uncc | request counseling
Southeastern Trade Adjustment Assistance Center (SETAAC)
In 1974, the Southeastern Trade Adjustment Assistance Center (SETAAC) was launched by the U.S. Economic Development Administration through the Trade Adjustment Assistance for Firms (TAAF) program. SETAAC’s mission is to help import-impacted U.S. manufacturing firms develop and implement projects to regain global competitiveness, expand markets, strengthen operations, and increase profitability, thereby increasing U.S. jobs.
SETAAC, operated by the Georgia Tech Enterprise Innovation Institute, provides up to $75,000 of matching funds for third-party consultants to help guide a client’s economic recovery. Eligible manufacturing firms contribute a matching share to create and implement their respective recovery plan.
More detailed program information may be found at www.setaac.org.
Types of Business Ownership
Sole Proprietorship
Sole proprietorship is the simplest legal structure for a one-owner firm. The business is not legally separate and distinct from the owner. Sole proprietors are personally liable for debts of their business. Taxable income from the business is included with the personal income of the owner, and reported on a standard IRS Form 1040.
Partnership
In a partnership, the business is not legally separate from the owners, just as in a proprietorship. Under a partnership, however, business profits or losses are distributed to each partner in proportion to their percentage of ownership. Taxes must be paid by the individual owners. The partners are all personally liable for business debts and decisions, including business actions taken by other partners. Partnerships dissolve when one of the owners terminates his or her membership, dies, is found to be legally insane, or declares bankruptcy.
Corporation
In a "C" corporation, individual owners are shielded from personal responsibility for the company's debts (except for their stake as shareholders). Taxes on any business profits are paid as a corporation, not through the tax returns of each owner. Establishing a corporation allows for raising capital from outside investors. It also makes continuation of the business easier in the event of the death of an owner, or other change in ownership. Disadvantages of corporation status include greater cost and complexity of legal documents.
A Subchapter "S" corporation is legally much like a regular "C" corporation, except that all company profits or losses are distributed to stockholders, who are individually responsible for taxes. No income tax is levied on the corporation itself.
The North Carolina Department of the Secretary of State provides a variety of information concerning partnerships, LLC’s and corporations. Such businesses must register with the Secretary of State. For forms and information you may write to the NC Department of the Secretary of State, or click on the link below.
Address:
NC Dept. of the Secretary of State - Corporations Division
2 South Salisbury Street
P.O. Box 29622
Raleigh, NC 27626-0622
Telephone: 919-807-2225
Web Site: http://www.secretary.state.nc.us/corporations/
U. S. Small Business Administration
The mission of the Small Business Administration is to maintain and strengthen the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters. Since its founding on July 30, 1953, the U.S. Small Business Administration has delivered about 20 million loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. For additional information about the Small Business Administration and the service they offer, visit http://www.sba.gov.
The SBA office serving North Carolina is located in Charlotte.
North Carolina District Office
6302 Fairview Road, Suite 300
Charlotte, NC 28210
(704) 344-6563 Phone
(704) 344-6769 Fax
1-800-827-5722 Phone toll free to SBA
Web site: http://www.sba.gov/nc/index.html
Ten Steps to Starting a Business