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we'll get started momentarily we're letting everybody join into the zoom app and then we'll start hey thank you for joining the aca small business boot camp and resource collective for this tuesday february 2nd we're excited to have everybody here i'm robert theobal the small business ombudsman and vice president of small business services here at the arizona commerce authority i'd like to start by thanking all of our community partners we could not do these sessions without their help and support and their expertise their time and their effort they are great partners of ours with the boot camps and we are glad to work with them the small business boot camp is designed to help small businesses work through the covet crisis and return stronger than ever it is a statewide initiative supported by our community partners and it is a boot camp and a resource collective on our website for the small business boot camp you can find many tools including that resource collective but one of the great tools that we have on there is all of our previous sessions are archived we record them and make them available so you can go back and watch them for the first time or re-watch them if you attended want to want to review it again along with the materials that that that partner provided to us for that session you also will go to that website to register for upcoming sessions and on that website which is daisy commerce dot com forward slash small business boot camp small dash business dash boot dash cam uh you can find our resource collective and the resource collective are tools and resources and guides provided by our community partners to help support small businesses uh during this time these are just some of the links some of the resources and guides that you can find on the resource collective things for cosmetologists barbershops restaurants construction manufacturing safety unemployment insurance preparing for re-entry and mid-cover 19 different things like that to help work through the challenge that the small business are facing right now and return stronger so with that i want to share a few quick updates um the sba just posted some results uh thus far through january 31st for the ppp loan program and arizona has received over ten thousand we've processed ten thousand loans for arizona small businesses and received over 873 million dollars in those ppp loans just for 2021. so that's a great infusion of cash into the small business ecosystem here in arizona and we're excited to see those companies get those funds additionally i've listed on here the if you are still looking at a ppp loan the arizona lender list provided by the arizona district office for the sba now they put this list together to help arizona business identify the lenders that are participating in the ppp loan program so that's a great tool additionally i want to talk about the emerge a zfast grant there's a link to it right here it is a for small businesses uh throughout the state that are in the attacker startup phases uh check it out there is some some funding there to help some of the small tech and startup businesses to get going and then additionally the city of glendale and prestamos have joined the forces to help the city of glendale small businesses with a pandemic response small business assistance program we have the link there and it is for businesses located within the city of glendale additionally for small for business resources during the coping crisis we have our arizona business resource page for covert 19. uh this page is updated with business guidance financial guidance and resources and many other things we constantly are updating it with new information as we receive it that is definitely a go-to page for businesses in arizona initially i want to share a few of our programs that we have to help all the small businesses throughout the state our small business services can help navigate with the sba the small business development centers who are with us today for today's presentation local banking contacts um startup guidance licensing guidance etc our workforce can help with businesses that are looking to hire employees or upskill and train some of their employees they have a number of different programs to help with that and our arizona manufacturing extension partnership to work with small medium-sized manufacturers are looking to grow and expand their business or work through some challenge they may have they can do a to z in the manufacturing realm to help arizona manufacturers additionally that ties in with today a lot of people are looking to start businesses or start a side gig and we have our small business checklist and this is an online interactive guide to help small businesses understand the licensing registration compliance needs at the local state and federal levels along with a number of other great resources as part of the checklist and finally i want to talk about these states covet 19 information and resource page just a reminder that the state has this together for all things covered 19 this is arizona together.org so with this we're going to look at this week's sessions today we have the 10 steps to starting a business in arizona and then on thursday morning at 9 00 a.m we have cash flow management knowing your cash position during cobit 19. that's going to be both these are brought by these brought to us by the small business development centers in arizona today's sessions from the yavapai college sbdc and thursday session is by the maricopa community colleges sbdc so with that i want to introduce today's speakers we have marie patowski beals and jerry dennison and jerry is the director of the yavapai college sbdc and with that i'm going to go ahead and turn the time over to her for their introductions and get them started so jared is all yours thank you thanks bob appreciate that i'll go ahead and share my screen if i may here and yeah i just wanted to say we really appreciate the opportunity to work with the arizona commerce authority and present at workshops like this i've been the director of the small business development center at yavapai college since about june of 2017 and marie plutowski beals joined us last year i think and has been a very quick fast learner she was thrown right into the throes of covid and hired remotely was our first time hiring somebody remotely not even in fact it wasn't until later in the year that we actually met in person um so i'm going to turn it over to marie she's going to go through the slides and then i will wrap it up so marie it's all yours thank you gary i'm marie plutowski beals and i'm a business analyst with the sbdc in yavapai county starting a business in arizona is easy just follow these 10 steps i'll walk you through these steps and explain them more in detail i'll give you a chance to ask questions in the q a below after each step the arizona commerce authority's website is a great way to get your mind thinking about starting in small business and has instant access to the tools you need like events like this boot camp event programs and incentives where you can help find tax credits or grants or startup competitions mentorships and additional resources so check out their webpage at azcommerce.com slash small dash business slash small dash business dash checklist i know it's a mouthful but it's worth going there you'll get inspired and you'll want to start your business journey right away so when you're ready for our no-cost consultations at the sbdc please register on your county's sbdc website i'll give you some of those web addresses later on but you can do an internet search and find them pretty easily so step one make a plan for your business what kind of business do you want to start before taking any big leaps or spending any money you need to have a plan business planning isn't just smart it's essential for determining the validity of your business idea here are a few things you'll outline in your plan and this is just a rough draft just on a notepad for now and just so you can start gathering your thoughts we'll get into writing a solid business plan with a free tool the sbdc offers later in the slides so your target market who exactly are you selling to be specific think about age gender occupation income level physical location or any other relevant details once you know who they are figure out how the best way to communicate with them are they active on facebook a lot of our clients are on facebook so we do a weekly live coffee chat with the sbdc every tuesday morning at 7 45 a.m how about youtube my husband goes to youtube before he buys anything to check reviews or to help figure out how to use something would making a youtube video get you some exposure what about linkedin linkedin is a more professional place to reach your audience but if you're a professional videos and tips posted there they'll get you traction and they'll get you noticed what about snapchat or tick tock or reddit that's where the younger audience is if you're trying to reach the youth or gen x or gen z or millennials that's where to go because that's where they spend all their time do they not use social media at all i mean some people do not use it believe it or not so you might have to do print advertising or word of mouth through extensive networking would coupons work the baby boomers love coupons think about incentives like a free dessert on your birthday or a punch card like buy 10 sessions get one free or a discount if you refer a friend or a discount if they pay with cash the market need what problem does your product or serv service solve for your target market we just talked about target market have you thought about it are they young are they tech savvy are they foodies do they like to camp do they have pets figure out your target market lots to consider right next is how you'll solve the problem better than your competitors what makes you better or better yet way better do do you use organic products are you echo friendly how about your milestones what do you plan to achieve in the next three months six months two years you may not reach all these exact increments when you originally planned but setting major milestones is still important an important practice for keeping you motivated and on track here at the sbdc we have software we can loan to you that helps nudge you and keeps you motivated and on track what about your marketing plan what's your marketing budget do you even have one it might be more important now more than ever to spend money on marketing especially since people are not out and about like they used to be at least for the time being a lot of people are staying home how are you going to reach them your strategy is bound to evolve over time but you'll lay out some initial ideas in your rough business plan the sbdc uh has people on our team that are marketing experts and can help you with this again this is a super trimmed down introduction to writing a business plan there's much more you'll need to include especially if you're hoping to secure funding are there any questions about starting a rough draft of the plan for your business if not we'll go on to step two pick a name for your business this is the fun part google it to see if someone else is using it or anything similar if others are using it you could get into legal trouble so you'd better consult an attorney or pick a different name the last thing you need is to start a business with a name you love and then get a cease and desist letter from an attorney threatening to sue you you should also check out the azcc.gov website to see if it's being used in arizona that's the arizona corporation commission that's already in use start thinking of other names step three purchase a domain name if you're going to have a website that's the same that is the same name as the entity name you can purchase the domain name at this stage or wait until after you've checked the name availability through the arizona corporation commission so the domain name means the name you'll use on your website you could purchase domain names from various hosting companies like hostway or godaddy or or even from google some cost very little i've seen them for 99 cents but some are super expensive especially if you're buying from someone who owned the name previously also the price will depend on how many email addresses you use it's important to do a keyword search for seo that's search engine optimization it's important to do this search so you can use certain words in your website design and narrative it just makes it easier if someone is looking you up on you know google or some other internet search site but just so you know the arizona corporation commission does not sell or register domain names and owning a domain name does not give you any right to the name to the acc or through the arizona secretary of state domain names are completely separate from the acc and the arizona secretary of state they're used for your website or for your business email like joan xyzllc.com but for marketing purposes it's wise to keep your branding the same as long as no one else is using that name do we have any questions about buying a domain name if not we will go to step four check the entity name and register it check the trade name and register your name with the arizona corporation commission they'll hold your name for 120 days till you're ready to form your legal entity at azcc.gov if you already bought your domain name you can make a landing page with your domain name now if you're ready to start your business then you can proceed to the next step that's step five create your legal entity your next major task is going to be registering your business with the state of arizona you'll be doing that on the arizona corporation commission's website azcc.gov to do it online costs 85 but before you can do that you have to figure out what type of business structure you want to form an llc a pllc an s core a c corp sole proprietorship once again the sbdc business consultants cannot give you legal advice on which type of entity to form they all have different tax consequences so you may want to consult an accountant for their advice but you know let's take a quick look at each of these business structures so proprietor sole proprietor is a type of enterprise that's owned and run by one person and in which there is no legal distinction between the owner and the business entity the main disadvantage to being a sole proprietorship is unlimited liability you and your small business in the form of a sole proprietorship is personally liable for all debts and actions of the company the owner receives all profits and has unlimited responsibility for all losses and debts every asset of the business is owned by the proprietor and all debts of the business are the proprietors unlike a corporation or an llc your business doesn't exist as a separate legal entity so it's the easiest to form but it could put your other assets in jeopardy the llc this is the most popular small business structure it stands for limited liability companies it gives small business owners the flexibility to choose how they'd like to be treated come tax time and can offer the same personal protection of a corporation and the pllc is just a professional version of this so if you're a doctor or attorney or c pa or the like this structure is beneficial for you so basically for a licensed professional but what it does do is it protects one of the members from any malpractice of the other member and llc owners are generally called members arizona like most states also allow single member llc so you can reap the rewards of an llc even if you're the sole member of your company the primary reason business owners opt to take the llc route is to limit the principal's liability with an llc the articles of the organization must be documented and filed with the state these articles establish the rights powers duties liabilities and any other obligations of each member of the llc other information included on the document includes the name and addresses of the llc members the name of the llc's registered agent or statutory agent and the businesses statement of purpose we'll talk about an address later in the presentation so you can have a business partnership in an llc but you'd better have a separate partnership agreement first again to define the obligation and roles of each partner an s core is a much more formal structure than an llc including a board of directors corporate officers and up to a hundred shareholders all the profit is claimed on the shareholders personal tax returns it's a bit more complicated to form legally again consult your cpa or attorney to see if this is the right type of entity for you a c-corp there are no limit to the number of shareholders but this is the only structure that faces double taxation as the shareholders and the business itself are both responsible for paying taxes on the profits again best to consult an accountant to help you determine which one works best for you and this is an important tip if you form a corporation you are required by statute to file an annual report with the acc once each year they will send you a reminder email and you can submit it electronically but putting your calendar as a recurring event just in case you missed a reminder email because if you don't file you'll you'll get a penalty after you formed your business entity you will need to let the world know that you started a business with your company name to do this you'll need to call your local paper and ask for the classified department and tell them you need to publish your entity name it has to be published three times the only counties in arizona that do not have this requirement are maricopa and pima so if your place of business is within maricopa or pima counties the commission has already posted notice to the approved document on its website azcc.gov public notice this posting by the commission satisfies the statutory requirement so you don't have to publish again unless you want to so if the known place of business of the corporation is not in maricopa or pima the document must be published the publication must be completed within 60 days after the acc approved the document for filing so if you're in yavapai or cotis or mojave or any other county it's a requirement once the newspaper has published your entity name three times they'll either mail you copies or email you copies for your records you can file that with the acc but it's not mandatory and this is a really great time to buy yourself a binder like this you know to put in all your official paperwork copies of the articles of organization or your annual report confirmation and receipts from forming the business proof of publishing tax id numbers bank account information copies of leases and of course all your corporate records it's just it's just good to have everything in one spot also just as a tip if you're going to be interacting with the public it's best not to use your home address to register your business you don't want a customer knocking on your door 10 o'clock at night it's best to get a mailing address from the post office or the ups store or an executive suite service and register the business there it does cost a bit but your privacy will be worth it do we have any questions if not we'll go to step six and seven determine business licensing and tax obligation this is really important so once you've formed your arizona business it's time to make sure you're totally compliant with the state county and city unlike most states arizona does not require you to have a general business license but depending on the nature of your business you may be obligated to obtain several permits and pay special taxes on a federal state and local level trust us it's worth putting the effort in now to avoid getting hit with a hefty fine later on or worse getting shut down here's some great resources for learning about what taxes or licenses you might need to take care of with the state the arizona department of revenue outlines arizona business taxes pretty succinctly and directs you to the governmental units you may need to get in contact with for licensing information take advantage of their interactive licensing checkbook at azd and don't forget you may be obligated to file for a tpt that's a transaction privilege tax so make sure you check it's required if you sell goods or services subject to transaction privilege tax or sales tax once again you can either go to the azcommerce.com small dash business page and search for transaction privilege tax or the arizona department of revenue the computation is rather complicated so you better double check the arizona department of revenue has a brochure but also check with your city county and town offices to see what they require some professions in arizona require that you get a license or certification to practice your trade and if you don't you'll get a hefty fine or even be barred from performing those services in the future i mean we know that doctors nurses and attorneys need licenses but did you know that building contractors painters even landscapers may need a license certification or permit but since arizona doesn't require you to obtain that general business license it's possible you don't need to obtain any permits or licenses whatsoever but it's still it's still important to put in the research and make sure like i said you don't want to have to find right when you're trying to start a business do we have any questions regarding that we actually have a couple questions um that i see here um so first question is if you're looking to just sell photos as a freelance photographer is it wise to create a legal entity or okay to do it as a personal venture what would you think marie um well you better make sure that you're taking pictures of stuff that it's okay to take pictures of otherwise you can get yourself in hot water so if you're taking pictures of somebody's personal property or using someone's image without their consent or approval you could get into trouble so i would say that it's always wise to have that those pictures owned by an llc so that your your exposure which is a great word for a photographer would be limited plus you want to copyright and protect your images they're your own images those are the those are really easy for people to um you know rip off is not quite the right word i want but but uh do you want to you want to protect your it's your ip so you want to protect that bob you looks like you have an answer for this too yeah i do have a piece with that one of the things that some photographers tend to forget is that the pictures are subject to tpt um so there's and on the checklist we do have information for photographers to help guide them on that but tpt is a key thing that they need to make sure if they're selling the pictures or selling a a cd or a compact flash card or something with the images on them that they are selling um the physical product so um you have to be mindful of that so you don't get yourself in tax trouble right good point there um we have another question too if i already have an llc should i start a new one since i had to pivot due to covid19 i rent items out to hotels and event planners and now looking for a brick and mortar to do my own small events um i'm i would say it depends on what the focus of the original llc was uh just because you're pivoting if you're still in the same line the same type of business you know for example if you were you're renting equipment out to hotels and event planners and now you're deciding to become a restaurant that's a totally different business pivot but if you're still in the event business you're just going to own your own events and not rent the materials the supplies you're sort of in the same kind of business operation you've just pivoted slightly so you could use the same llc what do you think marie i agree with you yes um i i think you you might need to make um a different trade name depending if you're changing your name as a dba right but and that you can you can register you're not obligated to but you can and you might want to buy a new domain name but you could still operate under the same llc it's just the trade name and the domain that would change so it's it's whatever is easier for you um to in terms of managing your your business structure and then there's a question here what is the difference between an llc and an s corp if you'd like to go through that again sure yep i can so with the s core it's a little bit more complicated um the escort um has a it includes a board of directors it does have some different tax consequences as well so there's shareholders so depending on how many shareholders the it would also go on those personal tax returns of those shareholders um i would suggest before you form an llc or an escort to really check within a cpa to see which one would be right for your type of entity when you do have a board of directors you know you need to meet with those board of directors and they make decisions together um as opposed to an llc which you know if you have a couple of partners then it's fewer people to disagree with your decision well and also with an escort you have to have officers so there's a president that's a secretary and a treasurer at minimum and they have to be three different people the president cannot also be the treasurer when you're an llc and if you're a single member llc you can do everything you have total control but with an s corp and a c corp you have a you have a board of directors you have separate officers you do need to hold meetings and file an annual report and and at least meet once a year we've got some additional questions here um can you create an llc for an existing business yes you can um that's certainly possible to do someone asked about whether they should do the photos as a personal venture or a legal entity can you do either one what does the personal venture look like in terms of what we've talked about so far uh do you want to take that i i think we answered that question um you know whether they have to decide if they're if they are willing to have financial exposure um if they do a sole proprietorship and put their personal assets perhaps in jeopardy um and also there are some um there's legal consequences to that so the protection would be under under the llc and without that if you're a sole proprietor you are one and the company you are not a separate entity and and neither are your assets so neither is your car neither is your jewelry there's your home or you got all the champagne equipment your expensive camera equipment too i mean it's it is it depends on the amount of liability you want to assume as a as a sole proprietor versus an llc um so that would be a decision that you would need to make does arizona have um the option for a benefit corporation yes it does anthony and that is a different type of entity um and that's a different structure but arizona does recognize benefit corporations it's um and it would be very beneficial to find an attorney who understands how to set up a benefit corporation if you want to go down that route and then i have started an llc and in providing consulting services management consulting from reviewing the tpt license requirements i don't think i need one is this correct i'm the only employee correct if you are not selling a physical product you do not need a tpt as a consultant you're just selling your services and that does not require the tpt another question i've registered with arizona state name and logo in the food beverage industry what will i need to sell at farmer's market in navajo county um you've registered your name and logo in the food and beverage industry well and i did well it depends on what your product is did you want to take that yeah i think that's the next slide is coming up about local regulations so stay tuned on that one okay we'll be covering that okay um i already have llc but i use my home address can i still change the address to a po box yes you can you can go you can you should have login credentials to your um your registration if you did it yourself at the arizona corporation commission and you can simply go in and make an address change um and that's something the sbdc can help you with as well and let me see here just wanting clarification a small business needs to file a trade name with the secretary of state what exactly does a trade name do or mean do you want to take that marie sure so um before you before you form your legal entity if you're still deciding on what kind of legal entity you want to form you you can check that site to see if it's being used in arizona and if it's not being used you can register it there and they'll hold it for 120 days but that means that you'll need to form your legal entity within the 120 days so that that name doesn't get snapped up by somebody else so you can answer the question yes sort of and i'm just going to add on to that you are not required to file the trade name but we recommend you do and here's the reason you might file you might register your business under um and this is chantal so chantal llc.com and that's the operating the business entity that you create but you want to operate your business under a different domain and a different trade name if you don't protect the trade name by registering it with the arizona secretary of state and you are really successful generating a lot of revenue and a lot of traffic to your website someone else can come in look up on the secretary of state website for that particular trade name and discover that it's available and they can register it under their own name and you've just lost that trade name and it's happened before so that's why we all we recommend that you register both set up your legal entity and decide what the business entity name is going to be and what the business legal structure is going to be and then the determine what the domain name and trade name is under which you want to operate which may be one and the same but they don't have to be and that's where the keyword research comes in because that helps you determine the trade name and the domain name so you don't have to chantal but it's recommended that you do um and we've got a lot more questions coming but let's suggest we continue on with the presentation and then come back to the questions right i was i was just gonna go there thank you all right well um so the local um the locals since regulations can vary from county to county so somebody was asking about navajo and and we may not know the rules for navajo since we're in yavapai so it changes from city to city so you can get in contact with your local chamber commerce to see if there are any local requirements your business needs to fulfill you can also do an internet search to find the chambers near you the chambers are really helpful when you're at a startup so contact them you may need a license a permit each town that you perform work in so double check you may also need to check zoning laws so put in your due diligence there are links for the cities on the arizona commerce authority startup checklist i mentioned earlier that's azcommerce.com you'll find it there you can go to your specific town and see the information there next is federal the small business administration's website sba.gov has a licenses and permits page and it's a great place to find the federal departments you need may need to get in contact with so like department of agriculture or alcohol and tobacco or tax and trade if your business deals with goods or activities regulated by the federal government they've got some information on business taxes too but ultimately the irs is the best resource for finding out about federal tax requirements so that's irs.gov you'll also need to request an e i n number from the irs this is the number that you'll use in place of your social security number when you're filing taxes for your corporation and your personal taxes and opening up a business bank account that site again is irs.gov it takes a couple of weeks to get that ein number from the irs but they'll send it to you the next step is step eight separate your personal and business assets and open a business bank account using dedicated business banking and credit accounts is essential for personal asset protection now that you've made it through registering and setting up taxes and licensing for your business you ne d to take steps to protect your personal assets and establish your business as an independent entity when your personal and business accounts are mixed your personal assets like your home car and other valuables like that camera equipment are at risk in the event your business is sued in business law that's referred to as piercing your corporate veil you probably have heard of that term a business bank account separates your personal assets from your company assets which is necessary for personal asset protection a designated business bank account is also makes accounting and tax filing easier to open up a bank account for your business you'll use that ein number i told you about that you got from the irs in place of your social security number so that this account is completely separate from your personal finances start doing your research on various business account business bank accounts uh there's local options like scottsdale community bank and republic bank of arizona and national banks like chase or bank of america they they'll have their perks also while you're at the bank get a business credit card a business credit card helps you separate personal and business expenses a business credit card will also build your company's credit history which can be useful to raise capital later on so even if you're offered a business credit card that may have a low spending limit even if it's for 250 dollars take it it's best to establish credit before you need it as a startup so use your credit card pay it in full and on time then use it again pay it another way to begin build building business credit is to use vendors that report to the credit agencies nav.com has a list of these vendors at nav.com slash business dash reports now we're gonna go to step nine write a business plan now that you're really on your way the sbdc offers a free license to use to some really great software that guides you through the process of writing a business plan once you sign up with the sbdc on the web sbdc website in your county one of the consultants will help walk you through this really important process and your banker or loan officer will demand to see a business plan if you're planning on getting any financing at some point this software makes writing a business plan easier and offers examples and tutorials as well so it's not as scary as it sounds so if you're in yavapai our website is yc.edu sbdc the one from maricopa is maricopa dash sbdc.com now we'll go to step 10. set up accounting and bookkeeping systems you can make it as simple as an excel spreadsheet to start off but you may want to sync up your banking and credit card accounts with accounting software like quickbooks as soon as you get the chance it's never too late to start organizing your business finances the sbdc has team members that are quickbook certified and can help guide you through this process this gets a lot easier than you think once you write the business plan through the software like since we loan you since your categories were already determined and and you'll know what to expect cash flow wise we'll put it uh we'll put a link in the uh i think are you putting the link in the chat for the handout for you to review there's it's sort of a cheat sheet that we're going to give you i think you're going to put on your website today and and you can follow these steps we've gone over today you can download it to your computer so that you have it ready because if you're like me this will come in handy since i write so fast i can't even decipher my own handwriting later on and so my last pieces of advice to you as an owner of a small business are don't spread yourself too thin too often small business owners fail because they try to take on too much at one time ask for help whether from the no cost business consulting to the sbdc or a mentor or a trusted friend sometimes we just get lost in the weeds and another pair of eyes is useful also be willing to evolve if after a few months you find your efforts simply aren't getting results you must be really willing to revisit your strategy and this doesn't necessarily mean throw it all out starting from scratch but but maybe finding more effective ways to communicate to your audience or maybe it does mean switching courses entirely in 2020 we call that a pivot many of us who own small businesses have had to do this to survive over the years so thank you for your time today starting and owning your own business will be the hardest thing you've ever done and the most satisfying thing you'll ever do now once you follow these ten steps run out and order your business cards thanks jerry thank you marie so i just want to wrap up and then we'll get to the questions here because we have quite a few of them but just to give you an overview if you are not familiar with small business development centers the we offer we're funded by the small business administration and a community college most of us funded through a community college and that makes it possible for us to provide no cost confidential consulting services to any business owner so there's no charge for that we also do affordable workshops like this like our partnership with the arizona commerce authority but we do them also on our own separately and um and you know right now we're not charging for these at all we have many many local partnerships arizona commerce authority being one of those but also our chambers of commerce our economic development officers throughout our communities and every sbdc is the same is similar in that in terms of setting up community partnerships with organizations in their local communities so that it just extends the network of the resources we bring to to the table in addition as marie had mentioned there are ten spdc centers in the state of arizona we are one of those ten maricopa is the largest one that covers the the phoenix area there's one in pima also pima county there's yuma we've got them all over the state but in addition there are a thousand sbdc's across the country so if we don't have access to the particular resource you need then chances are there's at least someone in one of those thousand centers across the country that we can tap into and and find the answers that you're looking for additionally one of the key things that we do is help prepare business owners for access to funding this could be a micro loan of five thousand dollars or it could be a multi-million dollar loan from the sba or through a conventional loan at a bank but what we do is work with you to get that package prepared and then help present you your business entity and your proposal to the lender to um to achieve the financing and that's one of the key services that we do provide and that is uh the rest of the questions that i mean the end the end of the presentation and we're ready to take the rest of the questions bob did you want to field those or i'm sure so our first one is um actually i think you answered the farmers market piece a bit in navajo county um sandy had asked that sandy i'd also mentioned reaching out to the sbdc that is based in the show they have offices um throughout the northland pioneer college network up in in the white mountains area and they can help guide you through the specifics to that area you can also find information on the small business checklist so annie says uh i sell tri-state but office is in mohave county do i need to pay tpt for mohave county where the sale happens or where the product is being shipped to well i guess i can answer that question go ahead you have you have to check your local community because some some cities make you pay the tax if even if you just do business in their town so it's very important that you check so you can't just assume that because you um have your business in an unincorporated area let's say for instance and then you go and you uh do your services in a town you may owe tax to that town so you have to double check another piece with that is if you're an online retailer and you're selling products and shipping them all over the place um they're thanks to the wayfair versus south dakota lawsuit um every community that you sell something in has the ability to collect the sales tax for that community regardless of where they're at in the nation um and so it can get very complicated if you're using a marketplace such as etsy amazon or others then they actually charge the sales tax for you or should be but if you're using your own online store you definitely have to track the sales tax piece for wherever you're sending the merchandise right um crystal's asked approximately how long will it take to receive an ein number only could take two weeks excuse me or longer um pardon me they you know they're they're uh being overwhelmed now by people wanting to be entrepreneurs so uh it could come quickly but i've seen people have to wait more than two weeks and do you need that number before setting up a business account you can't set up a business bank account without that number unless you're going to be just doing a sole proprietorship and using your own social security number and and going ahead and piercing your corporate veil okay um sandy asked uh who can i contact with the sbdc in navajo county if you just google search the just do show low sbdc it will pull up the information for that office um even though i work closely with sbcs all over the state and i still just google the city and sbdc to get their contact information because it's faster for me to find it that way than going through my contacts yeah northland pioneer rich channick is the director there um and i think he's but the best thing is to do what bob said is to just google northland pioneer sbdc or navajo county sbdc and you'll get to their website um we had another question some people i know do baseball lessons for kids on the side they get paid in cash if i did this is there a specific money number i can work towards before i have to register with the state as an official business the first thing they should do is check with their accountant because they probably need to claim that income even though it's in cash because uh my favorite uncle sam will want a little bite of that i don't think there's a specific number but yes [Laughter] yeah and you'll definitely want to check because some cities require business license for consulting and some don't and so depending on where you live uh you may be requiring a business license you may not then you just report the income under your your social when it comes tax time all right see if i'm going to sell online just wholesale do i need to charge tax well if you're selling wholesale uh you know in interestingly arizona doesn't have a resaler reseller permit but if you're selling wholesale then no you're not charging the the retail tax because that's going to get charged by the retailer you're selling goods wholesale to the ultimate retailer who is selling to the end consumer and the the person who's buying your wholesale product is going to have to charge the tax to the consumer so no you wouldn't charge a tax we have another question do you need to have a separate bank account for different trade names under one llc um no i mean you could handle that in quickbooks it's what would be what's easier for you in terms of managing the revenue and expenses related to each trade name so depending on how much money you're generating in each one of those lines of business you may decide that it's easier to do it with separate bank accounts but it isn't required you could manage it all through quickbooks um so just wanting clarification a small business needs to file a trade name with the secretary of state and what exactly does a trade name do mean i think we answered that but the trade name is uh is a business name under which you do business um it protects like for example rather than um your llc your legal entity name frequently companies choose to operate under a separate trade name because after doing the research on the keyword research online they found a name that is the type of words that people type into google in order to find their their business the type of business that they operate and no one is necessarily going to look for myname they won't know that but they might look for the product the widget the service that you're providing and that's the trade name under which you operate so protecting that by registering that trade name with the secretary of state gives you that protection in which to operate under that and protect that name from someone else acquiring it um and then she also asks as a professional organizer um i would not need a tpt does that mean i don't have to set aside money for taxes do you want to take that marine what kind of taxes excuse me you would need to uh set aside some money for your taxes that you're gonna owe my favorite uncle sam um you know you better tithe for that unless you have lots of money sitting around that you'll be able to take care of that obligation but as far as tpt taxes just as an organizer you're just selling your services and no goods so i don't think you need to file for a tpt for that unless you're selling goods in addition to that and in addition to your services right and if you're just selling services it's a fee for service and the taxes you pay are on the revenue the income you generate at the end of the year but you're not charging a tax to the customer a sales tax for example that's really what the tpt is about it's it's a transaction tax a sales tax on the product that you're selling to an individual in this situation if you're just an organizer and you're selling a service there's no tax charge on top of that all right we have two questions i think we can answer them uh before we wrap up one it says can you please elaborate further on tpt licenses a vendor we hope to register with required the license but we didn't meet the requirements um what are the requirements to apply for tpt license is it for every business hmm well the the transaction the tbt is the transaction privilege tax and it is a transaction it's a license for um selling a physical product so if you are not selling a physical product um then you don't need to have a tpt license so maybe it's a conversation with the vendor to identity because maybe the vendor is thinking of different type of permit or license um i you know and without knowing what the particular business is that you're in and what kind of product you might be selling and who the vendor is it's kind of hard to to answer that question directly and and you can apply for the tpt online at the department of arizona department of revenues website so it's pretty simple to apply for the license [Music] um last question it says i own a tutoring franchise and corporate office changed my center's name which is different from the original trade name i registered do i need to amend or just register a new one touring franchise corporate change the name well are is somebody else using that trade name in arizona i guess you you need to find that out i mean are there more than one franchise in the state of arizona i would find that out first um if if they're there aren't any more franchises in arizona using that other name i would register it it's ten dollars i would register it yeah i agree excellent well that's all the questions and that's all the time we are right up at the the 10 o'clock hour so marie and jerry thank you very much for for presenting this i know a lot of good questions on this i appreciate all the questions brought forth by the attendees uh excellent again excellent questions this has been a great session i appreciate everybody being here i appreciate our sbdc partners for their knowledge and expertise on today's session thank you very much uh we want to invite everyone to join us on thursday morning at 9 a.m for our next boot camp session but until then everybody be safe and have a great day thanks bob bye thank you