Frequenlty Asked Questions
What are the 5 most important steps to starting a business?
- Know your business concept/what kind of business you want to start
- Business Name: Do 1 to 2 searches of your business name on the web, Search your secretary of state office before making your name final selection.
- Business Structure Type : LLC, Sole Proprietor, Corporation, Partnership.
- Register your business & obtain an EIN (EIN number are free of charge)
- Articles of Incorporation
Note: When setting up your business make sure to have a home or virtual address (you can not use P.O. Boxes when registering your articles of incorporation) Please make sure all addresses MATCH!
How do you qualify as a minority owned business?
- If your business is at least 51% of the organization must be owned, operated, and ran by one or more minority members
- A minority owner must be a U.S. citizen
- An owner must have an ethnic background of at least 25% Black, Hispanic, Native American, Asian-Pacific, or Asian-Indian descent
- A minority owner must have paperwork to prove their background
Why are these certifications beneficial?
- You get the opportunity to participate in local, state and government contracts.
- Increase business partnerships opportunities with larger companies.
- Many networking opportunities with the organization you are certified through
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- You have access to workshops, training, financial & management guidance
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- Access to national database of corporations and government entities with Supplier Diversity programs
How many types of Certifications are there?
- MBE (Minority Business Enterprise)
- WBE (Women Business Enterprise)
- WBENC (Women Business Enterprise National Council)
- NMSDC (National Minority Supplier Development Council)
- DBE (Disadvantage Business Enterprise)
- WOSB (Women Owned Small Business)
- SDVBE (Small Disadvantage Veteran Business Enterprise)
- LGBTBE (National LGBT Chamber of Commerce)
How long does it take to get certified/What is the cost?
- The certification process generally takes 90 days.
- The city and state certifications are free.
- The national certification fees varies between $350-$1250. The prices vary depending on your gross annual receipts.
Which documents are required for application?
- Articles of Incorporation
- Good Standing Letter
- (if applicable)
- LLC Regulations and/or Operating Agreement
- Proof of Investment and/ or capital contribution
- Payroll
- (if applicable)
- History Business
- (if applicable)
- Current Resume
- Driver’s License
- Birth certificate
- Bank signature card/bank resolution
- Profit Loss statements
- Balance sheets
- 3 Years of Federal income taxes
- Personal Net Worth Statement