Shelia Burch, Director of the Little Kanawha Area Development Corporation hosted a Small Business Summit in the Little Kanawha Bus Company Conference area on Wednesday, December 7. Several business owners, and those considering business ventures attended the event, where information was provided by WVU Law Clinic, Glenville State College and Calhoun Banks to help business owners be better prepared to protect themselves, families and investments.
First to speak was Attorney John A. Williams of the the WVU College of Law Entrepreneurship & Innovation Law Clinic. Students in the Entrepreneurship and Innovation Law Clinic provide transactional (non-litigation) assistance to West Virginia small businesses, nonprofits, community organizations and student entrepreneurs. The Clinic’s work includes:
STRUCTURE AND GOVERNANCE
- Advising and counseling on formation and structuring of a business or nonprofit, including cooperative organizations
- Drafting of by-laws, operating agreements, and other governance documents
- Assisting in the creation of joint ventures, affiliation agreements, and mergers
DRAFTING, NEGOTIATING, AND REVIEWING CONTRACTS AND OTHER AGREEMENTS
- Commercial leases
- MOUs
- Fiscal sponsor agreements
- Purchase and sale agreements
TAX
- General tax advice for businesses or nonprofits (not individuals)
- Nonprofit income tax issues, including unrelated business income
- Nonprofit real estate tax exemption
GOVERNMENT REGULATIONS
- Licenses and permits
- Regulatory compliance
- Solicitation licenses
EMPLOYMENT
- Employee contracts
- Advice regarding independent contractors
- Labor compliance issues
- Employee manuals
RISK MANAGEMENT
- Risk assessment advice
- Liability waivers
INTELLECTUAL PROPERTY
- Trademark and service mark protection (including logos)
- Copyright protection
- Intellectual property license agreements
To seek assistance from the Entrepreneurship and Innovation Law Clinic, please use the
Speaking on behalf of Glenville State College was Dr. Mark Sarver, Associate Professor of Business, who provided financial, tax information and advice for business operations. He covered proper procedures for records keeping, tax deductions and reporting and the importance of knowing when professionals should be hired to manage aspects of business. He said his best advice came from former Calhoun resident Cheryl McKinney who said “There’s no bonus points for doing it yourself.
Both Sarver and Attorney Williams provided resources that could pave a road of success for new and established businesses if followed.
Closing out the Summit was Calhoun Banks representatives Brad Stevens and Bruce Fitzwater.
Both gentlemen spoke on lending, records keeping and optimal or not so optimal timing in business planning. They encouraged open communication with lenders and all agencies of finance who are there to help, who understand better than anyone the struggles and downturns of business. They too provided the attendees with resources for loans and partnerships that would help businesses when making decisions on company direction.
Brad Stevens spoke on recent fraud trends in Calhoun County that could remove cash from the pockets of businesses or patrons as well. Calhoun Banks receives 3 to 4 counterfeit bills each week at the bank. Regardless of where it came from, if you pass the bill, you lose the dollars. Currently they’re seeing $10 bills which have the words “for motion picture use” on the bill but not very noticeable. Brad said that fraud is a nine to five job for many people. The bank has safeguards such as staff training and a machine that sorts counterfeit bills. He provided tools to each business attending to help them discover counterfeit bills before they come out of your pocket. A worthwhile tool for even the consumer getting cash back from a business.
Another concern for bank staff is the rising trend of elder abuse from phishing phone calls and emails that capture vital information which can then be used to scam and rob innocent, uninformed people. Their advice, never click on a link once an email is opened that you are not 100% positive of where it’s going. Never assume a bill is good. If it sounds too good to be true, it likely is.
