Kilmarnock is committed to providing our current & future business owners with all of the necessary information needed to start, run, and grow your business. Check out our comprehensive FAQs for Starting Your Own Business.
Developing A Business Plan
Determining Your Business's Legal Structure
- Articles of Organization (if domestic)
- Articles of Organization for a Professional Limited Liability (if professional)
- Application for Registration of a Foreign Limited Liability (if foreign) with the State Corporation Commission and pay a filing fee of $100. The annual registration fee is $50.
Registering Your Business
Deciding how you will finance your business
- Credit – It must be good, not necessarily perfect
- Collateral – Something of value to secure the loan
- Cash Flow – Ability of the business to repay the loan from operations
- Capacity – Your personal ability to repay
- Capital – Your cash investment or down payment
- Character – Yours!
- Conditions – Anything that can affect your business (industry, economy, etc.)
- Commitment – Your will to succeed
- Seed money – research and planning (usually for high-tech businesses)
- Security deposits for a lease, utilities, etc.
- Construction, renovations, signs
- Equipment, tools, office equipment, etc.
- Labor – hiring and training staff before opening
- Legal and accounting fees
- Short-term – Loans for short periods (30 – 270 days) usually made to cover temporary or seasonal needs for inventory or personnel. These are common for established businesses but may be difficult for a new business to obtain.
- Medium to long term – These loans may be repaid over anywhere from 1 to 10 years depending upon the collateral and how the proceeds are used. The source of repayment is the cash flow of the business. Typical uses are for equipment, fixed assets, etc. Most loans to start a small business will be of this type.
Know The Kilmarnock Permitting Requirements
Business Qualification Requirements
New or existing businesses must provide two (2) new full-time equivalent jobs or invest $250,000 in real property.
Must not be one of the following business types:
1. Sexually Oriented Businesses (Town of Kilmarnock Code 14.165-176)
2. Pawn Shops
3. Small Business Loan Offices