University of Wisconsin–Madison

Frequently-Asked-Questions

Classes

Q: Why should I take a class in person when I can get the same training online?

A: In person classes give you the chance to engage with not only an experienced instructor but also peers from other companies who can learn from and build ongoing relationships. It also gives you a chance to get away from the daily distractions and focus on the learning.

 

Q: What if I can’t attend a class on the date it is scheduled?

A: We hold most of our classes twice a year. If you can’t make a class, chances are it will be available at another time.  If you register for a series and can’t make all of the classes, we can work with you to attend the class you miss at another time or suggest another class that has similar content.

 

Q: What if I need a class in a topic you don’t offer?

A: We are continuously looking to update our offerings based on customer input. If there isn’t a class in something you are interested in, you can contact us and we can let you know the status of our future planning or let you know if there may be something in the area that will fit your needs.

 

Q: Do you offer your classes on-site to groups?

A: We offer the option to have onsite classes at your location for groups of 10 or more (usually not cost effective for groups smaller than that). We can also customize them to fit your specific needs. Contact us for information and pricing.

 

Q: I am not familiar with the UW-Madison campus so how will I find where the classes are?

A: Our classes are held in Grainger Hall on the Corner of Park Street and University Avenue (975 University Avenue is the address). One block west of Park Street is Brooks Street – that is where we suggest you go if you are driving as there is an underground parking entrance and on street parking there. There will be signs in the elevator and bright pink signs on the floor of the class to direct you.

 

Q: I have heard parking is a problem, how can I be sure I can find parking?

A: If you register for your class at least 2 weeks in advance, you can pre-order parking through UW Transportation Services for Grainger Hall’s Lot 7 (underground parking where the classes are held). NOTE: You must order at least 2 weeks in advance. For more information: go.wisc.edu/sbdc-parking. If you don’t pre-order, you can try Lot 7, Brooks Street parking, or the Lake Street City of Madison Ramp which is 3 blocks from Grainger Hall.

 

Q: Is lunch included in the class?

A: Most of the classes do not include lunch (unless specified). Beverages are included and available throughout the day. The Capital Café is located on the First floor of Grainger Hall for lunch and dinner. They serve sandwiches, soup, salad and a variety of snacks. There are also several restaurant options within 2-3 blocks of Grainger Hall.

 

Q: What if I need to cancel a class I am registered for?

A: If you need to cancel your registration, you can call our registration office at 262-3909. If you cancel before the class starts there is a $25 cancellation fee.  If you do not attend and do not cancel before the class you are will be charged for the full class fee. If you have an emergency, please call and let us know and we can work with you to transfer you to the next session or a different class.

 

Q: If there is inclement weather, how do I know if the class is cancelled?

A: Please call 608-263-2221 for a recorded message, after 6:30 am for day classes and 3:00 pm for night classes. If we know ahead of that, we will also email you.

GENERAL BUSINESS INFORMATION

Q: What are the legal forms of business?

Sole proprietorship, Partnerships, Limited Liability Corporations, S-Corporations and C-Corporations. With each legal structure, there are tax advantages and disadvantages. It is important to seek the advice of an accountant or an attorney for detailed tax information.

 

Q: What is the advantage of a sole proprietorship?

A Sole Proprietorship is owned and operated by one person. Obtaining the required licenses and permits establishes the business. If the name of the business is different from the person’s name, it is called a DBA or “Doing Business As”.  For example: If John Doe owns a business called EAT HERE, the business is legally identified as John Doe DBA EAT HERE.  Wisconsin Statutes do not require registration for a sole proprietorship.  You may voluntarily register with the County Registrar of Deeds and the Wisconsin Department of Financial Institutions 608/261-9555 http://www.wdfi.org/.

 

Q: Is there more than one type of partnership?

Yes! A General Partnership is owned and operate by two or more persons. Drafting a partnership agreement is highly recommended.  The agreement can include provisions for the business to continue after the death or withdrawal of a partner. Otherwise, the business ends.   If there is no legal partnership agreement, the partnership is regulated by state statutes under the Uniform Partnership Act http://docs.legis.wisconsin.gov/statutes/statutes/178.pdf

A Limited Partnership must have at least one general and one limited partner. Popular in the 1980’s.  Rarely used today.   It is formed by filing a Certificate of Limited Partnership with the Wisconsin Department of Financial Institutions, 608/261-9555, http://www.wdfi.org/ . Wisconsin Limited Partnership Act http://docs.legis.wisconsin.gov/statutes/statutes/179.pdf .

 

Q: What is the most common business entity?

Limited Liability Company (LLC) is the most used business entity in Wisconsin. It can be formed by one or more members. An LLC separates personal and business assets. The owners must file Articles of Organization and register the business with the Wisconsin Department of Financial Institutions, 608/261-9555, www.wdfi.org/corporations

 

Q: What is the difference between and S Corp and a C Corp?

Subchapter S-Corporation is legally a corporation but is taxed like a partnership. The business must file, and have approved, Articles of Incorporation and register with the Wisconsin Department of Financial Institutions, 608/261-9555, http://www.wdfi.org/.

C-Corporation can be formed by one or more persons and is the most formal and complex business structure. Ownership is restricted to those owning stock.  It is regulated by State Statutes, Chapter 180 Business Corporations.  The business must file, and have approved, Articles of Incorporation and register with the Wisconsin Department of Financial Institutions, 608/261-9555, http://www.wdfi.org/.  The business name must be different from any other national or foreign company.

 

Q: What is a B Corporation?

B Corp is to business what Fair Trade certification is to coffee or USDA Organic certification is to milk. B Corps are for-profit companies certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. Today, there is a growing community of more than 2,100 Certified B Corps from 50 countries and over 130 industries working together toward 1 unifying goal: to redefine success in business.

 

Q: Is there any free assistance with forming my legal entity?

The Wisconsin Department of Financial Institutions has a lot of great information on their website. www.wdfi.org .  The UW Law & Entrepreneurship Clinic offers free assistance with entity formation.

 

Q: Where do I go to file my corporation?

The Wisconsin Department of Financial Institutions – www.wdfi.org.

 

Q: Are there any grants for starting a business?

In general, No. There are rarely funds available for starting a for-profit retail, service or manufacturing business. Sometimes there are industry specific monies available to spur innovation. In addition there may be government funds (usually in the form of a match) for revitalization or economic development. In general however, there are not funds for start-up.

 

Q: What do I need to do to get a loan for a business?

See Check List for SBA Guaranteed loan at: https://docs.zoho.com/file/0o4vhe202f85d9fee47e09b5d35f98af21972

See Financing through Commercial Banks at: https://docs.zoho.com/file/0o4vh7adcd6e0516843d6988c7212c7e9ed11

 

Q: What does private equity mean?

Private equity is simply shares in a company that are not listed on the stock market. This term has also been used to describe the broader group of firms that are operating as private equity owners of companies.

 

Q: What is the difference between an Angel Investor and Venture Capital?

Both Angel Investors and Venture Capitalists will hold private equity from having made investments directly into private companies. However Business Angel Investors will be individuals who are investing their own personal funds into a business opportunity. Whereas Venture Capital is invested by firms or companies that use other people’s money. They raise that money by offering investors a chance to take part in a fund that is then used to buy shares in a private company.

 

Q: Do I Have To Write a Business Plan?

If you are seeking financing then you will need to write a business plan. You may also want to write a business plan even if you don’t need funding. Plans serve as a roadmap for your business.

See Preparing a Business Plan at:

https://docs.zoho.com/file/0o4vh9b61b03f65d8489383c2d5b33872da5b

 

Q: Are there classes to help with Business Planning?

The Entrepreneurial Training Program will help you complete a business plan. The BizSmart class is an additional choice but more support is offered in the Entrepreneurial Training Program.  For more information Visit: https://bus.wisc.edu/cped/sbdc/program-topics/start-up-business-solutions/entrepreneurial-training-program

 

Q: How do I know who my customer will be?

When starting a business it’s vital to understand who your customer will be. This takes careful research.

See Free Sources of Market Data at: https://docs.zoho.com/file/0o4vha8e9352ec0304cdc91b5aab3a1382ad4

 

Q: Do I need insurance for my business?

See Consumer’s Guide to Insurance for Small Business at:

https://docs.zoho.com/file/5gp8k6b647df883f44727a68388ad66173d2c

 

Q: What do I need to do when hiring an employee?

See Hiring Employees at: https://docs.zoho.com/file/0o4vhb3414b726a9d4412a67b4161f275cdce

 

Q: What’s the difference between an employee and a contractor?

https://docs.zoho.com/file/0o4vhcc17ba790921417dad6068da92b05b07

 

Q: I need help making a prototype where can I go?

Contact the UW-Stout Discovery Center, http://wwwcs.uwstout.edu/moc/contact.cfm.

 

Q: How do I reserve a web address (URL) for my business?

There are many sites you can reserve a web address for your business. Godaddy.com is one site to do this.  Many webhosting sites also allow you to reserve your URL.

 

Q: How will I know what expenses are associated with my business?

It is a good idea to check with an accountant or take a financial management class to make sure you know which expenses are allowable for your business.

 

Q: How can I tell if I have a good business idea?

Test it out by taking the online First Steps class:   firststeps.sbdc.wisc.edu

 

Q: Who do I need to talk to about leasing space?

A commercial real estate agent or the owner of the building. Commercial leases are much more complicated than a residential lease so it is a good idea to have an attorney help you with the terms of the lease.