To start the incorporation of your North Carolina small business, you need to choose a legal entity first.
When it comes to the business structure of your startup, you can choose from the following entities: Sole Proprietorship, General Partnership, S-Corporation, Corporation, Cooperative and Limited Liability Company.
Your business structure will play a big role in your company’s operations, which is why you need to choose the best one that will address your needs. Each entity has its own set of pros and cons so you must do your own research and readings. To help you decide better, we’ve made a list of other factors that you might want to consider.
These are helpful factors that will enable you to pick the right entity for your North Carolina small business. To further give you further assistance, you can check out and read the resources below.
The incorporation process is a long and meticulous process and every requirement that you submit must always be in adherence to the standards set by the state.
To be able to submit the correct requirements, you have to inquire before the North Carolina Secretary of State Department – Corporations Division which is in-charge of the examination and maintenance of legal documents filed by entities within the state.
Further, the agency’s main duty is to ensure that all entities uniformly comply with the statutes governing their business structures. Every information that you need can be found within their website, however, it’s best that you visit their office personally to talk to an officer that can guide you with your requirements.
An Incorporating your Business in North Carolina guide is also provided to you by the North Carolina Secretary of State Department.
Now that you have followed the steps above, you are officially a North Carolina business owner. Here are 5 additional steps to help you start a successful business.
Once you’ve inquired with the North Carolina Secretary of State the needed requirements, you can start gathering them until you are able to complete all.
Your Articles of Incorporation is the most important document that you need to secure, after that, start working on these additional requirements.
Your internal documents are also essential in your business operations and although a majority of them are not mandatory requirements, you might as well complete them while you’re at it. These internal documents include your corporate bylaws, operating agreements, business plan, to mention a few.
As a new North Carolina business, keeping your personal and business finances separate is very important. The best way to do this is to open a new business checking account.
To find the best bank to start a checking account with, do some research. You can always use the bank you keep your personal account with, just be sure to keep them 100% separate.
If you want your business to be taken seriously, build a website and feature what your company is all about. Without having to get too technical, you can use a free and customizable tool like WordPress to get started in minutes.
Learn more about WordPress and how to build a website yourself through this step-by-step guide. It walks you through the entire process.
For maintenance and compliance purposes, you must renew and obtain necessary documents such as business permits and licenses and tax requirements which are needed every year or the succeeding years. You must also submit annual and biennial reports to make sure that you will be allowed by the state to continue your operations.
I hope this guide has been helpful! Incorporating your North Carolina small business is a challenging task but it doesn’t have to be that difficult.
With this guide at your disposal, I’m sure that you will be able to complete your startup’s incorporation successfully and you’ll be able to start operating in no time. If you would like to seek further assistance, you can use incorporation services like Incfile and Legal Zoom.
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