A business structure plays a key role on how your business operations will go. It also dictates how your North Dakota startup is taxed, the types of legal paperwork you have to complete and the opportunities for future growth. With all these, you need to choose the right legal entity for your business.
If you have no idea which business structure is the right fit for your startup, you can read our walkthrough guide to learn the mechanics of business structure selection. You can also look into this side-by-side entity comparison chart.
Once you’ve chosen the business structure of your North Dakota small business, you can proceed with the registration. The easiest way to comply with this requirement is to use online incorporation services such as IncFile (for $49) or LegalZoom (for $149).
However, if you want to do the entire process on your own, you can follow the guides that are listed below:
Now that you’ve completed the aforementioned steps above, you are now considered a North Dakota business owner. Here are 5 supplementary requirements that you need to accomplish to be able to start your business officially.
Writing a business plan is not a mandatory requirement to start a business in North Dakota, however, it is important that you write a solid business plan for your startup. A business plan is highly essential as it will determine the overall development and success of your North Dakota small business for the long term.
Business plan writing is challenging, however, it’s not difficult and tedious. To guide you with every step on writing a business plan, here are two helpful resources.
A very important step that you need to take when starting a business is to keep your personal and business finances separate. The best way to do this is to open a business bank account for your North Dakota startup. In this way, you will be able to keep an eye of everything, including your business expenses.
Recommended Resource: Read this roundup for the types of business bank accounts which is right for your business needs.
Complying with state taxes is a mandatory requirement to operate a business in the state of North Dakota. While keeping track of your finances is not, it’s one of the best practices that will help you stay on top of every business cashflow.
North Dakota has provided a complete page of tax information for entrepreneurs, you can check out the North Dakota Tax website. Click on the business category to know more.
Recommended Resource: Xero is a reliable business accounting software that provides you with efficient expense tracking services and easy accounting. Let Xero take care of your finances for you, try Xero free for 30 days now!
Aside from your North Dakota business taxes, you must get all the required licenses and permits specific to your business. By obtaining these requirements, you are agree to follow the standards set by the state to businesses in North Dakota.
Recommended Resource: For professional assistance on identifying the types of business permits and licenses applicable to your North Dakota small business, you can use this business research license package. You can take advantage of SBA’s roundup resources.
These days, the majority of businesses operate with a business website. If you want to keep your business updated and compete with others in the industry, you have to build a business website that will perfectly represent the vision and message of your North Dakota company.
WordPress is a great platform to use together with Bluehost, which is an equally excellent web building and web-hosting service that will assist your build the best business website.
Resource for Getting Started: Start creating a professional and functional business website for your North Dakota startup using this easy-to-follow guide.
This article is informative in nature and should not be considered as a legal advice. If you have specific questions and concerns on the process of incorporation, you can talk to your North Dakota attorney.