Anyone looking to start a small business in North Carolina can take advantage of a free information and referral service provided by the state.
The Carolina business registration process
The steps to registering a business in that state are as follows:
Select a company name
The name of your firm must be unique compared to other corporate names that are currently on record with the North Carolina Secretary of State. The North Carolina Secretary of State’s business name database allows users to search for names and see if they are available. By applying to reserve a business entity name with the North Carolina Secretary of State, you can reserve a name for 120 days by applying a reserve business entity name to the Secretary of State of North Carolina. Both online and mail applications may be made. There is a $30 filing fee. By submitting the Articles of Incorporation to the Secretary of State of North Carolina, your corporation is formally established. The name and address of the corporation, the agent for service of process, the number of shares the corporation is authorized to issue, the address of the principal office if any, the names and addresses of each incorporator, and the date the articles became effective must all be included in the articles. The articles can be submitted by mail or online. There is a $125 filing fee.
Make a registered agent your agent
Every corporation needs to appoint an agent to handle the legal process of serving within the state. This is a person or business that consents to take court documents on the company’s behalf if it is sued. A domestic or foreign commercial entity permitted to conduct business in North Carolina, as well as a person who resides in the state, may serve as a registered agent. The registered agent is required to have a street address. Before designation, the agent must consent to receive service of process on your corporation’s behalf.
Establish corporate bylaws
Bylaws are internal corporate papers that outline the fundamental principles for running your business. They are not reported to the government. Corporate bylaws are not legally needed for your company, but you should nonetheless adopt them since they define how your company will operate and demonstrate to lenders, creditors, the IRS, and other parties that your company is legitimate. A business records book should contain your bylaws, articles, stock certificates, minutes of shareholder and board meetings, and other important documents. You can purchase a corporate records kit from a source or utilize a three-ring binder.
Elect directors and convene the inaugural board meeting
The initial corporate directors are chosen by the incorporator, the person who signed the articles and serves on the board until the first annual meeting of shareholders. An “Incorporator’s Statement” with the names and addresses of the initial directors should be completed and signed by the incorporator. Keep the statement in the corporate records book; it is not necessary to file it with the state. a case in point Incorporators Declaration, The directors designate corporate officials, create bylaws, choose a corporate bank, establish the corporation’s fiscal year, approve the issuing of shares of stock, and adopt an official stock certificate form and corporate charter during the first board meeting. Small, privately held companies are typically free from federal and state securities rules when issuing shares. Created by the incorporator or any director, the corporate minutes should reflect the actions of the directors. For minutes of business meetings,
Final report annually
Domestic and international firms are required to submit an annual report to the Secretary of State of North Carolina. By the deadline for submitting your corporation’s income and franchise tax filings, the annual reports must be submitted. The Secretary of State’s Online Annual Report portal is where you can submit your annual report online. As an alternative, you can submit a paper copy together with your corporation’s tax return directly to the Department of Revenue. There is a $25 filing fee.
Acquire an EIN
Obtaining a federal employment identification number is required for your business (EIN). By submitting an online application on the IRS website, you can get an EIN. There isn’t a filing charge.
