Getting a new business together can be an exciting but stressful time in your life. But with so much information to take in and things to do before you can launch, it’s easy to forget the fundamentals of any good business. So, whether it’s making an application for FEIN in North Carolina or how to go about checking the name of your business, here are some top tips for getting your company started in NC.
Get a business plan together
A strong fundamental business plan helps your business to get off on the right foot. This plan can be as simple or as intricately details as you please, as long as it hits some key points like why you’re starting your business, what you want to achieve, and how you’re going to achieve it.
Naming and registering the business
The steps you need to take in order to officially register and name your business ultimately rest on the kind of business structure you have. For businesses that are operating as a sole proprietorship or partnership under their legal name, it’s a matter of registering a business name with the state.
For the majority of businesses looking to register a name that isn’t their legal name, it’s always best to check the county Register of Deeds to ensure that the name you want to use is actually available and not already registered.
For limited partnerships and LLCs, checking the availability of a business name requires you to check with the Secretary of State’s office and other online directories to prevent trademarking a name too similar to others within the state.
When a name has been sorted, you’ll be able to officially register the business with the state. Sole proprietors can file with the county, while any other business ventures should be filed with the North Carolina Secretary of State.
Taxation and licensing
The next step is in knowing which of the state and federal taxes your business will be subject to. When you’re sure of these taxes, you’ll be expected to obtain the relevant licenses and permits to keep your business functioning legally.
Whether it’s through an attorney or a business accountant, you’re going to need to be fully aware of what taxes will be required for your kind of business, any employees you have, and the state taxes attached to a business in North Carolina.
You may also need to obtain an EIN or FEIN (sole proprietorships tend to be the exception to this rule as they are able to use the owner’s own SSN). And finally, it’s always a good idea to check whether you have to pay a specific tax for an item you sell, like tobacco, fuel, or alcohol. If you’re unsure about this, check the North Carolina Department of Revenue.
These simple but essential tips for starting a business in North Carolina will help to prepare you for launching your business successfully, in line with the state taxation requirements, and keep you moving forward to a more prosperous business future.
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