How to Start a Business in NC | Business Peak [Video]

How to Start a Business in NC | Business Peak

Starting a business in North Carolina necessitates more than just an entrepreneurial spirit—as with starting a business in any state, you’ll need to put in some elbow grease and read the fine print before you can lawfully begin your small business.

If you want to start a business in North Carolina, you’ll be in good company: According to a survey done by the SBA in 2018, small businesses account for 99.6% of all North Carolina-based businesses, employing 44.3 percent of the state’s private workforce.

In this article, we’ll walk you through the steps of starting a business in North Carolina, as well as present you with a few state-specific resources to help you along the way.

Writing a business strategy is the first step.

Starting a company without a business plan is akin to going for a journey without a map: in both cases, you’re setting yourself up to get lost—which is completely needless! When you start your firm with a sound business plan in hand, you’ll be able to spot the clearing in the forest when things eventually veer off course.

Your business plan can be as broad or as deep as you desire, but it should at the very least cover the following topics: your company’s purpose, organization, financial goals and requirements, target market, location (whether real or online), and marketing approach.

Step two: Choose a name for your company and register it.

After you’ve hammered down your business plan, you can get down to the nitty gritty of starting a business in North Carolina, which starts with naming your company and registering it with the state. This is how you do it:
1. Decide on a legal structure for your company.

Your business entity will affect how your company is taxed, who owns it, and how well it is protected in the event that a client or shareholder lodges a legal claim against it—so picking the right one is crucial! While it is feasible to change your company’s legal structure later on, you still want to get off to a good start.

The simplest business entity types in terms of tax and registration are sole proprietorships and general partnerships; however, because these structures don’t distinguish between the business and the owners, they won’t protect the owner’s assets from potential legal action taken against the business. Instead, you might want to think about forming a limited liability company (LLC). LLCs are straightforward to set up and administer, and they provide owners with legal protections that sole proprietorships and general partnerships do not.

However, you have other possibilities besides the corporate structures we’ve discussed. Take a look at our complete guide to the many sorts of business entities to see which one is right for you.
2. Pick a company name

The procedure for naming your company is determined by the type of business structure you’ve chosen. You can proceed to registering your business with the state if you’re a sole proprietorship or general partnership doing business under your legal name. If you’re a sole proprietor or a general practitioner and want to name your business something other than your legal name, you’ll need to check with your county’s Register of Deeds to see if the name you want is available.

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