Setting a Business in North Carolina
North Carolina, known for its healthy labor market and taxes, is one of the best places to set up a business. Forbes recently rated the city as the second lowest business cost in the state. These statistics make it a mouth-watering option for business owners and investors. However, how do you set up a business in North Carolina? Let’s help you.
You see, every city within North Carolina, has its laws and tax settings. Therefore, making sure you have everything in place will help make put you on the right path all through your set up process. To help ensure this is the case, we at Seward Tran LLP have taken it upon ourselves to provide you this guide on setting up a business in Charlotte, Mecklenburg, North Carolina.
5 Things to Put in Place when setting up your Business in North Carolina
The Right Business Idea
This seems like an obvious thing, but most people tend to make a mistake from this point. You see, the worst thing to do is to start a business that dies on arrival. So, you want to research your business idea and see if there are people in need of such service/product before you even begin. This step will help you determine if it’s worth it while setting you on the right path.
Your Business Plan
Once you have your idea figured out, it’s time to put it to plan. You should set your objectives and strategies on how to dominate your market. If you are unfamiliar with this, you can look up similar business plans online and fine tune it to your taste.
Set a Business Structure and get Registered
If you have your business plan set, then you know the right structure for your business. So, your next line of action should be getting your company registered. Registering your business with the state of North Carolina will help you operate legally.
Register for Taxes
To register your business for tax filings, you will need a Federal EIN which is also known as the Tax ID. The EIN give you the ability to employ staffs and set up a business account with banks.
So, depending on your type of business or business structure, you should look out for specific taxes for your business. For example, companies selling physical products should register for North Carolina Sales Tax while companies who hire employees should register for Unemployment Insurance Tax and Employee Withholding Tax on behalf of their employees.
Note: While at this, it is essential to ensure you have other licenses in place while ensuring your business meets both county and federal requirements.
One of the biggest mistakes business owners make is failing to insure their business. By registering your company for insurance will help you manage risks while allowing you to focus on building your brand. For this purpose, we advise that you purchase a general liability policy.
Setting up a business in North Carolina is one of the smartest business moves a business person could make. The market is ripe, and the laws are favorable to entrepreneurs. However, it is important always to ensure you have all things in place, including licenses and other articles of incorporation. To make this a lot easier, we advise that you hire the service of a professional attorney who understands what it takes to set up a business in North Carolina region.
At Seward Tran LLP, we are a black owned minority firm of highly experienced attorneys that are highly skilled and ready to guide you with business formation forms and related issues. Our team will help with your articles of incorporation, operation agreement, Tax ID number, and template for corporate minutes, providing the perfect helping hand to make your registration a breeze.
So, whether it’s a business in Mecklenburg, Gaston, Union, Iredell, Rowan counties or North Carolina, we are always available to help ensure you have an itch-free process. Please call us at 704-500-2045 to discuss business inquiries.