Congratulations on your decision to embark upon a new business venture in North Carolina! To save time and ensure you have all the information you need in one place, we’ve outlined a six-step process to help you get started. The requirements vary according to your business activity.
Step 1: Create a business plan
For any business, the first step is to turn your basic idea into a written, viable plan of action. Your business plan must convince you that the business will work “on paper” and then serve as a road map and model for your business success. A well-thought out business plan is necessary for obtaining loans and other aid. Refer to the Business ServiCenter Business Planning Section on our website to determine what should be included in a comprehensive business plan.
Step 2: Decide on your business structure and register your business name
One of the earliest decisions a company makes is determining an appropriate business structure. Whatever entity is chosen - corporation, limited liability company, a partnership or something else - careful consideration must be given to the management, structural and tax implications of your decision. While not a replacement for sound legal or tax advice, the following information outlines many of those structural options. You may also want to see Choosing a Legal Structure and the Forms Section on our website.
- To register a business name for a sole proprietorship or general partnership:
Contact the County Register of Deeds Office where you intend to do business.
Step 3: Get license information and business referrals
The State of North Carolina does not issue a single business license, one that will ensure compliance with the numerous state licenses, permits and regulatory requirements. Additionally, your business may be subject to local and/or federal requirements. Simply knowing which agencies to contact for all these permits can be a very confusing task for the new entrepreneur. Call the Business ServiCenter at (800) 228-8443 or (919) 715-2864 or visit these links for information.
Step 4: Obtain the necessary tax information
Taxation for small businesses may be simple or complex, depending on the size and business structure. Keep in mind that tax liability for each business will be different and that you should consult your attorney and accountant regarding comprehensive tax planning to fit your unique business situation. Visit the Business ServiCenter Taxes Section on our website to identify tax requirements with the city, county, state and federal agencies.
Step 5: Identify sources of financing
Refer to the Business ServiCenter Sources of Capital Section on our website for an overview of financial resources and special loan programs available for small business owners and entrepreneurs in North Carolina.
Step 6: Learn about employer reporting requirements and responsibilities
Visit the Business ServiCenter Employer Issues Section on our website for instructions on how to register as an employer, apply for tax ID numbers and unemployment insurance, obtain worker’s compensation insurance and adhere to employee eligibility regulations.
Some optional considerations and resources that may apply:
- For Federal Identification Numbers (EINs) contact the Internal Revenue Service or call (800) 829-4933
- For State Sales Tax and State Withholding Tax Numbers contact the North Carolina Department of Revenue or call (877) 252-3052
- Consult with an accountant for bookkeeping, tax and related needs
- Obtain insurance
- Review contracts with legal counsel
- Review applicable regulations (OSHA, EPA, Labor, etc.)
- Register trademarks or patents
- Develop policy and employee handbook
- Join trade associations, chamber of commerce organizations