1. Choose a business type:
There are many different types of businesses that can be started in North Carolina, such as a corporation, limited liability company (LLC), or partnership. It is important to choose the type of business that best suits the owners' needs and goals.
2. Choose a name for your business:
The name of a business must be registered with the state before it can legally operate. The name should be unique and easy to remember.
3. Register your business with the state:
Businesses in North Carolina must register with the Secretary of State's Office in order to receive an Employer Identification Number (EIN) and to be able to file taxes. Forms can be found on the Secretary of State's website.
4. Get an Employer Identification Number (EIN):
All businesses in the United States must have an EIN. This number is used to track taxes and other financial information for the business. An EIN can be obtained by registering with the IRS online.
5. Open a bank account:
A separate bank account should be opened for a business in order to keep track of finances and avoid any confusion about which funds belong to which entity.
6. Register with the Department of Revenue
Businesses in North Carolina are required to register with the Department of Revenue and file sales and use tax returns. This can be done online on the Department of Revenue's website.
7. Get necessary licenses and permits:
Depending on the type of business, some licenses and permits may be required from local, state, or federal government agencies. It is important to research what is needed and to apply for the necessary permits early on so that there are no delays in starting the business.
8. Purchase insurance:
All businesses should have liability insurance to protect themselves against any potential lawsuits or damages that may occur. Other types of insurance may also be necessary depending on the industry and activities of the business.
9. Develop a marketing plan
No matter how great a product or service is, it will not sell itself. A good marketing plan is essential for any business in order to reach potential customers and generate interest in what is being offered.
10. Hire employees (if needed):
If a business will have employees, it is important to comply with all federal and state labor laws. This includes things like obtaining workers' compensation insurance and paying unemployment taxes. New businesses may also want to consider hiring an employment lawyer to help ensure that they are in compliance with all laws.