Form a North Carolina Corporation with Inc Authority

To register your new business, you will need a unique business name that is not used by any other business within the state. You can search the state database to find out of your selected name is available for use within North Carolina.

Also, ensure that your chosen name follows the North Carolina naming conventions for C-Corps. Your business name, for example, should include a term like corporation, incorporated, inc, and a few others to mark your business as a C-Corp.

If you foresee a delay between name selection and business registration, then you can reserve your corporate name for a period of 120 days. This will ensure that no other business can take your reserved name for that period of time.

You will need to file an application with the North Carolina Secretary of State to reserve your corporate name, which you can file online or via mail. For this, you will need to pay a one-time filing fee of $30, which is non-refundable.

While not all states require a Corporation to have a registered agent, North Carolina does. You must have a designated registered agent for your company and must provide their contact information to the Secretary of State’s office.

The job of a registered agent is to receive legal documents and notices on behalf of your business and forward them to you. A registered agent can be an individual or business, in the state of North Carolina, that accepts the responsibility.

Preparing and filing the Articles of Incorporation will register your business with the state and formally create your Corporation. You can file this application online from the official website or using the services of an agency like Inc Authority.

You can also download the application, fill it out manually, and submit it via mail or in person. In any case, you will need to pay a nominal state fee of $125 along with the application to get your North Carolina Corporation officially registered.

Every C-Corporation must have one or more directors who will be the key decision-makers for the business. These initial directors will be responsible for creating bylaws and setting the strategic direction for the business.

Given that you need to provide the information about directors in the Articles of Incorporation, you should appoint them as soon as possible. This will also ensure that you don’t need to make amendments to the formation documents later.

One key responsibility of your chosen board of directors is to craft corporate bylaws for your business. This is an official document that lists down all the rules and regulations of how the Corporation will be run and business decisions will be made.

Typically, shareholders create these bylaws during the first board meeting. The bylaws must cover all essential guidelines from how a conflict will be resolved among shareholders to who will be responsible for which tasks.

One of the most important steps in the process of starting a new Corporation is holding that first board meeting. Due to the formal structure of a C-Corp, this is a mandatory task, one that needs to be recorded using meeting minutes.

At the first meeting, all the directors come together to discuss the strategic direction the business will take. This is when corporate bylaws are formed and officers are appointed to run and manage the day-to-day operations of the new business.

A C-Corporation in North Carolina is allowed to issue various classes of stock, unlike S-Corporations, which are allowed only one. But when you first register your business, you may not have planned far ahead to think about all the stock you’ll issue.

But during your first board meeting, you need to issue some shares to shareholders, in proportion to their contributions. While it’s not mandatory to issue physical stock certificates, it is a good practice to present shareholders with these.

An EIN is a must-have for every Corporation in North Carolina as it is used for a wide variety of business purposes. First and foremost, you’ll need an EIN to hire employees and pay their salaries. You also need it to pay taxes for your business.

The IRS uses an EIN to identify businesses for tax purposes and track their tax payments. Moreover, you will also need an EIN to open a business bank account, as it is one of the required documents that banks ask for when opening an account.

Every business requires certain licenses and permits to start operating in a state or county and you will too. These requirements vary depending on your industry, type of business, and the location where you want to operate your business.

Find out what permits your business will need and acquire them. North Carolina doesn’t have a generic business license and has a list of over 700 occupational and state-issued licenses, so make sure you’re thorough in your research.

To be successful in this digital age, you must have an online presence and a website is the perfect way to do that. Your website acts as the main source of information about your business for your potential customers and other stakeholders.

To launch your business website, you’ll need a web domain that matches your chosen business name. Choose a good website design and marketing solution to ensure your site is user-friendly and easy to navigate by your potential customers.

By now, you’ve completed all requirements for starting and running a North Carolina Corporation. But your job doesn’t end here, as you also need to follow ongoing requirements and North Carolina law to stay in good standing with the state.

This means you need to pay all application taxes on time, file an annual report before the due date, and meet other compliance requirements. Any change in registered agent or business information also needs to be communicated in a timely manner.

Here’s what you’ll get with the free plan:

• Corporate name search: Using a simple search bar on its website, you can check whether your chosen company name is available for use.

• 1-year registered agent services: You get complimentary registered agent services for one year, after which you can upgrade to the paid service.

• C-Corp registration: Experts at Inc Authority will prepare and file Articles of Incorporation to get your new company registered with the state.

• S-Corporation election: Inc Authority will fill out and file Form 2553 of the Internal Revenue Service to get you the special S-Corp tax status.

• Quick tax consultation: With the free plan, you get a brief tax consultation with an expert who’ll guide you through the process and help save on taxes.

• Online document management: You can create an Inc Authority account and get free online storage for managing all your business documents.

• Business funding needs analysis: An expert will analyze your current and future business funding needs and offer you various sources of funding.

Price: Free