North Carolina Corporation and Partnership Law

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Guide to North Carolina Corporation and Partnership Law

Structure your North Carolina business to optimize your needs
By V.V. Beardsley

To form a corporation in North Carolina, you must understand the basics of North Carolina corporation and partnership law. The structure of your North Carolina corporation will be instrumental in the success of your business; it will affect your tax treatment, filing requirements, funding potential and liability obligations.

The ownership plans for your business entity will help determine how to incorporate in North Carolina. A traditional corporation is useful to raise money with investors, or to allow ownership to employees in the form of shares. However, North Carolina corporate law requires complex ongoing paperwork, and will tax your business income both on the corporate and the shareholder level.

North Carolina LLC registration, on the other hand, is less complicated. Taxation occurs only on one level, which may be an important benefit to your company. The structure is more simple, and can require only two people to incorporate.

The options available under North Carolina corporation and partnership law are:

1. A business corporation, incorporated as either a C-Corp or S-Corp;

2. Limited liability corporation (LLC);

3. Limited liability partnership (LLP);

4. Non-profit corporation.

Action Steps

The best contacts and resources to help you get it done

Choose what works according to North Carolina corporation and partnership law Corporation or partnership? The decision depends on your long term goals for the business. Ownership is easier to divide in a corporation, while partnerships are not designed for growth or sale and do not offer stocks. Taxation is different for both types of entities. And finally, North Carolina corporation registration requires varying filing paperwork and fees for each.

I recommend: FindLaw will guide you through picking the entity structure that works for you. If you need further advice, find corporation lawyers in North Carolina at the AttorneyPages website for advice.

Pursue North Carolina corporation registration North Carolina corporation and partnership law requires filing certain forms, as well as submitting fees. The filing may include an Article of Incorporation, or for North Carolina LLC registration, Articles of Organization. Fees will vary depending on the structure. NC corporate law allows these filing to be done electronically, and forms can be downloaded online.

I recommend: Print the appropriate forms and find the correct filing fee from the North Carolina Secretary of State website.

Follow North Carolina corporate law closely North Carolina incorporation requires specific information to be included in filings. The North Carolina Business Corporation Act also details requirements regarding shareholders, naming conventions, and ongoing administrative requirements under North Carolina corporate law.

I recommend: Review Chapter 55 of North Carolina corporation and partnership law, or for partnerships review Chapter 55B. Chapter 55D contains the regulations around filing fees and names.

Tips & Tactics

Helpful advice for making the most of this Guide

The North Carolina Secretary of the State's office will assess penalties and late fees for fees not paid in a timely manner, under NC corporate law. Be careful to get your fees paid no later than 30 days from the invoice date.
NC incorporation requires unique business names, so be sure to search the Secretary of the State's database for your business name before committing to it.

North Carolina Corporation and Partnership Law

Guide to North Carolina Corporation and Partnership Law

Action Steps

Tips & Tactics

How-To Guide from WORK.COM

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