Starting a new business can be exciting and overwhelming at once. There are several steps you must take to be properly incorporated that must be accomplished before you can even get to rewarding work of bringing your dream to the market. Following these few guidelines cannot guarantee the success or failure of your new venture, but they are good place to start for avoiding common pitfalls that keep many new business owners from achieving their dreams and satisfying a need in the marketplace.
Before anything else can be done, your idea for a business must be written out as a viable business plan. The need for a business plan is very practical — not only will drafting the plan help you identify potential problems that could sideline your dreams further down the road, a written business plan is necessary for obtaining business loans.
There are many different options for exactly what kind of business structure may be best suited to your particular venture. You will need to decide whether your business will fair best as an LLC, S-Corp, sole proprietorship, or one of several other options, each with its own distinct advantages and limitations. Once you have decided on the particular structure that works best for you, and have chosen a name for your business that will represent it well, register your business with the state. It is important to note that North Carolina does not issue a single business license.
Finally, you will need to acquire the applicable tax information and understand what your responsibilities will be as an employer. Each kind of business has different tax obligations and insurance requirements that must be fulfilled.
Taking the step to launch a new business is an exciting, often life-changing choice. Having the guidance of a qualified, experienced legal counsel can help guide you through this complicated process and give you the tools you need to start this new chapter of your success story.