In the wake of the recent recession across the country, banks are once again pulling back on harsh credit conditions and requirements. This may be lending a hand to another upward trend -- business formation. Establishing a business in North Carolina may have recently become easier than it previously has been in recent years.
Entrepreneurship isn’t just for young people. Studies indicate that nearly 25 million people in America who are above the age of 44 would like to start their own business, with many of these companies being launched in retirement. A few tips can help a person with the exciting yet complex process of establishing a business in North Carolina.
When North Carolina entrepreneurs are establishing a business, there are many different considerations that can come up in a short period of time. Because of all of the tasks that are necessary for getting a business off the ground, one might overlook some of the legalities that are necessary for a startup company. However, these rules to which the company must adhere in order to begin a business and remain in compliance with local regulations are important, and inadvertently failing to acknowledge some of them might lead to legal trouble down the road.
The short railway line recently announced the creation of a new subsidiary. The child company, ACWR Shops LLC, will focus on providing repair and retrofitting services for passenger cars, freight cars and locomotives. The firm also began renovating the old Commodore Homes Corp. location on the Candor stretch of Highway 220 in an effort to establish a home base.
Those in the process of forming a business in North Carolina should be aware of their federal tax responsibilities. While establishing a business is not as simple as hanging out a shingle, the IRS offers a few tax tips to make it easier for people to begin.
On April 19, Google announced that the company has plans to spend $600 million to expand its data center in Lenoir. The plan to establish a business expansion will double the amount of money that Google has invested in North Carolina. Google has also announced that it plans to participate in a new, voluntary energy program that allows customers to choose to purchase renewable energy. Duke Energy is developing the program for large customers and intends to make a regulatory filing with the N.C. Utilities Commission within the next 90 days before proceeding with the program. Customers are not required to participate in the energy renewal program, and there will be no impact on customers that choose not to participate. Representatives from Google and Duke Energy attended the announcement, along with the governor and members of the legislature.
The Securities and Exchange Commission informed companies of some new rules related to social media practices. Business owners can release information with status updates, posts, tweets and blogs as long as they let investors know what they are doing. One case in question involved a status update that a chief executive posted on his personal account as he offered congratulations for a record-high volume of business. The case carries implications for establishing a business in North Carolina and in the rest of the U.S. as companies must comply with requirements that all investors have full information related to financial aspects of the business at the same time. In the case in question, investors who did not follow him on social media did not have access to the same information in a timely fashion.
The administrators of a North Carolina hospital group are discussing possible plans to dissolve their business union. As they negotiate several options, they are also considering who will manage the company. Two counties decided they no longer want to be connected with the partnership, in part due to overall dissatisfaction in the medical community. Specific reasons include cultural differences, a status that is viewed as lower than others, concerns about local health care services and a reduced overall profit margin. However, after the hard work of establishing a business, it might not be as easy to dissolve. A minimum of 75 percent of the hospital board needs to agree to dissolve the business. The business alliance did not technically qualify as a merger since the involved parties both retained financial control of their own facilities. However, the purpose of the group was to work together as a team.
North Carolina, along with South Carolina, Georgia, Alabama, Mississippi, Arkansas, and Texas are all under considering by Georgia-Pacific for facility expansion sites. The company hopes that establishing a business in these locations will increase lumber and plywood capacity by as much as 20 percent. Startup is expected from the first half of 2014 through 2015.The company states that the demand for its products are improving and that the proposed expansion would provide materials for long-term recovery in the housing market. Georgia-Pacific not only manufactures plywood and other wood-based products but also manufactures products for Dixie, a company that produces paper cups, paper towels, and other paper-based products including corrugated cardboard for packaging.
It is inevitable that business owners in North Carolina and elsewhere will make mistakes. When establishing a business, owners are frequently so excited about what they are going to do right that they don't focus on what they can do wrong and how best to avoid those mistakes. Businesses that learn from their mistakes increase the odds of success.One of the biggest mistakes an owner can make is not acquiring the necessary knowledge before starting his or her business. One must thoroughly research and know the target market, the needs and behavior of the customers in that market and who its competitors will be. Business owners need to listen to their customers as well and must readily adapt to a constantly changing business environment.