Start an S-Corp in North Carolina with Inc Authority

The first step for starting any business is to come up with an idea that has market potential. Your business idea should fulfill an unmet market need and should be realistic enough to be executed well.

You need to conduct through market research to check for the feasibility of your idea and prepare a business plan. A business plan should explain our business concept well and the strategic direction for your business.

Before you start a business, you must finalize your business concept and choose an appropriate name for your business. The name should be unique, relevant, and compliant with North Carolina naming requirements.

While you need to take care of the rest, Inc Authority can help you with the unique aspect via its business name check tool. Simply search for your chosen name to see if any other business in the state is using it and if it can be used by you.

Then, you’ll need to find and hire a reliable registered agent with a physical address in North Carolina. The agent should be available at the given address during business hours on all business days to receive legal documents on your behalf.

You can, of course, choose to be your own agent. However, that limits your ability to leave your office during business hours. Luckily for you, Inc Authority offers this service at a nominal cost, after a one-year free service period.

To get the S-Corp status in North Carolina, you must first form an LLC or a C-Corporation. In either case, you’ll need some rules of governance on how you’ll run your business, solve disputes, and make strategic business decisions.

Business documents like LLC operating agreements and corporate bylaws are helpful in this case. You can get guidance on how to prepare these business documents in great detail when you choose Inc Authority’s paid plans.

The next step in this guide on how to start an S-Corp in North Carolina is to register your business with the North Carolina Secretary of State. Choose a business structure and then (LLC or C-Corp) submit the filled out application.

You can send in your application via fax or mail, or you can submit it online. Inc Authority offers a simple online application that you can fill out and get your business registered in no time. They’ll ensure everything is on point and avoid mistakes.

Every business needs an employer identification number to ensure smooth operation. An EIN is like your business’s identity or social security number. It helps the Internal Revenue Service identify your business for tax purposes.

You will also need an EIN to hire and pay employees, file taxes, open a bank account, and more. With Inc Authority’s paid plan, you can get your EIN quickly. Their team will review and file the paperwork and get you an EIN quickly.

Even after you register your business and get an EIN, you can’t start operations until you get all the required licenses and permits necessary to operate your business in the state of North Carolina.

The requirements differ for different types of businesses, locality, and industry. Find out all the licensing requirements for your specific type of business in your county and obtain the required permits to start your business.

The last step is to file the s-election Form 2553 of the IRS to get the S-Corp tax designation. It is a federal tax designation, which is recognized by the state of North Carolina, so you don’t need to fill out a state-level form as well.

You’ll need to complete the paperwork and provide all required information and documents to complete the process. Inc Authority can take care of the complicated process by reviewing and filing on your business’s behalf.

Here are the features you’ll get with this plan:

• • Business name search: Offers a free online search tool to quickly and easily check for the availability of a business name.
  • 1-year registered agent service: Assigns you a North Carolina registered agent for free for the first year and at a nominal charge after that.
  • Digital document storage: Lets you store and access your documents using your Inc Authority online account.
  • Tax advisory: Assigns experts to help you plan and file your tax returns in a way that gets you maximum tax savings.
  • LLC or Corporation formation: Assigns experts to help you prepare and file the paperwork to register your LLC or C-Corp legally.
  • S-Corp election and filing: Helps you accurately fill out and submit the S-election Form 2553 of the IRS.
  • Business funding analysis: Provides you with experts who can assess your business’s current and future funding needs.

Even though it is a free plan, it has everything you need to start a new business, irrespective of the business entity you choose. You can leverage it to start an LLC or Corporation, and convert it to an S-Corp for tax purposes.

Price: Free

You’ll get the following features/services in addition to what’s offered in the free plan:

• • LLC operating agreement/corporate bylaws: Access to templates and guidance from experts on how to draft important business documents.
  • Initial meeting minutes & resolutions: Access to experts who’ll help your Corporation hold its initial meeting and prepare the minutes of the meeting.
  • Ownership or stock certificates: Help with issuing ownership certificates or stock if you choose to raise business capital this way
  • Employer identification number: Help with obtaining an employee identification number or Tax ID quickly and easily.
  • Corporate forms and documents package: Access to free, customizable templates to prepare business documents.
  • Annual compliance notifications: Notifications informing you of your business’s compliance requirements and upcoming compliance deadlines.
  • Detailed tax consultation: Comprehensive tax consultation to help you maximize the tax benefits for your North Carolina S-Corp.
  • Web domain + 5 business email addresses: A free web domain that’s relevant to your business and similar to your chosen business name.

Price: Custom

The Fasttrack plan offers all the features of the Starter plan, along with the following additional services/features:

• • Dedicated customer success advisor: You will get a dedicated customer success manager or success advisor to help you with the entire business formation process. They’ll answer any questions you may have during the process and will set your business up for success.
  • Private banking specialist: A banking expert will help you pick out the best bank and checking account for your business. They’ll provide you with various banking options to meet different types of business needs.
  • Personalized business advisory services: You’ll get personalized, high-touch business advisory services from experts with decades of experience. They’ll ensure that your business runs smoothly for years to come.
  • Expedited preparation & filing: Given that this is the highest tier, you get expedited filing. Your business formation application will be reviewed and filed on priority, usually on the same day.

Overall, this plan offers premium, high-touch services along with dedicated support and expert guidance. The scope of services goes well beyond S-corp formation and extends to advisory services to take your business to the next level.

Price: Custom