This week in our 50 states series we’re on the road to incorporate in North Carolina, also known as the Tar Heel State. North Carolina is home to the company headquarters of Krispy Kreme Doughnuts and Pepsi-Cola and the Great Smoky Mountains National Park.
In the last 50 years or so, North Carolina has transitioned from an economy focused on tobacco, textiles, and furniture crafting, to an economy focused on engineering, energy, biotechnology, and finance sectors. With those transitions, the state has found great start-up success!
According to the Forbes Best States For Business list, North Carolina ranks at #4 of the 50 states to start a business in – right up in the top 5 states! This high ranking can be attributed to its similarly high rankings in labor supply, environment, and growth prospects. Thumbtack.com also gave the state high marks with a steady B+, with high grades in ease of starting a business, health and safety, employment and labor, zoning, and training/networking programs.
North Carolina is also known for having a high net migration rate compared to the rest of the United States, and as a result, with people rushing to North Carolina in the past decade to start their own businesses, North Carolina has become a place filled with entrepreneurs and like-minded business folk. Though the unemployment rate isn’t one of the best-rated, the labor costs are at an all-time low – about 19% below the national average, and the third lowest in the country.
All around, NC is regarded as a successful place to start a business. If you think the Tar Heel State may be the place for you to dig your entrepreneurial heels into, here are a couple North Carolina LLC requirements to keep in mind:
- When registered as an LLC in North Carolina, your company must include the words “limited liability company,” or some abbreviation- “L.L.C.,” “ltd. liability co.,” “limited liability co.,” or “ltd. liability company” in its name.
- You must name a registered agent when doing business as an LLC in North Carolina. The agent can be someone living in the state, or a company registered to do business in the state. Unlike many other states, North Carlina allows RAs to designate a PO Box if they’d like, but they are still required to have a registered office in the state.
- If you want to form a business outside of North Carolina but register to do business there, you can do so as long as you file an Application for Certificate of Authority For Limited Liability Companies with the secretary of state. To do this, send in your application via mail, pay the designated fee, and present your certificate of good standing from your home state.
- If you opt for the above mentioned option of doing business in North Carolina, but from a different state, and your business name is not available in North Carolina, you have the opportunity to adopt a fictitious business name for use in the state.
Want to get started today, or have any questions? Just give us a call at 1-(877) 692-6772, or leave a comment below, and we’ll be happy to help you start your own company in North Carolina!