Many of the world’s best-known brands across a range of future-focused industries call North Carolina home. They’ve grown far beyond the legacy industries of textiles, tobacco and furniture to address the world’s biggest challenges with companies that are inventing the future. From biotechnology to aerospace, transportation to information technology, you’ll find the people and infrastructure in North Carolina to take your company to the forefront of your industry.
North Carolina has 671,810 small businesses, according to the most current federal data available.
Of those 671,810 small businesses in North Carolina, 179,008 have employees. The remaining 492,802 are North Carolina small businesses that have no employees.
North Carolina has built one of the country’s strongest business climates over the past two decades, fueled by low business costs, incentives and a young, educated workforce, many of whom have been trained at the strong universities in the state and Research Triangle Park. Migration rates into the state are among the highest in the U.S. annually. The Tar Heel State is the only one to rank among the top five on FORBES’ Best States for Business for 12 straight years
While Charlotte, NC, has long been known for being a hub for financial companies, the Research Triangle area has historically struggled to be a formidable alternative for tech startups to call home. The sheer number of universities has been an asset for the region. (They include Duke University, UNC-Chapel Hill, NC State University, and nearby Wake Forest University, just to name a few) But many of the schools’ engineering or computer software graduates often left North Carolina after graduating, lured by the higher tech salaries and the potential to raise more venture capital in other markets.
North Carolina is home to large companies such as: Lowe’s Companies, Bank of America, U.S. Trust, Compass Group, Total, VF, Hanesbrands, Lab, QUINTILES IMS HLDGS, Family Dollar
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The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).
The most common business structures are:
Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:
Depending on the business structure you chose you will need to register your business.
Resale license
https://www.ncdor.gov/taxes-forms/sales-and-use-tax/sales-and-use-tax-registration
Department of corporations
https://www.sosnc.gov/online_services/search/by_title/_Business_Registration
SBA Office
https://www.sba.gov/offices/district/nc/charlotte
With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.
– Open a business bank account:
– Get a business credit card:
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
Here are some links for North Carolina Businesses:
Selling products? Check North Carolina Resale Permit
Business Licensing for the State of North Carolina
Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.
Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.
In addition to a website, you should also consider other avenues for promoting your business online: