Law Firm Assisting Clients with Sole Proprietorships in Raleigh, New Bern, and Morehead City, NC
Providing a full range of business law services for 30 years
Sole proprietorship is the simplest, most affordable, and easiest business structure to create, but it does entail risks. The experienced business attorneys at Howard Stallings understand the benefits and disadvantages of sole proprietorships. We deliver outstanding legal service to businesses of all sizes and can help you maximize your prospects for success as a sole proprietor.
How to establish yourself as a sole proprietor of a North Carolina business
Becoming a sole proprietor gives you full control over your business, but it also leaves you personally liable for all losses, debts, or violations that result from your business activities. If you are concerned about being held personally liable, an attorney can provide advice about limited partnerships and LLC formation. You can form a sole proprietorship in North Carolina as follows:
- Choose a business name — The name you choose must be available in North Carolina.
- Register your business name — If the business name is different from your own, you must register your assumed business name in the county where you conduct business.
- Obtain required local licenses — The necessary licenses and permits depend on the size, structure, location, and industry of your business.
- Determine tax and other regulatory obligations — If your business has at least one employee, you must obtain an Employee Identification Number (EIN) from the Internal Revenue Service and may need to obtain a state employer identification number. You also must deposit FICA withholdings and are subject to additional federal and state taxes.
- Open a business bank account — Your sole proprietorship must have a business bank account separate from your personal finances.
A quick internet search can yield a great deal of information on business law and sole proprietorships in North Carolina. However, identifying and interpreting information accurately is not so easy. By consulting an experienced lawyer, you can create your business with confidence and peace of mind.
Receive highly competent legal counsel from dedicated attorneys in Raleigh, New Bern, and Morehead City
Howard Stallings has helped small, medium, and large businesses in North Carolina since 1983. If you would like to receive personalized assistance as you start your business, call 919-821-7700 or contact us online. Free parking is available at our offices.