If you’re applying for a tax exempt recognition through the Internal Revenue Service (IRS) such as a 501(c)(3) or similar type of recognition, you will be required to include a conflict of interest policy in your governing documents. Fortunately, the IRS has provided significant guidance on what needs to be included, as well as providing a […]
NC Sales and Use Tax Expansions and Your Business
This Tax Affects… If you’re a small business owner in North Carolina, you’re probably aware that new laws expanding the State sales tax took effect in March of 2016. Here’s a breakdown of some of the types of businesses that are affected by this expansion: · Vehicle Repair · Shoe Repair · Watch, Clock, and […]
Steps After Your Articles Are Approved
So, you received your approved Articles of Organization or Incorporation from the Secretary of State? First off, congratulations. That’s a huge, tangible, first step to becoming a well protected company. The next few steps are also very important, but you can take care of them pretty quickly immediately afterwards. EIN The first step after […]
What Needs to be Included in my Corporation Formation?
To form your company, you will need to file the ‘Articles’ with the entity tasked with forming companies in your state. Each state is different, but in North Carolina, this is the Department of the Secretary of State. You can find a template for the Articles on the Secretary of State’s website here to complete your […]
What Needs to be Included in my LLC Formation?
To form your company, you will need to file the ‘Articles’ with the entity tasked with forming companies in your state. Each state is different, but in North Carolina, this is the Department of the Secretary of State. Fortunately, the NC Secretary of State’s website includes Article templates that you can print and complete in […]
Assigning or Subletting Commercial Lease – Consent Issues
Lease agreements are meant to serve a useful purpose for businesses – the ability to rent space, at a reasonable price, for an agreed-upon period of time. What could be better for a small business, especially those without the capital or credit to purchase real estate? Well, one problem can be the length of the […]
Assigning or Subletting a Commercial Lease – Issues with Consent
Commercial lease agreements serve a useful purpose for businesses. They provide the ability to rent space, at a reasonable price, for an agreed-upon period of time. What could be better for a small business, especially those without the capital or credit to purchase real estate? Well, one problem can be the length of the lease. Small […]
Why Do Investors Prefer Corporations Over LLCs?
It’s not a huge secret that institutional investors are more likely to invest in a corporation over an LLC, but why is that the case? Ultimately, it comes down to what these entities are at the basic level. Corporations We all kind of know what corporations are. They’re from centuries ago as a way […]
What Happens Without a Registered Agent
If you’ve formed a company in North Carolina, you’ve seen the required field “Registered Agent” on the form, but what does this person do, and why do you need one? Registered Agent The Registered Agent is required under the North Carolina Corporations Act, North Carolina Limited Liability Company Act, and North Carolina Nonprofits Act […]
Click-Wrap Agreements – Saving Paper and the Environment
As we move forward in our ever-digital world, businesses are affected more than ever by the ability to communicate more quickly and efficiently. One serious implication for business and technology is the click-wrap agreement. It’s a weird name, but it’s an agreement that you can sign with the click of a button, whether on your […]
Different Types of Investment Agreements
If you have a company that needs investment, you have a lot of options for the type of investment to create. Depending on the situation, you may also want to consider loans or other ways to finance your company beyond investments. This article will discuss the different types and define what they mean. Later articles […]
Types of Revenue and Tax Treatment for Software
So, you’ve got an idea for a piece of software that will change the world? How do you best monetize your product so that you can get the well-deserved reward for your efforts? Fortunately, we’re here to layout a few options and explain what their tax treatment looks like. There will be a lot of […]