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I am about to start the process of forming an LLC in North Carolina, with myself being the sole shareholder and manager.
Can anyone tell me how long I should expect the process to take? Instantly if I hand in the documents myself in Raleigh? One week? Two weeks? A month?
If I were to hand in the papers this week, when could I expect to have my federal tax ID number, so that I could open a business bank account and start invoicing? Work for clients is already underway.
This is the first company that I will have ever formed. Just trying to bring a bit more of a professional appearance and limited liability to what has essentially been a sole proprietorship up until now.
My partner and I formed an LLC in early 2007. The LLC documents were processed fast. We mailed them, but it was a matter of days. We took the option of having the documents e-mailed back to us, and got a PDF very fast. The temporary Federal Tax ID is issued immediately when you fill out the application online, but isn't confirmed until you get the final paperwork several weeks later. We also had to get a City of Raleigh privilege license (practically everyone does, there are very few exceptions to this if you are in the city limits) and that took a week or so ... I'm not quite sure on the time for that as my partner mailed that part. However, we did not need the privilege license to open the bank account.
You can do that in one day. You can go down to the office in Raleigh and pay the money for same day processing and it will be done within hours. You have to be there in the early morning and than go across to state office and pay your dues and you are good to go. Open the account with the papers and you can do business next day. The fees I think is $220 for same day processing. I hope this was helpfull. Good luck.
I don't have an answer to your question, but another question relevant to your query.
Did you use a web-based LLC package to fill out the necessary paperwork, an actual attorney or did you navigate those waters on your own?
If you did use a web-based service, which one do you recommend (e.g. Nolo, Legalzoom, et cetera), and which level of service (they each have the equivalent of gold, silver and platinum levels)?
I don't have an answer to your question, but another question relevant to your query.
Did you use a web-based LLC package to fill out the necessary paperwork, an actual attorney or did you navigate those waters on your own?
If you did use a web-based service, which one do you recommend (e.g. Nolo, Legalzoom, et cetera), and which level of service (they each have the equivalent of gold, silver and platinum levels)?
I'm planning on doing this on my own, figuring that I can hire an attorney later on if legal issues come up. For the life of me, I can't foresee any problems regarding the company's name or trademark issues. The corporations department in Raleigh will certainly not register the company if there's a name issue.
From what I understand, those web-based services are more useful if you want to register and open a company in another state. They might also be more useful if you want to open a more complicated C corporation. Given how easy registering a North Carolina LLC appears to be (filing a 3-page Articles of Organization with the Sec. of State and paying the $125 fee), I don't see the need for much assistance. I was just curious about the time frame.
I did the filing myself. The filings are public record, and it is easy to look at other recent filings online for examples. It is a very simple form. I did notice that a lot of people seemed to be using legalzoom.com to file, but I really couldn't see paying that premium.
As I mentioned, we are a partnership and we did use Nolo for our initial operating agreement, but we are now shopping for a lawyer to help us fine tune that. You don't need to file the operating agreement with the state, but you do need to have it (even if you are a sole proprietorship). The lawyers we've talked to so far seem to think that the Nolo agreement is missing a couple of provisions, but we haven't made a final lawyer decision.
I am also about to form my own LLC. I have 3 questions...
1) Step 1 appears to be filing a 3-page Articles of Organization with the Sec. of State and paying the $125 fee.
2) Step 2 naturally would be ...where do I get this form? Is it available online?
3) Do I have to file in Raleigh if my compnay is in Chapel Hill? Or do I have to go the courthouse in Orange county which is in Hillsborough.
Any help will be appreciated.
You have to file with the North Carolina Secretary of State (offices are in Raleigh). The forms are available on the North Carolina Secretary of State website.
I did the filing myself. The filings are public record, and it is easy to look at other recent filings online for examples. It is a very simple form. I did notice that a lot of people seemed to be using legalzoom.com to file, but I really couldn't see paying that premium.
As I mentioned, we are a partnership and we did use Nolo for our initial operating agreement, but we are now shopping for a lawyer to help us fine tune that. You don't need to file the operating agreement with the state, but you do need to have it (even if you are a sole proprietorship). The lawyers we've talked to so far seem to think that the Nolo agreement is missing a couple of provisions, but we haven't made a final lawyer decision.
Just thought I would chime in here (not just to your situation but in general). What you say is accurate. It's much more important to get a lawyer involved (full disclosure - I am one so take that FWIW) if you have a partner (member in an LLC). Disputes are handled better if they are negotiated/addressed ahead of time. If it's just you, that's obviously not an issue.
Also, treat your LLC like a separate company (do not intermingle your personal funds with the business funds). Good luck.
In one of his postings, J_Lurk indicates he needed to get a City of Raleigh privilege license, in additon to filling out the 3 page article of organization with the state. Does everyone need this? His address indicated Cary. Would I need one if I operated out of Chapel Hill?
I'd appreciate any assitance.
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Forming LLC.
