According to the North Carolina Community Development Initiative, an organization that connects individuals toward economic growth around the state, nearly all new jobs in North Carolina since 1980 have been the product of new businesses less than five years old.
Entrepreneurs in North Carolina have valuable asset protection tools at their fingertips, but many business owners have failed to seek advice about how to structure their business affairs. There are several ways to operate a business, all of which come with varying degrees of liability for business owners or partners. A North Carolina asset protection attorney can address specific business functions and personal assets when advising how best to form a business structure.
One of the more common strategies for business owners is creating a Limited Liability Corporation (LLC). When an LLC is formed in North Carolina:
- Owners can legally transfer assets (including real estate) into the LLC where they are protected for years to come.
- LLC assets are protected from creditor claims.*
- Personal assets are protected from business creditors.*
- Business continuity can be achieved.
LLCs require Articles of Organization, an Operating Agreement, and must meet specific tax regulations. LLCs in North Carolina are required to file an annual report with the Secretary of State. (Filing fee is $200.00 as of 2013.) Whether individuals run a family business or are just developing a startup in North Carolina, the time and resources invested are too great not to protect adequately with the guidance of an asset protection attorney.
What happens if you or your business partner become incapacitated or die? Learn more about business succession plans in North Carolina.
*With a properly structured and operated LLC.