Business Entity Formation in Duplin County

Choosing the Right Legal Entity

One of the most impactful decisions you can make during the formation of your business entity is the type of legal entity. As you establish a business enterprise, you will need to take into consideration the different types of business organizations that exist as options for your company and consequences of choosing one over the other.

At Hunter & Price, P.A., we offer concise guidance to entrepreneurs who are preparing to form a business. Schedule a free case evaluation with one of our Duplin County business & commercial law attorneys to discuss the governance of your operation. We can help you make the right choice for your business' future success

We recognize that every business is unique and each of our clients has differing goals that wish to meet. With a focus on these goals, we can help you select the right business entity options. Benefits and downsides exist with each entity choice, so it is important to consult an attorney to help you weigh these pros and cons for your business.

Consider the options listed below:

Sole Proprietorship

Sole proprietorships are held by individuals who personally own an unincorporated business. This is the simplest structure that can be selected for the start of a business. The sole proprietor is entitled to all profits and is personally responsible for all debts and losses.

General Partnership

Joint businesses that are entered into for monetary profit are considered general partnerships. Both general partners share liability for debts and share the profits. Individuals entering into a general partnership will share liability and risk associated with the business.

Limited Liability Partnership

General partnerships in which each individual partner is protected against personal liability for specific partnership risks is called a limited liability partnership. Limited liability partners are not permitted to participate in general management and operations of the company unless they are considered general partners under the law.

Limited Liability Company

Limited liability companies are a new business form. Owners of the limited liability company are both members and shareholders of the corporation. Typically, this type of business formation is managed by two or more members.

C-Corporation

A C-Corporation is a corporation that functions like many of the most famous businesses, like General Motors or General Electric. C-Corporations have officers, a board of directors, and shareholders. Most small businesses are not run this way.

S-Corporation

An S-Corporation is a corporation that, while it is run like a C-Corporation, gets preferential tax treatment by being taxed as a partnership, often saving business owners thousands in taxes. It should be noted that Limited Liability Companies can also elect to be taxed as an S-Corporation.

Formalities of Business Entity Formation

Each business entity contains specific guidelines for the formation of a business. No matter what entity you select, we can help you meet all legal requirements. With a close evaluation of your case, we can help you select the right type of company for your specific needs.

Our assistance includes fulfillment of all steps including filing the corporation's formation documents at with the Secretary of State of North Carolina, obtaining proper corporate books and seal, preparing minutes of the company's initial organizational meeting, and drafting operating agreements and/or bylaws for your company. Starting a new business in North Carolina can be a confusing and aggravating process. During this exciting time, however, we can provide you with the resources necessary to form a business entity properly. Schedule a free case evaluation with our firm to get started.