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How do I file my business name with the county?
If you select Sole Proprietorship LCC, and Corporation, you register
the name of the business using
the “Certificate of Assumed Name” form with the Register of Deeds (also
called DBA). This simply records the name of the business along with
your name and address (which could be the business address).
The name of your business must be unique
to you so it cannot be currently in use. You can search the Register of
Deeds records to determine if the name is available for you to use.
If you have a business name already and wish to discontinue it you should file a “Withdrawal of Assumed Name”
Forms are available online and also in the Economic Development, Small Business, and Tourism office.
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Do I need a business license?
If you do business within the limits of a
municipality, some require a registration. You should check with the
local tax office at the town hall to get their requirements or go to
their web site.
Some businesses require a privilege
license from NC. The form and instructions list the businesses that
require a license with their fees. Privilege license information.
If your business sells beer, wine or
spirits you will need to get a license from Alcohol Beverage Commission (ABC) and the license from the
local municipal tax office.
If you want to operate a food business you will need to contact the Rockingham County Health and Human Services, Environmental Health unit at 336-342-8130.
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What other registration requirements do I need to know about?
You should apply on line for an Employer Identification Number (EIN) from the Federal Internal Revenue Service (IRS). This
is like a social security number for your business and, together with
your business registration documents; it will allow you to obtain a bank
account for your business.
You should register any business related property with the county Tax Department at 336-342-8401 by emailing [email protected]. You can register property online.
You should visit Rockingham County Central Permitting once you know the location of your business to determine their
requirements of your business. To arrange a meeting call Planning
Department at (336) 342-8117.
If you will be selling items you will need to register with the NC Department of Revenue to obtain a Sales and Use Tax ID.
If you plan to have employees you will need to obtain an NC employer tax account number to pay unemployment Insurance. To apply call: 888-737-0259 Beth King is the local DES rep. 336-339-4245.
If your business employs 3 or more
employees, you are required to have workers’ compensation insurance
which protects employees with injury on the job. Information can be obtained from the NC industrial Commission (800) 688-8349.
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Where can I go to get a grant (or a loan)?
Grants are rarely, if ever, available to a startup business. If your business needs financing you should prepare for more traditional debt financing if you can qualify.
Grants that are available are more often for non-profit businesses, difficult to obtain and never a reliable source of funding.
Be cautious of anyone who tells you or implies that they can obtain a grant for your business.
You should develop a budget for your
business startup and for the first year of operation. Based on this
information, you can determine the financing that your business will
require. This information is also an essential component of making a request for money.
Banks are reluctant to loan money to a startup business. In
most cases, they require two years of operation as evidenced by the
business tax records. It is not impossible to obtain a startup loan
however but you will need to plan very well and have your plan
documented.
A good source of startup money other than family and friends is the NC Rural Center’s Lending program.
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What other resources do I need to obtain?
A separate bank account for your business
is the first step in developing a record keeping system. It will help
you prepare for taxes. Most banks require you to register your business and have an EIN.
SCORE provides information on alternative legal structure options.
An alternative business structure option
is a Limited Liability Company, (LLC). This is accomplished by filing
with the NC Secretary of state, Articles of Organization. You
might do this as an alternative to filing with the county as a Sole
Proprietor based on a number of reasons. You may obtain this form online.
Depending on your legal structure, you will need to obtain advice about how to file your taxes. Owners of Sole Proprietorships and LLC’s are most frequently taxed as self-employed individuals. Learn about self-employment taxes.
We recommend that you obtain tax advice
early in the life of your business. In some cases, a tax advisor may
advise you to consider registering your business as a S-Corp to obtain
tax benefits. You may elect
to incorporate your business by filing with the NC Secretary of State,
Articles of Incorporation. You may obtain the form online.
To be considered an S-Corp by the IRS, you will need to file Form 2553.