Buying or Selling a Business in North Carolina

The State of North Carolina has experienced strong growth in the business sector and this trend is likely to continue for the next several decades. The exceptional small business fundamentals coupled with the high quality of life factors (mild climate, cultural activities, low cost of living, proximity to both the beaches and mountains, and number of professional sporting teams) has propelled North Carolina to the top position of nearly every list ranking which areas are the best to conduct business. The increasing demand for buying small businesses in NC has been a large factor leading to the tremendous success that business brokerage companies have experienced. Listed below are some of the notable accolades that North Carolina has received over the last several years.

  • Raleigh was ranked #1 by Forbes.com as the Best Place for Careers & Business in 2011.
  • In 2011, Site Selection magazine ranked Raleigh # 1 by Site Section for the best business climate, the ninth time out of the last ten years. With low businesses costs (18 percent below the national average), and the second highest net migration rate in the U.S. over the past five years, it’s no wonder why Raleigh continues to receive this accolade.
  • Builder Magazine has named the Raleigh-Cary area the healthiest of the 100 largest US housing markets in March of 2011. Rankings were based on a number of elements, including house price appreciation/depreciation, job growth, household and income growth, building permit activity and unemployment rates.
  • The Raleigh-Cary metro area was named the # 5 Strongest Job Market in the U.S. by Manpower in July 2010. Raleigh, as a component of the Research Triangle Park provides many opportunities for business expansion in the info technology, healthcare & biotechnology fields. The excellent base of talent and an expansive higher education system has made both Cary & Raleigh a haven for business expansion and steady job growth.
  • CEO Magazine ranked North Carolina the Best State for Business in May 2011.
  • A June 2011 CNBC survey ranked North Carolina the #3 America’s Top State for Business.
  • In 2011, Forbes ranked The Research Triangle the #2 Region for Overall Population Increase.
  • Forbes also ranked the State of North Carolina #3 by Forbes for highest job growth over the past two decades.
  • North Carolina was ranked the #5 ‘Pro Business’ State by Pollina Corporate Real Estate.
  • In October 2010, the Milken Institute ranked the Raleigh-Cary area as the #7 Best Performing area.
  • North Carolina was ranked #1 in 2010 for the Lowest State & Local Tax Burden on Business by the Council on State Taxation.
  • Four North Carolina cities make RelocateAmerica.com’s list of Best Places to Live in April 2010.
  • Forbes placed the cities of Raleigh, Charlotte, and Durham on the list of Best Places for Business and Careers in April 2010.
  • In October 2009, CNNMoney.com placed four North Carolina cities on their list of best places for small business start-ups.
  • The presence of North Carolina State University, Duke University, and University of North Carolina – Chapel Hill has helped to fuel local growth in the Raleigh area. The city has received a very positive boost from these 3 elite local schools contributing to a more intelligent labor force (notable is the fact that 42% of Raleigh’s population has a college degree).

The Introduction of a Business Phone System

It has in the long waiting for such a system to come into operation in various places such as businesses and big effect like governmental and private alike. This is the system that is operated from any point on multiple lines. This business phone system has come as a huge relief and also a as a revolution on the part of communication within a premises. It has also elevated the level of privacy onto another level which wasn’t expected to come soon much to the chagrin of businessmen and women not forgetting the corporate sector players.

This type of business phone system was designed for the business sector just as the name suggests and indeed it has had its print in the sector as there is flow of information from one part to another and this has been beneficial to business in a big way. Every business which has its scope on expanding its base and making a reasonable impression on the market has to display consistency and good communication and this can’t be done without the use of phone system. It has become a mandatory item to have in any progressive business then and now.

This system has ensured that there is good communication which is vital for business which is highly on the move. Any business that wants to have proficiency has to demonstrate good abilities in conveyance of detailed information as that is the key to good transactions. Time saving and paying attention to detail in real time is what the business phone system represents in a big way not withstanding. It should be taken into account that the level of transparency as a result of the system will be on the rise and this will eventually lead to better growth of the business.

The business phone system is one that will serve for along time as it will evolve as it has already proven to be. This system can be customized to fit every business needs and this type of flexibility is what has been the best part of all those who have taken up this system. The system in itself is cost efficient plus easy to service and maintain as the players in the corporate can testify to it. All businesses with a futuristic plan in their midst have to have the system in place and the most recent versions be it curtailed to meet its needs.

Tax Requirements for a Business Start-Up

Are you planning to start a business? Well, there are several State and Federal requirements that you will need to meet in order to operate legally. These requirements depend a lot on the type of business entity you settle on for your business. These start-up requirements include both State and Federal tax registration requirements. Below is a list of some tax requirements for various business entities.

Employee Identification Number (EIN)

The Employee Identification Number (EIN) is a tax registration number that identifies employers and tax agents who withhold various taxes on behalf of the IRS. Most businesses require an EIN, especially if they have employees or if they withhold sales taxes. However, sole proprietors that do not employ may operate without an EIN. You can register for an EIN by filling out an online registration form available on the IRS website. You are also required to send an SS-4 to the IRS to accompany the registration form. You will then receive your EIN and you will use it when submitting any withheld taxes to the IRS.

State Business Registration

Various business entities will have different state registration requirements. You can get the details of these requirements by contacting your respective state business registration office or by consulting with a business attorney. In most cases, your business registration will award you a business number that you will be required to provide when filing various State and Federal taxes.

Books of Accounts

The tax authority requires various business entities to maintain various books of accounts as their primary support documentation for their taxes. It is therefore, important to ensure that you set the right books of accounts according to your business entity at the start of your business. This will enable you to be prepared for your tax returns. Generally, sole proprietors will not require detailed accounts but must maintain consistent schedules and records of business transactions. Partnerships, corporations, and limited liability companies will however, require proper double entry books of accounts and clearly indicate partners’ share of profits or dividend distributions to shareholders. The C-Corporation has more complicated books of accounts to keep. You may require the help of an accountant to set up the right account bookkeeping for your business. You can also purchase and install various accounting software that will assist you maintain proper bookkeeping and assist in preparing the taxes for your business.

State Tax Requirements

Various states will have different tax requirements for State taxes. If your business will be a withholding tax agent for sales taxes for example, you will need some tax registration from your State. Various business entities will also have different tax requirements. This is especially so for the business entities created and governed under the State law. These business entities include S-Corporations, C-Corporations and Limited Liability Companies. S-Corporations, for example, require the owner or owners to elect the option in which they will want to file their taxes. They can file their taxes as a sole proprietor, partnership, tax entity, or a Limited Liability Company.