After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for North Carolina corporations.
North Carolina corporations must keep the following items with their corporate records at the principal place of business:
- The Articles of Incorporation and any amendments
- Bylaws, restated bylaws and any amendments
- Minutes of director and shareholder meetings for the past three years
- Records of actions taken by the directors or shareholders without a meeting for the past three years
- Resolutions adopted by the directors creating one or more classes or series of shares and fixing their relative rights, preferences and limitations
- A record of all actions taken by a committee of the board of directors on behalf of the corporation
- An alphabetical list of shareholders, including their names and addresses, showing the number and class of shares held by each
- Written communications to shareholders, including financial statements, for the past three years
- A list of names and business addresses of current directors and officers
- Most recent annual report
Corporate taxes and fees
The following are taxation requirements and ongoing fees for North Carolina corporations:
- Annual report. North Carolina requires corporations to file an annual report. The due date is 60 days following the last day of the month in which the company was incorporated. The fee is $20.
- Taxes. North Carolina has a franchise tax that is combined with the income tax return. For complete details on state taxes for North Carolina corporations, visit Business Owner's Toolkit or the State of North Carolina.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. North Carolina does not require a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
North Carolina recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional North Carolina information
View the following additional resources BizFilings has for forming and maintaining companies in North Carolina:
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