A professional corporation (PC) is a type of company structure used by organizations that offer professional services, including engineering firms, medical practices, accounting firms, and law firms. The North Carolina Business Corporation Act (NCBCA) governs professional corporations in North Carolina, and they need a specific license to operate. A PC’s main function is to protect its owners from being held personally liable for the company’s decisions.
You must submit articles of incorporation to the North Carolina Secretary of State in order to establish a professional corporation in the state. The name of the corporation, its purpose, the names and addresses of the incorporators, and a declaration that the corporation is a professional corporation must all be included in the articles of incorporation.
You must submit articles of dissolution to the North Carolina Secretary of State in order to dissolve an LLC there. Using the website of the North Carolina Secretary of State, you can submit the articles of dissolution online. The name of the LLC, the date of dissolution, and the signature of a member or authorized representative of the LLC must all be included in the articles of dissolution. How can I file taxes for my LLC, too?
LLCs are not taxed separately from their owners as a separate entity. Instead, the LLC’s earnings and outlays are disclosed on the owners’ individual tax filings. The LLC can choose to be taxed as a corporation or a partnership if it has more than one member. LLCs must submit an annual report to the Secretary of State and pay a franchise tax in North Carolina.
Each year, by April 15th, North Carolina LLCs must submit their annual reports. On the website of the North Carolina Secretary of State, the report may be submitted online. Basic details about the LLC, including its name and address, the names and addresses of its members, and the names and addresses of its registered agent, are included in the annual report. How can I file LLC taxes if I don’t have any income?
Even if your LLC is not making any money, you must still submit a tax return to the IRS. Even if the LLC has no income, you can still submit Form 1065, which is the partnership tax return. You will list no income or expenses on the tax return and state that the LLC was idle throughout the tax year. Even if your LLC didn’t make any money, if it had expenses, you might still claim those costs as a deduction on your tax return.
No, after being dissolved, a company cannot carry on its operations. The corporation can no longer transact business or enter into contracts after its official dissolution. After all debts and responsibilities have been satisfied, any assets left over are dispersed to shareholders or members, and the corporation is then dissolved.
You must submit a reinstatement request to the North Carolina Secretary of State’s office in order to restore a dissolved business there. Depending on the cause of dissolution and the kind of corporate entity, different stages and requirements must be met for reinstatement. You could need to make up unpaid fines, submit overdue reports, and give updated information about your company. To make sure you comply with all the rules and prevent any potential legal concerns, it is advised that you speak with a business attorney.