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What is a Disregarded Entity in North Carolina?

What is a Disregarded Entity in North Carolina?

What is a disregarded entity? In the most basic sense, it is a business type that the federal government ignores for tax purposes. The most common disregarded entity for federal income tax purposes is the single-member limited liability company (SMLLC). Let's look at...
What is Your Legal Duty as an LLC Member?

What is Your Legal Duty as an LLC Member?

As a member managed LLC member, part of your role is to act in good faith and put the interests of the LLC above your own. Your fiduciary duty includes making decisions that are in the best interest of the LLC. It's also crucial that you do not take advantage of your...
Business License vs LLC: What’s the Difference?

Business License vs LLC: What’s the Difference?

When starting a business, one of the first decisions you’ll need to make is what business structure to use. There are a few different options to get off the ground as a business, but two of the most common ways to start include getting a business license and starting...
General Partnership vs Limited Partnership

General Partnership vs Limited Partnership

If you're thinking about starting a business in North Carolina, you'll need to choose the right business structure. One option is a general partnership: an association of two or more persons carrying on a business for profit. However, this type of partnership doesn't...
S Corp vs C Corp: The North Carolina Showdown

S Corp vs C Corp: The North Carolina Showdown

When starting a new business, one of the first decisions you'll need to make is what type of business structure you need. There are many different types of entities to choose from, but two of the most common are the S corp and the C corp. Find out about the...