Deciding which business entity your new company should be is a daunting task. You will need to consider the tax implications, the state liability issues, and what ongoing responsibilities will have to be performed in order to keep the company in good standing. Fortunately, for most the choice ends up being relatively simple: form as a limited liability company or …
The North Carolina Secretary of State’s Office recently mailed out “Notices of Grounds of Administrative Dissolution” to businesses which lacked one or more filed annual reports. As you are probably aware, business corporations and limited liability companies which are approved to conduct business in the State by the N.C. Secretary of State are required to file annual reports with the Secretary of State. Being delinquent on filing the annual reports is grounds for administrative dissolution. If a business is administratively dissolved, the business no longer has what is referred to as the “corporate shell” which could create personal liability for the owners, board of directors and officers of the business.
