Full service estate planning and tax attorneys for the North Carolina Sandhills.

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My LLC is formed, now what?

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Every year in NC you must send the Secretary of State $200 with an Annual Report.  There is no federal or NC income tax on LLCs (if taxed as partnerships), but information returns must be filed and the income/loss allocated to the owners must be reported.  In addition you need to keep good records and make sure that any business related expenses and/or income goes through the business’ bank account (and not yours personally).  In other words, operate like a business.  Contracts should be signed by a LLC Manager – not you personally.

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