Skip Navigation

NC SOS

Choose a Business Structure Comparison Chart

A Brief Comparison of Types of Business Organizations

Type NC Governing Statute Document Filed to Create Ownership Management Owner Liability Federal Income Taxation Annual Report Required to SOS
Sole Proprietorship N/A N/A One Person One Person Unlimited Flow through sole proprietor No
General Partnership NCGS 59
Article 1,
Article 2,
Article 3,
Article 3a,
Article 4
N/A General Partners General Partners Unlimited Flow through partners No
Business Corporation "C-Corp" NCGS 55
NCGS 55D
Articles of Incorporation Shareholders Board of Directors Limited to capital contributions Income taxed to corporation; dividends taxed to shareholders Yes
Business Corporation "S-Corp" NCGS 55
NCGS 55D
Articles of Incorporation Shareholders Board of Directors Limited to capital contributions "S-Corp" is a tax election. Flow through to shareholders Yes
Nonprofit Corporation NCGS 55A
NCGS 55D
Articles of Incorporation Members Board of Directors No liability for members/board of directors No tax on income No
Limited Liability Company NCGS 55D NCGS 57D Articles of Organization Members Managers Limited to capital contributions Flow through to members or taxed as "C-Corp" Yes
Limited Partnership NCGS 59
GS 1101 - GS 1106
Certificate of Limited Partnership General and Limited Partners General Partners Unlimited for GPs; limited to capital contributions for LPs Flow through to partners No
Limited Liability Limited Partnership NCGS 59
GS 210
1. Registration of an LLLP if already registered as an LP. 2. Certificate of LP including registration as LLLP. General Partners and Limited Partners General Partners Limited to capital contributions for both general partners and limited partners. Flow through to partners Yes
Limited Liability Partnership (RLLP) NCGS 59
GS 45
GS 84.2 - GS 84.3
Application for Registration as LLP General Partners General Partners Unlimited for general obligations; limited to capital contributions for professional services of partners Flow through to partners Yes
Professional Corporations or LLCs NCGS 55
NCGS 55B
NCGS 57D
Articles of Incorporation or Organization Licensee Shareholders or Members Board of Directors or Managers Unlimited for professional service provided Income taxed to corporations; dividends taxed to shareholders or members No
How can we make this page better for you?

Request Support

Request support or submit a suggestion, we will get back to you via email or phone.
 

Get Started
Back to top