Free advisory assistance for startups in North Carolina?

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tidalwave10
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Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

I'm interested in creating a small startup venture here in North Carolina (Raleigh area to be specific). Are there any sources of free assistance outside of SCORE (seems a bit stodgy) for someone wanting to create a tech-related microbusiness? I believe the State of NC has a program to assist entrepreneurs, but last I checked the required were either having a very low income or wanted to start or expand an agriculture-related business. I meet neither criteria.

I'm not too far from Wake Tech or NC State. Would there be any Entrepreneur clubs / groups that meet in the area without having to be enrolled in classes at either of those institutions? I'm in my early 40's and so would be exploring the entrepreneurial space at what's probably an advanced age for such things. Would be willing to drive further, e.g. Durham, etc, to get involved with something that could help me jumpstart a microbusiness.

Hope this counts as asking for help with personal investments; starting a business is an investment oneself.

Not sure if cross-linking is allowed--moderators, if it is, please remove the following. But I have a post going about starting an LLC and which state is best for doing so here:

http://www.bogleheads.org/forum/viewtop ... 6#p1935166
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Re: Free advisory assistance for startups in North Carolina?

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (business startup help).
tidalwave10 wrote:Not sure if cross-linking is allowed...
You can link to other posts.
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Re: Free advisory assistance for startups in North Carolina?

Post by englishgirl »

SCORE may be stodgy but they know their stuff. They really helped my biz partner and I last year. OK, so they're probably not going to be able to offer tech help, but the finance side is the same no matter what your business is. Besides, there are no membership fees, and they do a lot of very low cost seminars. And I found that our SCORE mentors knew of other local programs. Mine got me to enter in a business plan competition run at a local university - they had a ton of free lectures for people entering the competition. I didn't win, but the lectures and going through the process were extremely useful. You may as well take advantage of every bit of help that is out there!
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eDiva
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Re: Free advisory assistance for startups in North Carolina?

Post by eDiva »

I'm a small business owner in Raleigh too, and I found SCORE to be slightly useful. There are many volunteers, so if you don't get what you're looking for out of the person you meet, at least they may know someone else who can be more helpful. At the very least, it's another person to bounce ideas off of.

I like the free business classes that wake tech offers. Some of the teachers have good contacts, and you sometimes meet interesting people.

What kind of info are you looking for? How to start a business in general, or are your questions more specific to your industry?
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

eDiva wrote:I'm a small business owner in Raleigh too, and I found SCORE to be slightly useful. There are many volunteers, so if you don't get what you're looking for out of the person you meet, at least they may know someone else who can be more helpful. At the very least, it's another person to bounce ideas off of.

I like the free business classes that wake tech offers. Some of the teachers have good contacts, and you sometimes meet interesting people.

What kind of info are you looking for? How to start a business in general, or are your questions more specific to your industry?
Thanks very much EnglishGirl and eDiva. I'll have to reconsider SCORE. Which SCORE chapter might be more tech savvy? The Raleigh chapter or the Durham chapter? Or is there is one in Cary and/or "RTP"? Presuming I could take advantage of services offered at any as long as I'm a resident of Central NC--is that a correct assumption? The amount of creativity and tech savvy must be absolutely tremendous in this area.

Didn't know Wake Tech offered any free biz classes--will have to take a look, thanks.

My info and purpose in connecting with entrepreneur groups is to:

* Keep the momentum going in trying to establish a startup venture; I have no biz partner currently so it's a bit lonely--no one to bounce ideas off.

* Make contacts and receive help from those who've built the type of business(es) I have in mind--this would be two-fold at this point: a small Internet-based biz and a Winery (the second is more of a dream because it's so capital-intensive, while the first requires nearly no capital at all). A third tech-related biz would require partners and capital--so I'd love to be in a group or participate in an org where I could deliver and refine my Pitch for that one; it's another quite ambitious one that has been a little overwhelming trying to launch as one person. So my focus will be on the initial, simple Internet-based biz for some Quick Wins and to build skills and confidence.

* Learn what I need to do to protect my personal assets

* Learn some basic accounting and other skills I might need (thinking Single Member LLC to start; already have a 1M Umbrella policy through my homeowner's insurance. Wondering if I need some sort of personal liability insurance for the internet-based biz, since people can and will sue for nearly anything. So some free or heavily subsidized legal advice would be handy.

* Whether a Single Member LLC is the best business structure if I wanted or needed to sell the business, e.g. is it any easier or harder to sell a business incorporated as an SMLLC vs. some other structure? I realize one could not have an IPO / sell shares with an LLC structure. But for one, how many small businesses ever get to that enviable stage? And two, I don't want to overburden myself with any details that might engulf and distract me from my purpose--launching a small, modest, single-member startup.

* How to do a US-wide search to see if the name I have in mind for my NC Single Member LLC has already been used or is trademarked--I really feel establishing an LLC ASAP would be a Quick Win, motivator, and a Proof of Commitment of sorts if that makes any sense.

* Possibly make contacts to find an inexpensive source for developing a Lean-like MVP (Minimum VIable Product) web app prototype--I have all the data modeling and Database Administration skills I need, but lack PHP experience.

So I'll definitely re-investigate SCORE and look into Wake Tech. Already have some relationship with Wake Tech because I took one of their Business Analytics courses--going to meet with a really wonderful instructor there soon to see further what resources I can tap. Love Community Colleges because they must, by necessity, have a vocational focus. I have a bachelors and a masters and so am not looking for more credentials--just practical, actionable info.

Any other suggestions? I'm fairly certain I've read about Entrepreneur groups and clubs in the RTP area--possibly via Slashdot.org that a friend sent to me; a link I've misplaced. I imagine there must be similar resources at any other local University with a biz school, e.g. Duke, UNC Chapel-Hill, NC State, etc.

There's a book I really like called The Lean Startup by Eric Ries that has really energized me. Need to connect with others in person to continue to make forward progress and possibly find a biz partner. Really love his concept of getting an MVP - Minimum Viable Product - essentially a quick and dirty prototype you iterate on - to see if a venture / idea is worth committing further resources to. A "fail fast" sort of thing. And pure balm to perfectionists. Been wanting to create a startup venture for years, but I've always torpedoed myself trying to get things perfect rather than take action in small, forward steps, however imperfect.
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Re: Free advisory assistance for startups in North Carolina?

Post by Cigarman »

I am also in the Raleigh area and it seems to me a couple of things are going on. (For the record, I am self employed, S-Corp for the past 15+ years).

A. Focus on the getting the small business going first and ignore the long term winery or capital intensive business.

B. I had a friend in the same business as mine (note past tense). When we compared notes on starting our businesses he said it took him six months to
get everything going. He was shocked when I told him I took less than a week. Point is, sometimes we can get so caught up in details of trying to get
all the knowledge and everything perfect before the launch of the business that we forget to go out and actually do business. He is now working for someone
as a mortgage broker (totally different business than before).

Find your passion and follow it! Good luck and PM me if you have any questions. There is no replacement for personal experience (or school of hard knocks).
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Cigarman wrote:I am also in the Raleigh area and it seems to me a couple of things are going on. (For the record, I am self employed, S-Corp for the past 15+ years).

A. Focus on the getting the small business going first and ignore the long term winery or capital intensive business.

B. I had a friend in the same business as mine (note past tense). When we compared notes on starting our businesses he said it took him six months to
get everything going. He was shocked when I told him I took less than a week. Point is, sometimes we can get so caught up in details of trying to get
all the knowledge and everything perfect before the launch of the business that we forget to go out and actually do business. He is now working for someone
as a mortgage broker (totally different business than before).

Find your passion and follow it! Good luck and PM me if you have any questions. There is no replacement for personal experience (or school of hard knocks).
Perfect, thanks Cigarman. I'm certainly trying to fast-track the small startup, force myself to ignore minutiae, and get punch-list items completed ASAP. Fortunately the small startup is aligned with my greatest passion. It's the type of thing I want to build because it's a tool of sorts I want and need to use myself--so even if nothing comes of it, I'll still personally get value out of it with a cost mostly only of time. Takes a lot of pressure off. It's also something I can work on part-time.

Some guiding thoughts I've pasted up on my home office wall are:

"The Perfect is the enemy of the Good" - Voltaire

"Don't Worry, Be Crappy" - Guy Kawasaki, former chief tech evangelist for Apple. In other words, get something, anything out there and gauge interest. Version 1.0 of anything is typically crap.

"If at first you don't succeed, you're doing about average" - Don't recall attribution, but got from a fantastic book named "Making Great Decisions in Business and Life"

"He who waits to do a great deal of good at once will never do anything." - Samuel Johnson; again, obtain from the same book cited above

"Happy people plan actions, not results" - don't recall the attribution, but also from the same book above.

Speaking of resources for new entrepreneurs in NC:

1) Is there an RTP / Raleigh / Central NC Bogleheads group?
2) If so, are there ever presentations or discussions on Entrepreneurship?
3) If not, shouldn't we start one? And how would one go about it?

While I love the Internet and discussion forums, I think there's no substitute for getting together with people face-to-face and sharing knowledge.

Don't know if there's a national Bogleheads Conference, but also wondering if there's an Entrepreneurship track there.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Before I take the plunge and file to incorporate a Single Member LLC in North Carolina, will doing so in any way adversely impact the way I file taxes either Federally or with the State of NC? I ask because my wife and I file our taxes jointly rather than individually. I keep hearing an LLC is a disregarded entity with respect to Federal taxes. And that the Single Member LLC would simply result in one additional screen in TurboTax at tax time. Been using TurboTax happily and successfully for many years and prefer to keep doing so unless my tax situation becomes a lot more complicated.

Will owning a Single Member LLC adversely complicate either my Federal or State taxes?
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Re: Free advisory assistance for startups in North Carolina?

Post by zotty »

I have a single member llc. It's a schedule C. I find it perfectly simple, but i've been doing it a while. I dump a sheet of profit and loss from quickbooks, make an excel spreadsheet which maps qb lines into schedule c lines, and then type in the values. It's really easy. I am married and filing jointly.

If things go well, you will need to do estimated taxes or you'll face a large tax bill.
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

zotty wrote:I have a single member llc. It's a schedule C. I find it perfectly simple, but i've been doing it a while. I dump a sheet of profit and loss from quickbooks, make an excel spreadsheet which maps qb lines into schedule c lines, and then type in the values. It's really easy. I am married and filing jointly.

If things go well, you will need to do estimated taxes or you'll face a large tax bill.
Great, thanks zotty! May have to look into QuickBooks. Never used it but I'm a big fan of spreadsheets--Excel at work, OpenOffice Calc for home use.

To you or anyone with a Single Member LLC who also uses TurboTax, would I need to purchase the Small Business version for 2014 taxes? Think I've been using the "Deluxe" edition of TurboTax--have not started this year's taxes.
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Re: Free advisory assistance for startups in North Carolina?

Post by zotty »

get whatever version supports Schedule C

I've been using HR Block, not that i recommend it, it just includes 1041 preparation too, which i need for a trust. I'll do a lot of things to save a 100 bucks.
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Re: Free advisory assistance for startups in North Carolina?

Post by YttriumNitrate »

tidalwave10 wrote:* How to do a US-wide search to see if the name I have in mind for my NC Single Member LLC has already been used or is trademarked--I really feel establishing an LLC ASAP would be a Quick Win, motivator, and a Proof of Commitment of sorts if that makes any sense.
Search for federal trademarks here. There are also state trademarks.

To see what LLCs are out there, search all 50 states individually. This page has useful links.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

zotty wrote:get whatever version supports Schedule C

I've been using HR Block, not that i recommend it, it just includes 1041 preparation too, which i need for a trust. I'll do a lot of things to save a 100 bucks.
Sounds good, thanks zotty.

YN wrote:
Search for federal trademarks here. There are also state trademarks.
To see what LLCs are out there, search all 50 states individually. This page has useful links.
Thanks for the info and reference YN. Yowza, looks like it would be a (very) small biz opportunity--or at least a fun programming exercise--for someone to create a consolidated 50-state LLC search engine; presuming there aren't any regulations making such a thing illegal.
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Re: Free advisory assistance for startups in North Carolina?

Post by eDiva »

I'll come back to your other questions later, but I use turbo tax home and business to file my taxes. I'm a single member LLC. Taxes are very easy, although tedious, and I file jointly with my husband
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

eDiva wrote:I'll come back to your other questions later, but I use turbo tax home and business to file my taxes. I'm a single member LLC. Taxes are very easy, although tedious, and I file jointly with my husband
Very good, thanks. Look forward to your later thoughts.

Looks like the NC Secretary of State still does things the old fashioned way--no way to fill out and submit Form L-01 online. I see there's a PDF Form L-01 that can at least be filled in on-screen but cannot be saved to disk--they suggest printing a hard copy for one's records. They also only accept cash, check, or money order for the $125 Articles of Organization fee.

I see that after one's first year of LLC incorporation, one must file an Annual Report prior to April 15th each year at a fee of $200. Wondering if this is a simple affair, especially for a one person startup that may not even have any revenue.
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Some questions about filling out Form L-01: LLC Articles of Organization (AOO).

Item 1: states to end the name of the LLC with one of the provided approved variants. Strangely, there is no "LLC" listed as being accepted. Closest is "L.L.C." with all the periods. Is that simply sloppiness on the part of the form-writer or will "LLC" as the end part of the name, sans periods, cause the document to be rejected?

Item 2: states to enter name and addr of each executor of the AOO and their capacity as a member, organizer, or both. As a single member LLC, am I in the "both" category? If so, what language is expected: "<My Name Here>, Member and Organizer, <Street Address or P.O. Box>"? No examples are provided.

Item 3: so it's definitely OK for me to be the Registered Agent? In which case I just enter my name. Should one generally use one's middle name throughout in form L-01? It's a legal doc, so I presume the answer is yes. Just checking.

Item 4: Presumably my home street address here.

Item 5: Is it OK for me as the Registered Agent to elect to put my P.O. Box here? My home mail delivery has been inconsistent so I prefer the P.O. Box.

Item 6: Should I select "a"--the LLC has a principal office, or "b"--the LLC does not have a principal office. I have no rented office space--just my principal residence. What are the implications and/or consequences of selecting "a" over "b" for a Single Member LLC? Not sure my subdivision's covenant allows for businesses to be run from home. But I do know people do things like give piano lessons out of their homes, with the attendant cars and parking. My biz will be transparent--no car or foot traffic as it will be online and virtual.

Item 7: Should I consider adding optional additional provisions here? Can anyone give an example of one and why a single member LLC would want to do this? I'd prefer keeping it blank for simplicity.

Date and Execution section: For title, would I enter "both"? Or are they looking for a vanity-type title such as CEO, President, Grand Pubah, etc? If I must use a vanity title, I think Founder sounds modest and thus preferable.

Finally, since the form can't be submitted electronically, what's the best way to file it? In person downtown with check in hand? Registered and/or certified mail? Or business envelope with a plain old 1st class stamp. Does it really matter? Sometimes I like dropping things off in person to at least know for sure it gets to the right desk.

Thanks so much to all for the help. I really appreciate it.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Also wondering if I need to post a notice in a local newspaper before or after filing the LLC paperwork--if that's a requirement in the State of NC.
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Can anyone provide links to examples of properly filled-out Articles of Organization forms? Doesn't look too difficult, but it would help to see some examples.
tidalwave10 wrote:Some questions about filling out Form L-01: LLC Articles of Organization (AOO).

Item 1: states to end the name of the LLC with one of the provided approved variants. Strangely, there is no "LLC" listed as being accepted. Closest is "L.L.C." with all the periods. Is that simply sloppiness on the part of the form-writer or will "LLC" as the end part of the name, sans periods, cause the document to be rejected?

Item 2: states to enter name and addr of each executor of the AOO and their capacity as a member, organizer, or both. As a single member LLC, am I in the "both" category? If so, what language is expected: "<My Name Here>, Member and Organizer, <Street Address or P.O. Box>"? No examples are provided.

Item 3: so it's definitely OK for me to be the Registered Agent? In which case I just enter my name. Should one generally use one's middle name throughout in form L-01? It's a legal doc, so I presume the answer is yes. Just checking.

Item 4: Presumably my home street address here.

Item 5: Is it OK for me as the Registered Agent to elect to put my P.O. Box here? My home mail delivery has been inconsistent so I prefer the P.O. Box.

Item 6: Should I select "a"--the LLC has a principal office, or "b"--the LLC does not have a principal office. I have no rented office space--just my principal residence. What are the implications and/or consequences of selecting "a" over "b" for a Single Member LLC? Not sure my subdivision's covenant allows for businesses to be run from home. But I do know people do things like give piano lessons out of their homes, with the attendant cars and parking. My biz will be transparent--no car or foot traffic as it will be online and virtual.

Item 7: Should I consider adding optional additional provisions here? Can anyone give an example of one and why a single member LLC would want to do this? I'd prefer keeping it blank for simplicity.

Date and Execution section: For title, would I enter "both"? Or are they looking for a vanity-type title such as CEO, President, Grand Pubah, etc? If I must use a vanity title, I think Founder sounds modest and thus preferable.

Finally, since the form can't be submitted electronically, what's the best way to file it? In person downtown with check in hand? Registered and/or certified mail? Or business envelope with a plain old 1st class stamp. Does it really matter? Sometimes I like dropping things off in person to at least know for sure it gets to the right desk.

Thanks so much to all for the help. I really appreciate it.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Guessing this may be a task for SCORE? Vetting my form to be sure I've filled it out properly. Would a local SCORE chapter provide this type of assistance over email? I see that SCORE offers mentoring both physically and virtually.
tidalwave10 wrote:Can anyone provide links to examples of properly filled-out Articles of Organization forms? Doesn't look too difficult, but it would help to see some examples.
tidalwave10 wrote:Some questions about filling out Form L-01: LLC Articles of Organization (AOO).

Item 1: states to end the name of the LLC with one of the provided approved variants. Strangely, there is no "LLC" listed as being accepted. Closest is "L.L.C." with all the periods. Is that simply sloppiness on the part of the form-writer or will "LLC" as the end part of the name, sans periods, cause the document to be rejected?

Item 2: states to enter name and addr of each executor of the AOO and their capacity as a member, organizer, or both. As a single member LLC, am I in the "both" category? If so, what language is expected: "<My Name Here>, Member and Organizer, <Street Address or P.O. Box>"? No examples are provided.

Item 3: so it's definitely OK for me to be the Registered Agent? In which case I just enter my name. Should one generally use one's middle name throughout in form L-01? It's a legal doc, so I presume the answer is yes. Just checking.

Item 4: Presumably my home street address here.

Item 5: Is it OK for me as the Registered Agent to elect to put my P.O. Box here? My home mail delivery has been inconsistent so I prefer the P.O. Box.

Item 6: Should I select "a"--the LLC has a principal office, or "b"--the LLC does not have a principal office. I have no rented office space--just my principal residence. What are the implications and/or consequences of selecting "a" over "b" for a Single Member LLC? Not sure my subdivision's covenant allows for businesses to be run from home. But I do know people do things like give piano lessons out of their homes, with the attendant cars and parking. My biz will be transparent--no car or foot traffic as it will be online and virtual.

Item 7: Should I consider adding optional additional provisions here? Can anyone give an example of one and why a single member LLC would want to do this? I'd prefer keeping it blank for simplicity.

Date and Execution section: For title, would I enter "both"? Or are they looking for a vanity-type title such as CEO, President, Grand Pubah, etc? If I must use a vanity title, I think Founder sounds modest and thus preferable.

Finally, since the form can't be submitted electronically, what's the best way to file it? In person downtown with check in hand? Registered and/or certified mail? Or business envelope with a plain old 1st class stamp. Does it really matter? Sometimes I like dropping things off in person to at least know for sure it gets to the right desk.

Thanks so much to all for the help. I really appreciate it.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

I'll seek out a local resource for this. But if anyone here from North Carolina who's filed paperwork to create an LLC in North Carolina, would love to hear your experiences and recommendations.

So, there's no local Bogleheads group in Raleigh, NC / the RTP area? If not, there ought to be. Would be fun at some point to connect with local Bogleheads.
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Re: Free advisory assistance for startups in North Carolina?

Post by Methedras »

tidalwave,

I am a "local" Raleigh Bogelhead, but sort of not. I am from Raleigh, but I now live overseas (for at least the next few years.) However, when I get back into town, I agree it would be nice to have a "local chapter". There are enough educated and motivated investors in the area that we should be able to fill out a small group.

As for your LLC progress, I am also very interested in how it turns out. Let me know what you discover, because I am in the early phases of a similar business-building venture. I eventually plan to incorporate in NC, so if I find any good tips, I'll pass them along your way.

All the best. :beer
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Re: Free advisory assistance for startups in North Carolina?

Post by LadyGeek »

To clarify for tidalwave10, there's already a RTP Bogleheads chapter. Here's the last meeting notice: RTP, NC Chapter Meeting Noon Sat December 14, 2013 Mathedras has posted in the thread, but is unable to attend the meetings. Contact Steve Thorpe for info.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Methedras wrote:tidalwave,

I am a "local" Raleigh Bogelhead, but sort of not. I am from Raleigh, but I now live overseas (for at least the next few years.) However, when I get back into town, I agree it would be nice to have a "local chapter". There are enough educated and motivated investors in the area that we should be able to fill out a small group.

As for your LLC progress, I am also very interested in how it turns out. Let me know what you discover, because I am in the early phases of a similar business-building venture. I eventually plan to incorporate in NC, so if I find any good tips, I'll pass them along your way.

All the best. :beer
@LadyGeek, thanks the info on the RTP group. I'll bookmark that thread. Would be nice if there was a single RTP Bogleheads master thread that subsequent meetings could be updated as needed. Will have to look into when the next meeting is.

@Methedras, will try to keep folks informed. Snowed-out yesterday and today for further advice in filling out the actual form so that will have to wait until next week or the week after. Best of luck to you in your future venture.
jghassell
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Re: Free advisory assistance for startups in North Carolina?

Post by jghassell »

Tidalwave - I run an LLC created and located in North Carolina. Feel free to ping me with any specific questions.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

jghassell wrote:Tidalwave - I run an LLC created and located in North Carolina. Feel free to ping me with any specific questions.
Thanks.
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tidalwave10
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

To find examples of filled out LLC forms, I did some searches on the Secretary of State's web site, clicking on only Active companies, choosing Any for the word search, then typing in common words like ONLINE, MARKETING, ENTERPRISES, SOFTWARE, etc. Then doing a Control-F (Find) search for "2014" to locate only records that were filed recently and looking only at businesses marked as an LLC entity. Evidently at the start of 2014, the Form to file Articles of Organization changed--I can see some have filed the old form... I rejected those as references.

Interesting to see the variability on how different people filled out the form. I can now answer some of my own questions from below. This is not legal advice--just what I suspect to be correct from view others' LLC filings--these are stored as PDFs and may be clicked to.

Item #1: Yes, it's fine to use LLC without punctation--many do.

Item #2: Some list no title at all. Some list Member and Organizer. Some list "(BOTH)".

Item #3: Many folks seem to be their own Registered Agent.

Item #4: Would be my street address since I intend to be my own Registered Agent.

Item #5: Most leave this blank. Since summons and other legal docs evidently cannot be sent to a P.O. Box, I will leave this blank.

Item #6: Some list a Principal Office. Some do not. Not knowing how to fill this out is the only item holding me back from filing. Although I realize no one can give me legal advice here on the forums, what does it mean to tick off that one does not have a Principal Office? That one has not leased space or purchased property 100% for that use? For someone developing an online-based startup, should I list my principal residence as my Principal Office? Or state that I do not have a Principal Office? I'd be doing all my work from home. No external office unless we're talking my local Starbucks. :-) I do have a spare room in my house that I could dedicate 100% to serve as an office for the LLC.

Item #7: I see no reason to list additional provisions here.

Item for Date and Execution: For title, I see no Vanity Titles. Just variations like:

A) Member, Organizer
B) Member & Organizer
C) Organizer

I did see one guy use "Owner"--but it was not one of the predominating titles I saw used in the small sample I viewed. And this person's form all written in by hand. The State at least allows you to type into a PDF form, but not save it, print it, and then sign a hard copy. Another had listed their title as President. Next it it I saw what looked like an office rubber stamp saying ORGANIZER MEMBER. Perhaps because the filer had listed their title / role earlier in the document as "(Member/Organizer).

Presumably I should use either A or B because I am filing to incorporate as a Single Member LLC and I have prepared the paperwork myself, as well as being the Registered Agent. Does that sound about right? Want to get this filed no later than COB next Friday (2/1/2014). Already slipped, metaphorically, on getting the filing done this past week due to the crazy weather.
tidalwave10 wrote:Some questions about filling out Form L-01: LLC Articles of Organization (AOO).

Item 1: states to end the name of the LLC with one of the provided approved variants. Strangely, there is no "LLC" listed as being accepted. Closest is "L.L.C." with all the periods. Is that simply sloppiness on the part of the form-writer or will "LLC" as the end part of the name, sans periods, cause the document to be rejected?

Item 2: states to enter name and addr of each executor of the AOO and their capacity as a member, organizer, or both. As a single member LLC, am I in the "both" category? If so, what language is expected: "<My Name Here>, Member and Organizer, <Street Address or P.O. Box>"? No examples are provided.

Item 3: so it's definitely OK for me to be the Registered Agent? In which case I just enter my name. Should one generally use one's middle name throughout in form L-01? It's a legal doc, so I presume the answer is yes. Just checking.

Item 4: Presumably my home street address here.

Item 5: Is it OK for me as the Registered Agent to elect to put my P.O. Box here? My home mail delivery has been inconsistent so I prefer the P.O. Box.

Item 6: Should I select "a"--the LLC has a principal office, or "b"--the LLC does not have a principal office. I have no rented office space--just my principal residence. What are the implications and/or consequences of selecting "a" over "b" for a Single Member LLC? Not sure my subdivision's covenant allows for businesses to be run from home. But I do know people do things like give piano lessons out of their homes, with the attendant cars and parking. My biz will be transparent--no car or foot traffic as it will be online and virtual.

Item 7: Should I consider adding optional additional provisions here? Can anyone give an example of one and why a single member LLC would want to do this? I'd prefer keeping it blank for simplicity.

Date and Execution section: For title, would I enter "both"? Or are they looking for a vanity-type title such as CEO, President, Grand Pubah, etc? If I must use a vanity title, I think Founder sounds modest and thus preferable.

Finally, since the form can't be submitted electronically, what's the best way to file it? In person downtown with check in hand? Registered and/or certified mail? Or business envelope with a plain old 1st class stamp. Does it really matter? Sometimes I like dropping things off in person to at least know for sure it gets to the right desk.

Thanks so much to all for the help. I really appreciate it.
freebeer
Posts: 2014
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Location: Seattle area USA

Re: Free advisory assistance for startups in North Carolina?

Post by freebeer »

Your business being tech-related I think you will best connect with fellow entrepreneurs and support network by hanging out at local community tech events. I don't think bookkeeping systems and LLC filing and similar details are going to be key issues for you vs. validating your business model and finding customers and partners.

There's many "meetups", and various kinds of tech venture conferences (which even if you're committed to a self-funded "micro" path are good places to get ideas and meet folks). I'm in Seattle area but a cursory look at RT area finds:

http://entrepreneur.meetup.com/cities/us/nc/raleigh/
http://newtech.meetup.com/cities/us/nc/raleigh/
http://www.cednc.org/?TechVenture2013
4nursebee
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Location: US

Re: Free advisory assistance for startups in North Carolina?

Post by 4nursebee »

I'd suggest adopting cigarman as a sounding board in real time.
Pale Blue Dot
Topic Author
tidalwave10
Posts: 554
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Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Thanks freebeer and 4NB. Will consider. For now, all I really need to know is the significance of stating the LLC does, or does not, have a Principal Office--not necessarily advice on what to choose. But what is meant by "Principal Office"--is a home office, from which I perform most of my startup activities, considered a Principal Office? Or not.

When folks who check the option that they simply do not have a Principal Office (on the new 2014 NC Articles of Organization L-01 form), I wonder they they believe they are saying--that they have a home office or do not officially declare a home office. Or that they're still in a very early startup phase as a single Member LLC.

Doesn't seem like it should be a difficult thing to get clarification on. Want to go with an option and file this week--missed my deadline of last week.
Topic Author
tidalwave10
Posts: 554
Joined: Sun Jul 29, 2012 1:48 pm

Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

tidalwave10 wrote:Thanks freebeer and 4NB. Will consider. For now, all I really need to know is the significance of stating the LLC does, or does not, have a Principal Office--not necessarily advice on what to choose. But what is meant by "Principal Office"--is a home office, from which I perform most of my startup activities, considered a Principal Office? Or not.

When folks who check the option that they simply do not have a Principal Office (on the new 2014 NC Articles of Organization L-01 form), I wonder they they believe they are saying--that they have a home office or do not officially declare a home office. Or that they're still in a very early startup phase as a single Member LLC.

Doesn't seem like it should be a difficult thing to get clarification on. Want to go with an option and file this week--missed my deadline of last week.
I suppose I could pick the option that says No Principal Office and amend later if needed. Would love to know what the intent of the question on that form is and how it should be answered for a home-based microbusiness.
Topic Author
tidalwave10
Posts: 554
Joined: Sun Jul 29, 2012 1:48 pm

Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Last call. Anyone know the significance of listing, vs. omitting, a Principal Office on North Carolina's 2014 version of form L-01: Articles of Organization? Continuing to browse through 1/1/2014+ vintage LLC filings and it seems split--a fair amount of filings choose the option for no principal office. Wondering what this means, since no description is provided. Surely one's home is one's principal office if one doesn't rent office space, have other property, etc.

Might no principal office listed mean things are still in the very early startup phase? Don't want to have to undo or redo something later on.
tidalwave10 wrote:
tidalwave10 wrote:Thanks freebeer and 4NB. Will consider. For now, all I really need to know is the significance of stating the LLC does, or does not, have a Principal Office--not necessarily advice on what to choose. But what is meant by "Principal Office"--is a home office, from which I perform most of my startup activities, considered a Principal Office? Or not.

When folks who check the option that they simply do not have a Principal Office (on the new 2014 NC Articles of Organization L-01 form), I wonder they they believe they are saying--that they have a home office or do not officially declare a home office. Or that they're still in a very early startup phase as a single Member LLC.

Doesn't seem like it should be a difficult thing to get clarification on. Want to go with an option and file this week--missed my deadline of last week.
I suppose I could pick the option that says No Principal Office and amend later if needed. Would love to know what the intent of the question on that form is and how it should be answered for a home-based microbusiness.
Topic Author
tidalwave10
Posts: 554
Joined: Sun Jul 29, 2012 1:48 pm

Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Taking this offline. PMing a few folks participating in this thread as suggested. However, if anyone wants to continue to comment, opine, etc, that would be terrific.

Still wonder if not listing a Principal Office indicates either:

1) One is by definition running a home business
2) That the choice serves as a Null value / a TBD - To Be Determined.

Shouldn't have to hire counsel to get that answered. :-)

Finally, if one is choosing a name for an LLC such that one could operate similar sub-ventures under it, are there any descriptors to use in that name, e.g.:

X BRANDS, LLC
X VENTURES, LLC

Guess that's not precisely taking things offline. But if anyone's still out there...
Topic Author
tidalwave10
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Joined: Sun Jul 29, 2012 1:48 pm

FINIS

Post by tidalwave10 »

Thanks to the kindness of BH members, I got the info I needed and filed paperwork for my LLC. Chose not to list a Principal Office as that seemed to be the most appropriate choice for my circumstances.
Topic Author
tidalwave10
Posts: 554
Joined: Sun Jul 29, 2012 1:48 pm

Re: Free advisory assistance for startups in North Carolina?

Post by tidalwave10 »

Wake Tech has an Enterpreneurship center and offers various free seminars on topics like Biz insurance, Legal issues, basic accounting and record keeping for small biz, etc.

I've heard the instructors are mostly good and not trying to sell anything. I typically steer clear of free seminars because there's typically a thinly veiled profit motive (e.g. here's some free info, now buy my follow-on professional services, etc).

May be attending some of these when the weather clears up:

http://www.waketech.edu/programs-course ... d-seminars

Anyone here taken any of these at Wake Tech? What about SCORE seminars?
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