By Sandra B. Feldman, Publications Attorney for CT Corporation, and Elizabeth G. Grigorian, Senior Regional Paralegal for CT Corporation.
Many retirees, looking for extra income or something to do with their time, decide to start their own business. This includes professional athletes, who generally retire at a very young age. There are probably several members of the 2016 teams who will start a business when they hang up their cleats. Here are some facts about business formation in their teams’ home states (Colorado and North Carolina) that they might find useful.
- Colorado corporations that own real estate must file or record a certificate or certified copy of most corporate instruments filed with the Colorado Secretary of State in the office of the county clerk and recorder of each county where the real estate is owned.
- Colorado does not require a signature for documents to be filed with the Secretary of State. All documents require the name and address of the person who is causing the document to be filed, but that person does not actually sign the document.
- Colorado Business Statutes are considered “Hub and Spoke” statutes – meaning all business entity types follow the same basic statutory requirements (the “Hub”) with certain specific requirements outlined separately for each different entity type (the “Spokes).
- Among the entity choices authorized by North Carolina law are business corporations, nonprofit corporations, limited liability companies, general partnerships, limited partnerships, limited liability partnerships, limited liability limited partnerships and unincorporated nonprofit associations.
- North Carolina has yet to enact a benefit corporation law. Colorado has had one since April of 2014.
- A person planning on incorporating or forming an LLC in North Carolina can reserve the name they want to use for a nonrenewable 120 day term.
Contact your CT rep for information on forming a business in any state – even those with teams that didn’t make it this year.
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