Corporations and Limited Liability Companies are formed by filing Articles with the Secretary of State. The North Carolina General Statutes set forth the requirements for forming and maintaining these entities. The reasons for forming these entities to own and operate a business are twofold: limited liability for the owners and tax advantages. As counsel engaged to form these entities, our focus is on limited liability for the owners. Both types of entities offer a level of protection against personal liability so long as certain requirements are met. At the law office of W. Mack Rice, P.A., we guide business owners through the formation of the entity and provide advice regarding the operation of the entity to maintain compliance with state and federal law. These entities can also be formed for investment purposes. Once formed, these entities exist separate and apart from the individual owners. The entity can, for the most part, act just as an individual. It can open and maintain accounts, enter into contracts, make investments, buy and sell property, sue and be sued, file tax returns, and many other activities.