When you form a limited liability company or a corporation, your entity becomes a separate legal identity from you. This is what enables the company’s debts and liabilities to be separate from the yours as the owner (limited liability).

In return from shielding your personal assets, the State of North Carolina asks for a few things: that you name a registered agent to be the official contact for the company, that you pay your taxes, and that you file an annual report every year stating your address and the mangers of an LLC or officers and directors of a corporation. These annual reports are due when the entity files its taxes, usually March 15 for corporations and April 15 for LLCs.