Requirement Familiar? - Posted by John
Posted by John on April 11, 2000 at 11:49:52:
I’m not looking for legal advice, only to see if you are subject to this with your company or if you are familiar with this requirement from your past experience.
Specifically, I was planning to conduct my ‘paper’ business under my newly formed corporation, along with real estate.
I called and spoke to my state’s secretary of state corporation division to find out what types of
permits/licenses I would need. They referred me to
the department of revenue for the ‘paper’ business.
I was told that if I am buying or discounting notes of any type that I would be classified as an ‘Installment Paper Dealer’. The requirements involve a quarterly payment to the state. I am still working on getting the remainder of the details. I specifically asked if this requirement
pertained to both individuals and corporations, or just corporations. I was told it applied to both. At this point, I am also unsure if this only applies to paper I deal with that originates in NC, or to all paper I deal with as a NC corporation (or individual). Are you familiar with this type of requirement? Any feedback would be appreciated. Thank you