How to Start a Business in New Hampshire
New Hampshire Business Facts
New Hampshire is a state with a small market and slow economic development. Nevertheless, New Hampshire remains attractive to various businesses because it has no sales or personal income taxes. Moreover, the location of New Hampshire, which is close to greater New England, gives solid opportunities to budding entrepreneurs.
Major Companies Headquartered in New Hampshire
New Hampshire is the headquarters of many major companies including C&S Wholesale Grocers, U.S. Food and Drug Administration, Ocean Properties, Keene State College, and Standex International.
Startup Environment
New Hampshire is a business-friendly location to many startups because of factors such as low taxes, per capita personal income that is above average, and the state’s close proximity to big markets.
Step 1: Decide on a Business Structure
There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.
- A Corporation is a separate entity (provides liability protection to the owners) with a structure that includes shareholders, directors and officers. It’s more complex than a DBA but the entity of choice for large companies and startups that intend to raise funding. Some professions are required to choose what is known as a “Professional Corporation” or PC (doctors, lawyers, architects, etc.).
- An LLC or “Limited Liability Company” is a newer type of business that is both a separate entity and provides very easy management (doesn’t require directors or officers) and taxation. The LLC has largely replaced the DBA and Corporation in popularity recently as it provides liability protection but with much less complexity (and taxation) than a Corporation.
- A DBA or “Doing Business As” (also known as a “Fictitious Business Name” or FBN) is not really a separate structure, but just a different name that an individual or partners use as their business name.
Step 2: Choose a Business Name
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in New Hampshire, but we highly recommend you do the following before searching New Hampshire state databases:
- Make sure you’ve covered the basics: unique, easy to understand/pronounce (practice saying it out loud: “Thanks for calling XYZ”) and can survive over time (“DVD World” is not timely). Here are some of our tips on business identity including logo and trademarks.
- Search the web for your proposed name. Search Google, Bing and DuckDuckGo as a “first sweep” for any potential conflicts, especially in your state or local jurisdiction. NOTE: If you intend to operate nationally or even internationally it will be even more important that your name be unique. This should cover many cases where a company name is being used but not officially trademarked (see next tip).
- Do a trademark search with the US Patent and Trademark Office (USPTO). This will be a very good indicator if your name will have any conflicts. There’s an art to trademark searches (trademark specialists will charge you handsomely to do a thorough search) but in our experience if you can use Google at a fairly advanced level you can reasonably clear a name yourself. Tip: search misspellings, plurals, variations of spelling, sound-alikes and other versions of your chosen name to be sure it’s not already registered.
- Make sure your company name choice is available by searching the New Hampshire Business Entity Database and doing a name search on the State of New Hampshire website. NOTE: Make sure to search variations of spelling, plurals and misspellings as the state may reject a name that is too similar (then you have to start all over again, wasting valuable time).
NOTE: Familiarize yourself with the New Hampshire naming guidelines. LLC entity names need to contain the words Limited Liability Company or the abbreviation LLC, and certain words are restricted or prohibited.
Restrictions on New Hampshire Business Name & Business Purpose
- Business names should be unique.
- New Hampshire corporate names may have the following approved designations:
- Corp.
- Corporation
- Inc.
- Incorporated
- Limited
- Ltd.
- The use of the following words and phrases in corporate names is considered “restricted” in New Hampshire:
- Bank
- Banker
- Bankers
- Banking
- Banks
- Engineer
- Engineered
- Engineering
- Engineers
- Land Surveyor
Step 3: Register the Business
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in New Hampshire.
How to form an LLC in New Hampshire
- File the “Articles of Organization” with the New Hampshire Secretary of State LLC Division.
- Once the articles are filed and approved you will then need to properly organize the LLC (this also applies to “1-person LLC’s”) by holding an “Organizational Meeting” which takes contributions from the members, issues Member Certificates, adopts the company Operating Agreement and more.
How to Incorporate in New Hampshire
NOTE: When registering a new company the Secretary of State can take several weeks to file the paperwork. You can expedite the process by hand delivering the documents directly to them or one of their field offices and paying an additional fee.
TIP: Check our order form to see how long New Hampshire is currently taking to process regular and expedited orders.
How to File a DBA in New Hampshire
- Check the state database of business names.
- Complete the DBA registration form.
- Pay $50 for the filing fee.
Optional Considerations when registering a New Hampshire business
- Hire a professional Registered Agent. Many people list their home or business address on the Articles of Organization or Incorporation. This can cause issues because it becomes public record (you’ll get lots of junk mail). A professional Registered Agent will provide their address and forward any important documents to you, this is also convenient if you have to move (you don’t have to file forms or pay fees, just update your address with your agent).
Ready to register a business in New Hampshire?
- We specialize in registering businesses in New Hampshire.
Step 4: Obtain your Federal Employer Identification Number (FEIN or “EIN”)
- Your EIN is like your Social Security Number for your company. It’s required for Corporations and LLC’s and optional for DBA’s (if you don’t have any employees, then it’s required). However, if you are a DBA and don’t obtain an EIN you will be forced to use your Social Security Number on many documents so it’s typically recommended you obtain the EIN to prevent identity theft.
- To obtain an EIN you can apply online with the IRS or via IRS Form SS-4.
- You can read more about corporate tax laws in New Hampshire on the New Hampshire Department of Revenue Taxation Division site.
Step 5: Open Company Accounts: Bank and Credit Cards
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Top 5 Major Banks in New Hampshire
- Citizens Bank
- TD Bank
- People’s United Bank
- Bank of New Hampshire
- Bank of America
TIP: Our business formation service includes a free banking resolution for your use.
Step 6: Obtain Business Licenses and Permits
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
Step 7: Annual and Ongoing Requirements
DBA: Your Fictitious Business Name should be valid for 5 years (unless you change company name or other information listed on the FBN) at which point you’ll need to renew it with the county.
LLC: New Hampshire corporations are required to file a Periodic Report with the New Hampshire Secretary of State on or before April 1 of each year, in addition to general taxation. Information on your business’s taxes can be found here.
Corporation: Business in New Hampshire should file a report annually, due on or before April 1, with the Secretary of State of New Hampshire. LLCs and Corporations will pay a filing cost of $102.
Important New Hampshire Contacts
New Hampshire Secretary of State
Corporation Division (for Corporation and LLC filings)
107 North Main Street
Concord, NH 03301-4989
Metro Area Phone: 603-271-3246
New Hampshire Taxation Departments
New Hampshire Labor and Employment Departments
New Hampshire Startup Resources
1. Small Business Administration (SBA) New Hampshire District Offices
2. SCORE New Hampshire
- On November 1, 1967, the Merrimack Valley Chapter of SCORE received its official charter, being among the first chapters in the then three-year-old Service Corps of Retired Executives, as the organization was then known. Today, SCORE boasts more than 370 chapters nationwide and over 13,000 volunteer mentors.
- Seacoast SCORE offers FREE business mentoring, low-cost or no-cost business training, and numerous templates and tools to help you start or grow a business.
3. New Hampshire Legal Statutes
4. New Hampshire Chambers of Commerce
- Henniker Chamber of Commerce, NH
- Greater Manchester Chamber of Commerce
- New Hampshire Chamber of Commerce
- Central NH Chamber of Commerce
- Greater Concord Chamber of Commerce
5. New Hampshire Business One Stop
- The Business One Stop now makes it even easier for businesses to navigate New Hampshire state government.
6. Angel.co New Hampshire Startups
- A list of all 370+ New Hampshire Startups and 4,800+ New Hampshire angel investors registered with Angel.co. Good research resource.
7. New Hampshire Business News
8. NHEconomy.com
9. New Hampshire Small Business Development Center
- NH SBDC has offered confidential business management advising and educational programs to more than 94,000 New Hampshire entrepreneurs, helping them to start over 2,000 businesses and create more than 7,000 jobs since 1984.
10. NHDES
