Business succession planning in North Carolina: sources and references
This page lists every primary source cited across the business succession planning content silo published by The Walls Law Group. Sources are organized by type. Each entry identifies the issuing authority, the specific document or section referenced, the date last verified, and which pages in the silo the source supports.
North Carolina state statutes
1. NC Limited Liability Company Act — Chapter 57D
Source: North Carolina Limited Liability Company Act
Publisher/Authority: North Carolina General Assembly
Document/Section: N.C. Gen. Stat. Chapter 57D, including Section 57D-5-03 (charging order as exclusive remedy)
Last Updated (source): 2013 enactment; amendments through 2025 session (SL 2025-55 confirmed)
Last Verified: March 2026
URL: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_57D.html
Supports: Charging Order glossary node; Asset Protection spoke (LLC protection section, charging order protection section)
2. NC Intestate Succession Act — Chapter 29
Source: North Carolina Intestate Succession Act
Publisher/Authority: North Carolina General Assembly
Document/Section: N.C. Gen. Stat. Chapter 29, including Section 29-14 (share of surviving spouse) and Section 29-15 (share of children)
Last Updated (source): Amendments through 2023 session; verify 2025 session changes at ncleg.gov
Last Verified: March 2026
URL: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_29.html
Supports: Intestacy glossary node; Probate and Business Transfer spoke (death without succession plan section)
3. NC Probate and Estate Administration — Chapter 28A
Source: Administration of Decedents' Estates
Publisher/Authority: North Carolina General Assembly
Document/Section: N.C. Gen. Stat. Chapter 28A, governing probate administration, creditor notice requirements, and executor duties
Last Updated (source): Amendments through 2023 session; verify 2025 session changes at ncleg.gov
Last Verified: March 2026
URL: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_28A.html
Supports: Probate and Business Transfer spoke; Hub page (death scenario section)
4. NC Business Corporation Act — Chapter 55
Source: North Carolina Business Corporation Act
Publisher/Authority: North Carolina General Assembly
Document/Section: N.C. Gen. Stat. Chapter 55, governing shareholder agreements and ownership transfer in NC corporations
Last Updated (source): Amendments through 2023 session; verify 2025 session changes at ncleg.gov
Last Verified: March 2026
URL: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_55.html
Supports: Buy-Sell Agreements spoke; Hub page (succession planning overview section)
5. NC estate tax repeal — Session Law 2013-316
Source: Session Law 2013-316 (repeal of North Carolina estate tax)
Publisher/Authority: North Carolina General Assembly
Document/Section: Legislation repealing N.C. Gen. Stat. Chapter 105, Article 1A (estate tax), effective January 1, 2013
Last Updated (source): 2013 (no subsequent reinstatement as of March 2026)
Last Verified: March 2026
URL: https://www.ncleg.gov/Sessions/2013/Bills/House/PDF/H998v6.pdf
Supports: Hub page (NC no state estate tax value-add); Probate and Business Transfer spoke; all pages where NC estate tax is addressed
Federal sources — IRS
6. IRS Revenue Ruling 59-60 — business valuation standards
Source: Revenue Ruling 59-60
Publisher/Authority: Internal Revenue Service (IRS)
Document/Section: IRS Rev. Rul. 59-60, establishing factors for valuing closely held business interests for estate and gift tax purposes
Last Updated (source): 1959; foundational ruling — no superseding ruling as of March 2026
Last Verified: March 2026
URL: https://www.irs.gov/pub/irs-tege/rr59-60.pdf
Supports: Business Valuation spoke (valuation methods section); Buy-Sell Agreements spoke (valuation clause section)
7. IRS buy-sell agreement guidance — estate and gift tax implications
Source: IRS Publication and IRC Section 2703 guidance on buy-sell agreements
Publisher/Authority: Internal Revenue Service (IRS)
Document/Section: IRC Section 2703 (right to acquire property at less than fair market value); IRS guidance on whether buy-sell agreement prices bind the IRS for estate tax valuation
Last Updated (source): IRC Section 2703 enacted 1990; IRS guidance updated periodically
Last Verified: March 2026
URL: https://www.irs.gov/businesses/small-businesses-self-employed/business-valuation
Supports: Business Valuation spoke; Buy-Sell Agreements spoke (life insurance funding section)
8. Federal estate tax exemption — IRS Publication 559
Source: IRS Publication 559 — Survivors, Executors, and Administrators
Publisher/Authority: Internal Revenue Service (IRS)
Document/Section: Publication 559, covering federal estate tax, filing requirements, and exemption thresholds
Last Updated (source): Updated annually; 2025 edition covers 2024 tax year
Last Verified: March 2026
URL: https://www.irs.gov/pub/irs-pdf/p559.pdf
Supports: Hub page (tax law changes section); Probate and Business Transfer spoke; Business Valuation spoke
Federal sources — U.S. Small Business Administration
9. SBA — family business succession statistics
Source: Small Business Administration — Small Business Facts and frequently cited succession statistics
Publisher/Authority: U.S. Small Business Administration (SBA)
Document/Section: SBA Office of Advocacy research on small business survival, ownership transfer, and family business generational continuity
Last Updated (source): April 2024
Last Verified: March 2026
URL: https://advocacy.sba.gov/2024/04/16/small-business-facts-characteristics-of-family-owned-businesses/
Supports: Hub page (succession planning importance section, common mistakes section); all spoke pages where SBA statistics are cited
10. SBA — succession planning resources for small business owners
Source: SBA Learning Platform — Business succession planning guidance
Publisher/Authority: U.S. Small Business Administration (SBA)
Document/Section: SBA succession planning resource covering buy-sell agreements, key person insurance, and exit strategies for small business owners
Last Updated (source): January 2026
Last Verified: March 2026
URL: https://www.sba.gov/business-guide/manage-your-business/close-or-sell-your-business
Supports: Hub page; Buy-Sell Agreements spoke; common mistakes section
Professional organizations and bar resources
11. North Carolina State Bar
Source: NC State Bar — attorney resources and estate planning guidance
Publisher/Authority: North Carolina State Bar
Document/Section: NC State Bar resources on business planning, estate planning, and attorney referral guidance
Last Updated (source): Ongoing — updated as resources are published
Last Verified: March 2026
Supports: Hub page ; all spoke pages
12. Wake County Clerk of Superior Court — probate division
Source: Wake County Clerk of Superior Court — Estate Administration
Publisher/Authority: Wake County, North Carolina — Clerk of Superior Court
Document/Section: Probate filing requirements, forms, timelines, and fee schedules for Wake County estate administration
Last Updated (source): North Carolina Judicial Branch, Estates Court Costs 2025, effective January 1, 2025. https://www.nccourts.gov/documents/publications/current-court-costs. Fee structure governed by N.C.G.S. § 7A-307. Wake County does not publish a separate probate fee schedule — fees are set by state statute and administered uniformly by all Clerks of Superior Court. No 2026 update issued as of April 2026.
Last Verified: March 2026
URL: https://www.wakegov.com/departments-government/clerk-of-superior-court/estates
https://www.nccourts.gov/documents/publications/current-court-costs
Supports: Probate and Business Transfer spoke (probate timelines section, Wake County backlog section); Hub page
13. American Institute of Certified Public Accountants (AICPA) — business valuation standards
Source: AICPA Statement on Standards for Valuation Services (SSVS) No. 1
Publisher/Authority: American Institute of Certified Public Accountants (AICPA)
Document/Section: SSVS No. 1, establishing professional standards for CPAs performing business valuations, including closely held business interests
Last Updated (source): 2007 with ongoing guidance
Last Verified: March 2026
URL: https://www.aicpa-cima.com/resources/article/business-valuation-standards
Supports: Business Valuation spoke (valuation methods comparison section)
North Carolina Secretary of State
14. NC Secretary of State — business entity filings
Source: NC Secretary of State — Business Registration Division
Publisher/Authority: North Carolina Secretary of State
Document/Section: Business entity formation, annual report requirements, and registered agent requirements for LLCs and corporations under NC law
Last Updated (source): Ongoing; annual report deadlines and fees updated as legislation changes
Last Verified: March 2026
URL: https://www.sosnc.gov/divisions/business_registration
Supports: Hub page (NC-specific ownership transfer section); Asset Protection spoke (LLC compliance section)
