What is a NAICS Code?
The North American Industry Classification System (“NAICS”) classifies businesses based on their type of business activity. Among other uses, the system allows federal statistical agencies to classify businesses in order to collect, analyze, and publish data related to the United States' economy.
Can my business have more than one NAICS code?
Yes. It is advantageous for your company to select several NAICS codes that match the type of services or products it provides in order to align with contracting opportunities that best suit your business. For a list of NAICS codes recognized in Alaska, you can visit this PDF from the Alaska Department of Commerce.
Why is it important for my business to have an accurate, registered NAICS in Alaska?
In Alaska, registering with the State Department of Commerce and using an accurate NAICS code can provide valuable protection to your business. For instance, Alaska statutes prevent unregistered contractors who are required to be registered from bringing breach-of-contract claims, even if it is industry standard not to register.**
When Does My Business Get a NAICS Code?
Your business elects which NAICS codes that apply to it when it registers with the Alaska Department of Commerce. This process can be fairly straightforward if you are a solopreneur registering a single-member LLC, but may require the assistance of an attorney if your business requires a professional license, or has many members or employees.
Contact Shortell Law LLC if you have questions about registering your business entity, or want assistance drafting fundamental documents for your company like Articles of Organization and Operating Agreements.
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment