Small businesses are always looking for ways to grow their companies and do it with the least amount of effort and money spent to do so. By obtaining a North American Industry Classification System (NAICS) code, entrepreneurs can make their businesses attractive to various new industries. For example, having a NAICS code for your LLC can help you qualify for government contracts, participate in new marketing activities, and even partake in certain natural resource sales. We’ll guide you through obtaining a NAICS code for your LLC and tell you more about the opportunities that can come with it.
Pronounced “NAKES” like snakes, NAICS is a system that classifies firms by industry. The governments of countries across North America — the U.S., Canada, and Mexico — created this six-digit business classification system. It was rolled out in 1997. Updates and improvements take place every five years. The most recent updates occurred in 2022, which are the improvements to the code currently in use.
These business codes for LLCs can help determine if your business is eligible for certain government grants and contracts. NAICS codes can also help you determine if you qualify for certification from the U.S. Small Business Administration.
LLC NAICS codes can also improve your chances of obtaining loans from commercial lenders. NAICS codes allow lenders to make industry comparisons to determine and identify the best-qualified small businesses for loans.
Your LLC business code is used to determine the size of your business. Using the NAICS Size Standards tool, you can determine whether you classify as a small business under the Small Business Administration rules. If you do, you can find specialized opportunities for small businesses using your NAICS code. The NAICS code for LLCs can also help your company identify government contracting opportunities and pursue the ones you’re most qualified for.
Are you wondering, “How do I find my NAICS code?” The great news is that these codes are self-assigned. Setting up your NAICS code quickly can be done in three easy steps that include:
If your business has multiple activities, you can select a secondary NAICS code. If you still need help finding your specific code, call the U.S. Census Bureau toll-free number at 1-888-756-2427.
Looking up your NAICS code is a fast, easy way to start on your journey to new opportunities for your small business. Be sure to start with a NAICS lookup tool from either the government or a trade association. Check all resources, including the Drill Down Table, and the NAICS Lookup Help to learn more about NAICS topics that can guide you to the right NAICS code for your LLC.
Once you’ve picked out a business name and settled on the next great business idea, our LLC formation service is an excellent resource to get you up and running quickly for $0 to start. Our full suite of business services and tools support you while you get started and help your business grow and thrive. Let us take care of formation, registered agent, document amendments, compliance, and more, so you can focus on the business you love.
Disclaimer: The content on this page is for informational purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
No, you will need to perform a search and select the code that best applies to your business. You can even select a secondary code if you are performing more than one primary business function.
Yes, Having a NAICS code can open you up to opportunities in government contracting and allow you to participate in marketing opportunities and deals that you would not have had access to if you did not identify yourself with a NAICS code.
You can go to the Census Bureau website and search for the appropriate code for your business. Some state LLC entity formation documents require you to include a NAICS code when forming your company. Be sure that your NAICS code is always up to date and reflects your current business activities.
A self-employed entrepreneur can absolutely have a NAICS code. Just as you would for your LLC, simply search for your primary business purpose and identify yourself using that same code.
A NAICS code is a six-digit code used to classify firms by industry. It can also identify your company by size.
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