Which entity does NOT need a firm license in North Carolina?

In North Carolina, a sole proprietorship operating under a tradename or "doing business as" (DBA) does not require a firm license. This is because a sole proprietorship is not considered a distinct legal entity separate from the owner; rather, it is an extension of the individual. Therefore, when an individual runs their business under their own name or a DBA, they are not subject to the same licensing requirements that apply to firms or corporations. They can conduct real estate activities without needing to obtain a firm license, making this option the correct choice in the context of the question.

In contrast, other entities mentioned, such as corporations, partnerships, and franchises, are classified as separate legal entities that require a firm license to operate legally within the state. This helps ensure that these organizations adhere to the regulatory standards of the real estate industry in North Carolina.