South Carolina Incorporation, LLC, and Not-for-Profit Information

The formation document required to file a corporation in South Carolina is called the Articles of Incorporation. The information listed in the Articles of Incorporation includes, but not limited to, the name of the company, registered agent name, signature and address, shares, par value, name and address of the Incorporators.

South Carolina law does allow for the formation of Professional Corporations (PC's).

Corporations are managed by their Board of Directors. The minimum number of directors required in South Carolina is 1 and there is no age requirement. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.

The company bylaws regulate the way in which your company will be run. The bylaws are adopted at the initial meeting of the directors and are updated as needed. Included in the bylaws will be information on director/shareholder meetings, voting responsibilities, stock issue procedures and other operating procedures.

All South Carolina corporations will be required to file annual reports attached to tax returns filed with the Department of Revenue. The statement will request updated information on the name and address of the chief executive officer, the principal executive office, and the address for service of process. Failure to file the annual report may result in the company becoming inactive.

Corporations cannot register an Assumed Name (DBA) with South Carolina.

South Carolina provides a procedure for voluntarily dissolving a domestic corporation by filing an Articles of Dissolution Pursuant to Section 33-14-103 of the 1976 South Carolina Code of Laws with the Secretary of State.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc. Visit http://www.irs.gov for more information on federal tax requirements.

Further, if your corporation wants to apply for S-Corporation Election it should be applied for right after formation. In South Carolina an application for S-Corporation Election is required to be filed with the IRS. An application for S-Corporation Election is not required to be filed with the South Carolina Department of Revenue.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the South Carolina Department of Revenue at http://www.sctax.org.

The formation document required to file an LLC in South Carolina is called the Articles of Organization. The information listed in the Articles of Organization includes, but not limited to, the name of the company, registered agent name and address, street address, if managed by managers-names and addresses, and the Organizer name and address.

South Carolina law does not allow for the formation of Professional LLC's (PLLC's).

LLC's are managed by one or more members/managers. The members are like the shareholders of a corporation and are the owners of the company. The managers are like the officers of a corporation and run the company on behalf of the members. The minimum number of members required in South Carolina is 1 and the company can be member managed. The terms of office of the members/managers are stipulated in the company operating agreement.

The company operating agreement regulates the way in which your company will be run. The operating agreement is adopted at the initial meeting of the members and is updated as needed. Included in the operating agreement will be information on member/manager meetings, voting responsibilities, membership interest and other operating procedures.

All South Carolina LLC's are not required to file annual reports with the Department of State.

LLC's cannot register an Assumed Name (DBA) with South Carolina.

In order to dissolve a domestic limited liability company shall file Articles of Termination in accordance with S.C. Code of Laws §33-44-805 with the South Carolina Secretary of State.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc. Visit http://www.irs.gov for more information on federal tax requirements.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the South Carolina Department of Revenue at http://www.sctax.org.

The formation document required to file a Not-For-Profit corporation in South Carolina is called the Articles of Incorporation. The information listed in the Articles of Incorporation includes, but not limited to, the name of the company, registered agent name signature and address, specific type, managed by members or managers, address of the principal office, how assets will be distributed upon dissolution, name and address of the Incorporator, name and signature of each original director if named in Articles.

Not-For-Profit corporations are managed by their Board of Directors. The minimum number of directors required in South Carolina is 3 and there is no age requirement. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.

You can choose to have a members for your Not-For-Profit organization. The members have the exclusive right to elect directors, amend articles and bylaws, and vote on a merger or dissolution of the corporation. A membership structured Not-For-Profit organization normally benefits the members of the organization, such as a club or social organization. A Not-For-Profit organization that does not have members will be governed by its board of directors as is the case with most charitable organizations.

The company bylaws regulate the way in which your company will be run. The bylaws are adopted at the initial meeting of the directors and are updated as needed. Included in the bylaws will be information on director meetings, voting responsibilities, membership requirements and other operating procedures.

NFP corporations may be required and should keep the bylaws available for review at their principal place of business along with the names and addresses of directors and officers, minutes of all director meetings, records of actions taken by directors without a meeting, a copy of the formation document and any amendments thereto, and the company’s most recent annual report.

South Carolina Not-for-profit corporations are not required to file annual reports with the Department of State.

NFP Corporations cannot register an Assumed Name (DBA) with South Carolina.

South Carolina provides a procedure for voluntarily dissolving a domestic corporation by filing an Articles of Dissolution pursuant to the provisions of Section 33-31-1404 of the 1976 South Carolina Code of Laws with the Secretary of State.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc.

In order to apply for tax-exempt status under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3) of the IRS code, and none of its earnings may inure to any private shareholder or individual. The company must file Form 1023 for charitable organizations or Form 1024 for other types of tax exempt organizations in order to apply for tax-exempt status. Visit http://www.irs.gov/Charities-&-Non-Profits for additional information.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the South Carolina Department of Revenue at http://www.sctax.org.