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Forming an LLC in South Carolina
Forming an LLC in South Carolina is not complicated, but if you want to save yourself some time and effort there are several incorporation companies that can do it for you for a moderate fee. When it is time to set up an Operating Agreement, you should ideally contact an attorney. Involving an attorney is by no means mandatory in South Carolina, but a faulty Operating Agreement can give you problems with the IRS later on and spending some money on an attorney will often prove to be financially sound in the long run.
Forming an LLC in South Carolina in 5 easy steps
- Before you can do anything else, your LLC must have an appropriate name. The name cannot violate any trademark, it must be unique (not used by another LLC), and it must contain an LLC identifier. “LLC”, “L.L.C.”, “Ltd. Liability Co”, and “Limited Liability Company” are all examples of LLC identifiers.
- Once you have found a good name for your LLC, you can file the Articles of Organization with the South Carolina filing office.
- The next step is to have an organizational meeting where the Operating Agreement is formally adopted.
- When an Operating Agreement has been adopted for the LLC, it will be possible to obtain a Federal Employer Identification Number (FEIN) and get a company bank account.
- Last, but certainly not least, the LLC must obtain a local business license from each city (or county) in which it will be conducting business.
Important facts to take into consideration before forming an LLC in South Carolina
- The minimum filing fee is $110.00 in the state of South Carolina. (For 40 business days.)
- When forming an LLC in South Carolina, you are not required to hand in any annual reports or pay any annual report fees.
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