You must submit Articles of Incorporation to the Secretary of State in order to establish a corporation in South Carolina. This document contains the fundamental details about your company, including its name, registered agent, and objectives. The filing fee, which is now $135, must also be paid.
You must file the Articles of Incorporation and acquire any business licenses and permissions required by your industry. Bylaws for your corporation, which define the internal policies and practices of your company, may also be something you want to think about.
You might be debating between an LLC and a S Corp while determining how to set up your company. Both strategies provide owners with minimal liability protection, which means that, in general, personal assets are shielded from corporate debts and liabilities.
There are, however, some significant differences between the two. An LLC often offers for more flexibility in terms of administration and ownership structure and is less complicated, expensive, and time-consuming to establish and run. Contrarily, a S Corp can provide tax advantages in some circumstances because gains and losses can be transferred to the owners’ individual tax returns.
Operating a small firm as a sole proprietorship is an additional choice for entrepreneurs. Due to the lack of official documentation or filing expenses, this business structure is the most straightforward and affordable. It does not, however, provide the owner with any liability protection, thus personal assets are exposed in the event of corporate problems or legal troubles.
On the other hand, an LLC offers limited liability protection and can give your company a more professional appearance. It is a popular option for small enterprises since it permits more flexibility in terms of ownership and management structures.
The current filing fee for establishing an LLC in South Carolina is $110. You might also need to get any licenses and permits required by your industry for doing company, in addition to the Articles of Organization.
The kind of business entity you select and any additional fees or permits required for your industry all have a role in how much it will cost to incorporate in South Carolina. Before making any decisions, it’s crucial to thoroughly weigh your options and seek advice from a legal or financial expert.
The Articles of Incorporation form, or Cl 1 form, is what must be submitted to the Secretary of State’s office in South Carolina in order to formally establish a corporation. This form contains crucial details about the corporation, including its name, goals, registration agent, and the original directors’ names and addresses.