Understanding Cl-1 South Carolina: LLC Renewal, Annual Reports, and Franchise Tax

A Limited Liability Company (LLC) that is registered in South Carolina is referred to as a Cl-1 South Carolina. LLCs that were set up in accordance with South Carolina law are identified by the Cl-1 classification. Because they provide owners with limited liability protection while yet enabling adaptable management structures and pass-through taxation, LLCs are a popular alternative for many small enterprises.

Whether an LLC needs to be renewed annually is one of the many queries that come up while forming one in South Carolina. The short answer is no, South Carolina does not require annual renewal of LLCs. However, in order to keep their good status, businesses must submit an annual report to the Secretary of State’s office. The annual report must be submitted by the 15th day of the fourth month after the fiscal year’s end for the LLC. The yearly report has a $10 filing fee.

Corporations must submit an annual report to the Secretary of State’s office in South Carolina. The first day of the fourth month after the conclusion of the corporation’s fiscal year is when the annual report is due. The yearly report filing fee is $25. The corporation may be administratively dissolved or placed in a revoked status if the annual report is not filed.

All corporations and LLCs that are permitted to conduct business in South Carolina are subject to a franchise tax in addition to the annual report. Depending on whatever is greater—the company’s capital stock or net worth—the franchise tax is computed. The franchise tax has a minimum of $25 and a maximum of $15,000. The franchise tax is payable by the fifteenth day of the fourth month after the fiscal year of the corporation or LLC ends. The final cost is $10 to renew an LLC in South Carolina. Only when the LLC is changing its name or address is this charge necessary. There is no fee to renew if the LLC is not making any changes.

In conclusion, the term “Cl-1 South Carolina” designates a Limited Liability Company that has been registered in South Carolina. In South Carolina, LLCs are not needed to renew themselves every year, but they must still submit an annual report and pay a franchise tax. The filing price for the annual report is $10, and it must be submitted by the 15th day of the fourth month after the conclusion of the LLC’s fiscal year. The franchise tax has a $25 minimum fee and is due by the 15th day of the fourth month after the conclusion of the corporation’s or LLC’s fiscal year. If the name or address is altered, a South Carolina LLC renewal fee of $10 must be paid.