South Carolina LLC
For South Carolina LLC prices and State fees, please visit the costs page for forming an LLC in South Carolina.
South Carolina LLC Formation has fewer formalities than a corporation, in some cases. One of the statutes for corporations is, by law, the corporate shareholders have to meet at least annually and meeting minutes need to be documented. The South Carolina Limited Liability Company operating agreement can provide a provision for annual meetings of the owners, or lack thereof. South Carolina LLC is not required, by law, to hold meetings of the interest holders, however it is a good practice in order to maintain the protection provided against liability as required by officers and directors. To find out more about South Carolina LLC’s, contact Companies Incorporated at (800) 830-1055.
South Carolina llc formation creates a separate legal entity that shields the owners of the business from liability, debt and contractual obligations, the business is viewed as a separate "person" that is responsible for the South Carolina LLC liabilities. In order to maximize the protection the company can provide, it must be operated correctly. Examples of these formalities include filings to maintain standing with the South Carolina State Office, as well as operational formalities, such as not commingling personal and company funds and documenting business decisions made by the officers in annual meeting minutes of the shareholders. For more information on South Carolina Limited Liability Company, you can call Companies Incorporated at (800) 830-1055.
A South Carolina LLC is a "pass through" tax entity. This means that the profit and losses of the company are passed on to those who own it and reported on their personal tax filings / returns. The South Carolina Limited Liability Company does not pay business taxes at the company level, any tax due is paid at the individual level of the owners. South Carolina llc formation has tax advantages that include the option to have the company taxed as a corporation, otherwise it is taxed as a partnership or sole proprietorship, however the need to file itemized business deductions, or a schedule K-1, is unnecessary. For more information on Limited Liability Companies, call Companies Incorporated at (800) 830-1055.