Information on the 50 States and the District of columbia

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Incorporating in South Carolina

Corporate Name Requirements

* The name must use the word “corporation”, “incorporated”, “company”, or “limited”, the abbreviation corp.”, “inc.”, “co.”, or “ltd.” or abbreviations of words with a similar meaning in another language. The name cannot contain language indicating a purpose other than that permitted by state law and the articles of organization. The name must be distinguishable upon records of secretary of state from the name of a domestic or qualified foreign corporation, reserved or registered corporate name, name of non-profit corporation, or name of a limited partnership.

Articles of Incorporation Requirements

Director Information

  • Minimum Number – One or more.
  • Residence Requirements. – No provision.
  • Age Requirements – None.
  • Directors are not required to be listed in the articles of incorporation.

Officer Information

  • The officers are not required to be listed in the articles of incorporation.

Stock Information

  • No extra filing fees based on number of share or amount of par value.

Yearly Requirements

Annual Statements

  • Annual license fee of $15 plus $1 for each $1,000 (or fraction) of capital stock and paid in as surplus, as shown by corporate records on the first day of the income year next preceding the date of filing the report. Minimum tax, $25.
  • File annual report with Department of Revenue by the 15th day of the 3^rd month after the close of the preceding income year. The tax is paid with the report. To file initial articles of incorporation or an application for certificate of authority by a foreign corporation, the articles or application for certificate of authority must be accompanied by an annual report and remittance for minimum fee of $25 payable to Department of Revenue.

Income Tax Rate

  • 5% of entire net income.

For more information on taxes, visit South Carolina Department of Revenue

 

C-Corporation

  • Shareholders have limited liability protection
  • May be listed and traded as a publiccorporation on the stock market or “over the counter”
  • Has a separate and independent tax status from its owners
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S Corporation

  • Profits are not subject to “double taxation”
  • Corporate losses may be “passed through” to share holders
  • Shareholders are afforded the same protection as C Corp.
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LLC formation

  • Contains characteristics of both corporation and partnership
  • Shareholders may take advantage of “Pass-Through” taxation
  • Limited liability for share holders
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Not for profit corp

  • Eligible for tax-exempt status
  • Limited Liability protection
  • Qualify for public and private gains
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