Form CL-1 in South Carolina
Form CL-1 is the Initial Annual Report of Corporations that must be submitted to the Secretary of State by domestic and foreign corporations within 60 days of conducting business. LLCs filing as corporations also submit this form to the Department of Revenue. The $25 fee accompanies the form.
Corporations file tax returns annually while registered in South Carolina. The corporate income tax rate is 5% based on federal income. Additional forms exist for specific entities like partnerships and LLCs.
By filing Form CL-1, a corporation registers with the state to conduct business. It provides a record of the formation and structure. Requirements include a unique name with "LLC" or "Corporation." The SC File Number from Revenue is used for taxes.
LLCs don’t file annual reports. But corporations file returns like SC1120, SC1065, and SC1040. Returns are due by the 15th day of the 3rd month after year-end.
Renewal Requirements for LLCs in SC
Form CL-1 must be submitted by domestic and foreign corporations to the Secretary of State within 60 days of conducting business in South Carolina. Corporations with registered charters must file CL-1. The $25 minimum License Fee accompanies the form. Corporations must file returns as long as registered in the state. The 5% Corporate Income Tax rate applies to South Carolina taxable income of C Corporations based on federal income with state modifications.