Legal Entity and Naming
Businesses in South Carolina must register a legal entity name, which acts as the official identification for the company according to state regulations. Choosing a unique name that doesn’t conflict with other businesses is important. The naming laws in South Carolina specify suffixes such as LLC, LP, or Corp and require that the name accurately represents the nature of the business registered.
Starting Your Business
- Name Your South Carolina Business
Once you have a few potential names, check the South Carolina state website to confirm availability. It’s also wise to check for nationally trademarked names, and check domain name availability. Register the name at the state’s Name Reservation Request form. - Create a Business Plan
Consider hiring an experienced business plan writer to create a professional business plan for you. - Foreign Qualification
If your business is located in another state, file foreign qualification with the South Carolina Secretary of State.
South Carolina offers world-class schools, relatively affordable living, and plenty of resources. General business registration requirements include obtaining licenses and permits, registering for taxes, and getting insurance. Costs vary by business type.
Why South Carolina?
South Carolina is known for its competitive labor market and a strong workforce development program, making it easier to find great talent for your business. The state’s natural beauty and hospitality, low cost of living, and a large population of potential customers provide a supportive environment for entrepreneurs.
There are 463,549 small businesses in South Carolina, which is 99.4% of all businesses in the state.
Registration Costs and Requirements
The cost of registering a foreign LLC in South Carolina is $110. Notably, South Carolina does not charge a state business license fee and is known for quick approval times.
For starting a business, some key steps include choosing a business idea, deciding on a legal structure, choosing a name, and acquiring a Retail License if necessary. Visit the Department of Revenue to obtain a retail license.
Review the four basic ways of forming your business and register your business name through one of three methods:
- Register directly on the state’s website.
- Use a document filing company.
- Engage an attorney or accountant.
If your business has a physical presence in South Carolina, you will need to collect and remit sales tax. The state provides guidance for both traditional and internet-based sales regarding sales tax nexus.
Owners can structure their businesses in several ways:
- Sole proprietorship
- Partnership
- Other structures available online with the Secretary of State
Tax Registration and Licenses
All companies are required to register for state taxes, including sales tax, employer withholding tax, and unemployment tax. Depending on the type of business, specific licenses or permits may be necessary.
From Charleston to Myrtle Beach, South Carolina is attractive for young people, families, and retirees. To hire employees and establish your business in the state, you need to register your company with the state of South Carolina.