Filing Procedure
To file your annual report in South Carolina, it is filed as part of your state corporate tax return. To file online, you must use approved tax software. If your tax liability is more than $15,000, you are required to file online.
Approved software providers for South Carolina Corporate eFile (as of January 2022) include Advanced Tax Solutions and ATX.
Requirements for LLCs and Partnerships
Domestic South Carolina Limited Liability Partnership Annual Report Requirements:
- Form: Domestic Limited Liability Partnership – Renewal Application.
- Fee: $25.
- Form CL-1 must be filed within 60 days after starting your business.
LLC Taxation and Reports:
- LLCs taxed as corporations must file annual reports as part of their tax returns.
- LLCs taxed as S-Corps can find more information at the South Carolina Secretary of State.
- By default, Single-Member LLCs are taxed like a Sole Proprietorship and don’t need to file an annual report.
South Carolina corporations must also file an Initial Annual Report of Corporations CL-1.
Consequences of Not Filing
You need a South Carolina State Tax ID Number before filing Form SC 1120 or SC 1120S. Failure to file your annual report may result in the jurisdiction revoking your company’s good standing.
Services Offered
Let Us File Your South Carolina Annual Report – Benefits Include:
- Experienced preparation.
- Guaranteed on-time filing with the Secretary of State.
- Avoidance of late fees and penalties.
Additional Information
In South Carolina, the LLC annual report is not mandatory. The filing fee is currently $0, and there is no penalty for late filings.
To begin the online submission for the annual report, log in to the South Carolina Secretary of State website using your LLC’s identification number and password. Ensure that all information provided is current and up-to-date.
Lastly, South Carolina imposes no franchise tax on LLCs as they are often treated like pass-through business entities.