After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for South Carolina corporations.
South Carolina corporations must keep the following items with their corporate records at the principal office:
- The Articles of Incorporation and any amendments
- Bylaws or restated bylaws and any amendments
- Permanent minutes of shareholder and director meetings and all actions taken by a committee of the board of directors in place of the board of directors and on behalf of the corporation
- Resolutions adopted by its board of directors creating one or more classes or series of shares and fixing their relative rights, preferences, and limitations
- Permanent records of actions taken by the shareholders without a meeting
- Written communications to shareholders for the past three years
- A list of the names and addresses of all shareholders listed alphabetically showing the number and class of shares held by each
- A list of names and business addresses of current directors and officers
- Most recent annual report
- Federal and state income tax returns for the past 10 years
Corporate taxes and fees
The following are taxation requirements and ongoing fees for South Carolina corporations:
- Annual report. South Carolina requires corporations to file an annual report on or before the 15th day of the third month following the close of the fiscal year. The filing fee is based on the corporation’s capital stock and paid-in capital or capital surplus. The minimum fee is $25.
- Taxes. For complete details on state taxes for South Carolina corporations, visit Business Owner's Toolkit or the State of South Carolina.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. South Carolina does not require a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
South Carolina recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional South Carolina information
View the following additional resources BizFilings has for forming and maintaining companies in South Carolina:
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