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 Dakota corporations.
South Dakota corporations must keep the following items with their corporate records at the principal place of business:
- The Articles of Incorporation and any amendments
- Bylaws, restated bylaws and any amendments
- Permanent minutes of shareholder and director meetings and record of all actions taken by a committee of the board of directors in place of the board of directors and on behalf of the corporation
- Records of actions taken by the shareholders without a meeting
- Resolutions adopted by the board of directors creating one or more classes or series of shares and fixing their relative rights, preferences and limitations
- A list of all shareholders including names and addresses listed alphabetically and showing the number and class of shares held by each
- Written communications to shareholders for the past three years
- A list of names and business addresses of current directors and officers
- Most recent annual report
Corporate taxes and fees
The following are taxation requirements and ongoing fees for South Dakota corporations:
- Annual report. South Dakota requires corporations to file an annual report in the anniversary month of the company’s incorporation. The filing fee is $50.
- Taxes. For complete details on state taxes for South Dakota corporations, visit Business Owner's Toolkit or the State of South Dakota.
- 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 Dakota 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 Dakota recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional South Dakota information
View the following additional resources BizFilings has for forming and maintaining companies in South Dakota:
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