Willcox, Buyck & Williams, PA Blog

Thursday, July 21, 2016

Essential Steps For Starting And Maintaining Your Business

If you own a business or would like to create one, it is essential for you to seek the expert advice of an attorney.  Counsel will be able to answer your questions regarding what type of business you may form as well as the dealings you may engage in.  He or she will also delineate any limitations in managing your company and will advise you as to the chronological steps that need to be taken to ensure your success.   

For instance, you may require certain licenses to carry out business as usual.  These licenses may include a “Retail Sales Tax License” or an “Alcohol Beverage License,” and you will need to be listed with the South Carolina Department of Revenue (SCDOR).  However, some businesses may be exempt from registering if certain services are provided. 

If you are planning to form a business, you will need to be versed in the filing requirements of South Carolina as well.  This will include filing with the Secretary of State (SOS).  Upon successful registration, the SOS will issue you a Certificate that you should maintain as proof of your South Carolina listing. 

Moreover, you typically need to provide a name for your business, but the business name must not be used by another company.  An attorney can guide you as to how to determine whether the business name you desire is available.  Your business may also require a registered agent and office, and your company must comply with the South Carolina Code of Laws.

Furthermore, there are various tax and liability consequences associated with your business structure or form.  Several types available in South Carolina include Limited Liability Companies or Partnerships, Statutory Close Corporations, Professional Corporations, or even Non-Profit Corporations.  There may be different requirements and benefits depending on whether you are a for-profit or non-profit corporation.  

Lastly, if your corporation has employees or plans to have employees, you will need a Federal Employer Identification Number (FEIN).   You may need to register with the Internal Revenue Service (IRS) or other organizations of the state and county within South Carolina throughout this process.  Confer with your attorney to ensure that every requirement is met.  


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