If you plan to do business in South Carolina, there are many statutes that regulate how you can set up your business and how you get to run your business. We do not generally think of our state as an overreaching government, but still, there are quite a few laws that South Carolina small business owners should know.
It can be quite challenging to keep up with the new regulations that come out every year on top of all the existing rules. A South Carolina business attorney can help you form your business structure and provide guidance on how you can stay in compliance with relevant regulations.
When you go into business, your goal is likely to become as successful as possible. Federal statutes and South Carolina’s antitrust laws, however, try to play some limits on business success.
If you do too well in the eyes of the government, antitrust laws might try to prevent you from getting what the government sees as an unfair advantage in the marketplace. What you might see as being the leader in your field, our state might view as a lack of competition between businesses.
Forming a Business in South Carolina
South Carolina law allows for a wide variety of business structures. You could have a sole proprietorship, a partnership, a corporation, or a limited liability corporation (LLC). Within some of these categories, there are multiple options. You could set up a C corporation, an S corporation, a general partnership, a limited liability partnership, or other entities.
Some business entities require you to name the company and register the name under which you will be doing business. Depending on your business structure, you might need to:
- Select and identify a registered agent for service of process
- File articles of incorporation
- Register to do business in the state of South Carolina if you are a foreign LLC.
Our state usually does not require operating agreements, but creating one can be a smart business practice. Depending on whether you sell goods and collect sales tax, you might have to register with the South Carolina Department of revenue. Also, you might need state and local business licenses.
Deceptive Trade Practices
South Carolina tries to protect consumers from what the state considers to be deceptive or unfair practices used to sell goods or services. Building and running a company can be a cutthroat business. Companies in South Carolina need to balance competitiveness with honest trade practices. If a business steps over the line, our state’s deceptive trade practices laws could impose punishments.
Statute of Limitations
Our state limits the amount of time people have to file lawsuits against others. Different types of lawsuits have different lengths of deadlines, called statutes of limitations. You will want to be familiar with these deadlines because they can be both a sword and shield.
If a person or another company files a lawsuit against you and it is past the statute of limitations, you could file a motion to dismiss the lawsuit. If you want to take legal action against someone, you will need to file your case before the deadline expires.
A South Carolina business attorney can advise you on South Carolina laws that apply to small businesses. Get in touch with our office today for legal assistance, we offer a free consultation.