Starting a business will require pertinent documents and requirements that need to be filed right before your launch. Almost all states have the exact requirements and procedures when establishing an LLC. Like any other state, South Carolina is a potential place to begin your business venture, and in case you’re interested, you need to follow the process below to obtain all the essentials in building your LLC.
1. Choose your LLC name.
Since there are lots of companies in South Carolina, you need to distinguish your brand from them. You can do it by coming up with a unique LLC or company name for your business transactions. Make sure to add the LLC representation at the end of your name to comply with the state’s rule regarding trading names.
2. Assign a registered agent.
The state is always open to new entrepreneurs, but you need to be ready with a registered agent as this is one of the requirements. Your registered agent or resident agent should be residing in the state and have physical and PO box addresses. Your agent will be the receiver of the legal documents from the state and will be the bridge between your business and the government. You cannot establish your LLC without having an appointed registered agent.
3. Submit Articles of Organization.
Establishing an LLC will require you to file for Articles of Organization to the Secretary of State. This is a document where information such as your LLC name, address, members, type of management, shareholders, complete details of the registered agent, and signature is declared. It has a filing fee of $110, and you can either file it via postal mail or online.
4. Organize an operating agreement.
After filing your Articles of Organization, the next thing you need to prepare is the operating agreement. It isn’t compulsory, but the state is advising every business owner to prepare one. This is because it can provide another level of security to your business. This document typically includes the obligations, duties, and responsibilities of each member of the LLC. Likewise, it could serve as proof that your business is a separate entity.
5. Get your EIN.
If your LLC is composed of two or more members or plans to add employees in the future, an EIN is required. You can obtain your Employer Identification Number by applying at the IRS website. This is also important in filing or declaring your tax information.
Forming your LLC is such an exciting and proud thing to do. Although processing requirements might seem a little bit awry, it doesn’t mean that it would feel that way the whole journey. Likewise, going into a business venture will demand time and effort from you, and you should start this commitment in filing and organizing your business. Besides, you do not want to run your business illegally and lose all your investments in a blink of an eye just because you neglect to comply with the state requirements.