How to Form a C Corporation in South Carolina

Introduction

You’ve decided to form a C corporation in South Carolina, and that’s great! Forming a corporation is an excellent way to structure your business. Once you have everything in place, you’ll be able to save on taxes and protect your personal assets from lawsuits. In this article, we’ll walk you through the steps of forming a C corporation in South Carolina by giving you all of the information you need to make it happen successfully.

Choose a corporate name

The name of your corporation must end with “corporation,” “incorporated,” or “limited.” The name must be distinguishable from other corporations on file and cannot mislead the public. It also cannot be offensive to good taste and decency, and it must not be the same as any other corporation on file in the state of South Carolina.

In addition to choosing a name for your business, you will need to choose officers (president, vice president, secretary, treasurer) who will oversee its day-to-day operations.

File articles of incorporation

Next, you’ll want to file your articles of incorporation with the South Carolina Secretary of State. To do this, you can either file online or by mail. If filing online, you must include the following information:

• The name of your corporation
• The address of its principal office (and if different than its principal office)
• The name of its registered agent and their address

You also need to provide a list of all directors and officers who will be serving in those capacities for your company.

Adopt corporate bylaws

The bylaws are the rules that govern the operation of a corporation. They should be adopted before you start doing business and can be adopted in a formal meeting of the board of directors. The bylaws should be approved by a majority vote of the board of directors.

Hold organizational meetings

An organizational meeting is the first official gathering of corporate shareholders. It typically occurs within 90 days of incorporation, but you can also hold one at any time during the year if you have a reason to do so. During this meeting, you’ll appoint directors and officers, adopt bylaws and issue shares (if applicable).

If you don’t decide to hold an organizational meeting before incorporating your business, it’s not too late. You can always organize later on in your C Corporation’s life cycle—or even after filing for dissolution if all goes well! Just keep in mind that certain state regulations require certain actions be taken within a certain amount of time after incorporation takes place; failing to meet those deadlines could be costly for both parties involved.

Once everything has been decided upon and agreed upon by all parties involved, record minutes from this special assembly by getting together again with every single individual who attended as well as anyone who wasn’t present but still wants their opinion heard out loud (such as cofounders or investors). Record everything each person says into one singular document along with full names so there will never be any confusion down the line when someone wants something changed again later on down road.”

Issue stock

Issuing stock is one of the most important functions of a corporation. A corporation can issue stock to raise capital, or it can issue stock as part of a compensation package for employees, investors and others.

When you issue shares of stock, each share represents an ownership stake in the company and entitles you to certain rights in its governance. For example: If you own 100% of your company’s shares but have no other control over how it operates (and don’t plan on taking any action), then your ownership interest is said to be “controlling.”

Get an employer identification number

An EIN is a unique number that the IRS assigns to identify your business. The EIN is required for many different things, including opening a bank account and paying taxes. You can get an EIN by visiting the IRS website or calling 1-800-829-4933.

If you are starting a new C Corporation in South Carolina, it’s important to get this step right off the bat because you will need this number to file your articles of incorporation and other legal documents related to forming your corporation.

Open a bank account for your C corporation

You need to open a business checking account and a business savings account. You can do this online or in person at your bank.

You want to be able to pay expenses directly from your checking account, but you’ll also want some extra cash in the savings account for unexpected expenses that come up.

You should have a credit card for paying recurring bills like utility bills, phone bills and rent/mortgage payments.

A line of credit will help you get through those months where things are tight and you need to make payroll without having enough money in the bank

You can form a C corporation in South Carolina if you follow the instructions above

• Follow the instructions above to form a C corporation in South Carolina.
• File a certificate of incorporation with the South Carolina secretary of state.
• Obtain an employer identification number from the IRS.

Conclusion

You now know how to form a C corporation in South Carolina, and the steps necessary to do so. It’s important to note that forming a corporation is not as simple as filing an LLC or sole proprietorship; it requires more time and effort. But if you have the resources necessary, our guide should help you get started on this exciting endeavor today!