Why form a South Carolina LLC?
Many advantages are afforded to those who decide that its time to file for a South Carolina LLC. The most important reason for filing a South Carolina LLC is for the limited liability protection. When a LLC is formed, a separation of the individual from the LLC occurs. This separation is what lets individuals be protected from the debts and obligations of the LLC.
Naming your new LLC
Limited Liability Companies filed in the state of South Carolina must end with LLC, L.L.C. or Limited Liability Company. The LLC name must be distinguishable from that of another LLC or Corporation already on file or reserved in South Carolina. In determining if a company is distinguishable, the Secretary of State will ignore words such as “and”, “the”, “or”, “a”, “an”. The Secretary of state will also ignore the use of punctuation, spaces and the use of capitals. Also slight changes in the word such as adding “ing” or “ed” will not provide distinction.
Ownership/Management
A LLC is owned by its members. Unlike a corporation where the ownership is determined by the shareholders, ownership of an LLC is determined by who is listed as a member. Management of the LLC is determined in two ways, a member managed system and a manager managed system. Most common of these is member managed system where the members control the activity and the responsibility of the LLC. In a manager managed system, a third party maintains the business activity of the company.
Do I need a Registered Agent?
Yes, all states do require a registered agent to be named when a LLC is formed. The registered agent's role is to be the point of contact person when the Secretary of State will need to serve process. The registered agent must be a resident over the age of 18 and have a physical address. If these conditions can't be met, a third party company can serve as a registered agent for a yearly fee.
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