Government Filings

While this list does not presume to be even close to exhaustive, certain filing and licensing requirements are common place with South Carolina businesses.

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Has the company obtained its Federal Employer ID number?  

If the company has employees, has the company obtained its State Tax Withholding Number and Employment Security Number?  

Have all required state licenses and permits been obtained?

If the business will have a physical presence in states other than South Carolina, has the company obtained authorization to do business in all states it is required to?

Has or might the business subject itself to federal and/or state securities filings?

 


Has the company obtained its Federal Employer ID number back to top

There are many circumstances under which a business is obligated to obtain a Federal Employee Identification Number (EIN). A Federal Employer Identification Number (EIN) is used for tax purposes by the IRS. Companies with employees must withhold taxes on those employees and this number is required by the IRS for the purpose of tracking employer tax withholdings. Sole proprietorships with no employees are generally not required to have an EIN. However, sole proprietorships with no employees are required to have an EIN if they establish a qualified retirement plan or are required to file excise, employment, alcohol, tobacco, or firearms returns. A partnership, corporation, nonprofit organization, or a farmer’s co-op must use an EIN for tax related purposes even if the entity does not have employees. A single member limited liability company (commonly referred to as an “LLC”) will be treated as a disregarded entity for tax purposes and a multi-member LLC will be treated as a partnership for tax purposes by default, unless the company specifically elects to be taxed as a corporation. An entity may also request an EIN number for non-federal purposes such as a state requirement or for banking purposes. IRS form SS-4 is the application for an Employer Identification Number and can be filed on the Internet at www.irs.gov.


If the company has employees, has the company obtained its State Tax Withholding Number and Employment Security Number? back to top

If the company has employees, the company will need to obtain its State Tax Withholding Number and Employment Security Number account. Form SCTC-111 will need to be filed with the South Carolina Department of Revenue to obtain a state employee withholding tax identification number and Form UCE-151 will need to be filed with the South Carolina Employment Security Commission to obtain an employment security account number.


Have all required state licenses and permits been obtained? back to top

While the following is not an exhaustive list, you should be aware that many businesses are required to obtain permits and licenses in order to conduct business in the state of South Carolina. You should check with the applicable state agencies to ensure that all required state licenses and permits have been obtained, according to the nature of your business activity.

For example, the following is a list of business activities regulated by the Department of Consumer Affairs: Athletic Agents, Continuing Care Retirement Communities, Maximum Rate Schedules, Mortgage Brokers, Motor Clubs, Pawnbrokers, Physical Fitness Centers, Prescription Drug Discount Cards, Prepaid Legal Services, Registered Creditors, Staff Leasing Services.

Other businesses that are licensed by the Department of Labor Licensing and Regulation include: Accountancy, Architectural Examiners, Athletic Commissioners, Auctioneers, Barber Examiners, Chiropractic Examiners, Contractors, Cosmetology, Dentistry, Engineers and Surveyors, Environmental Control Systems and Remediation, Foresters, Funeral Services, Geologists, Landscape Architects, Long-Term Health Care, Manufactured Housing, Massage/Body Work/Therapy, Medical Examiners, Nursing, Occupational Therapy, Opticianry, Optometry, Pharmacy, Physical Therapy, Pilotage (Port of Charleston), Podiatry Examiners, Psychology, Pyrotechnic Safety, Real Estate, Real Estate Appraisers, Residential Home Builders, Social Work, Speech Language Pathology/Audiology, and Veterinary Medical Examiners.

Still other types of business may be subject to licensing requirements from other state agencies, such as private investigator licensing with the South Carolina Law Enforcement Division (“SLED), food establishment licensing with the South Carolina Department of Health and Environmental Control (“DHEC”), and alcoholic beverage permits from the South Carolina Department of Revenue.

In addition every business may need to be licensed annually with the counties or cities in which it carries out business.


If the business will have a physical presence in states other than South Carolina, has the company obtained authorization to do business in all states it is required to? back to top

Business entities organized under the laws of one state must generally register to do business in other states if they will have an on-going physical presence in that state, with certain exceptions allowed. Businesses also may be required to pay state taxes in each state in which state it conducts business if the state is the source of revenue for the business. Also, local business and state licensing rules will usually also apply.


Has or might the business subject itself to federal and/or state securities filings back to top

If your business has, or might subject itself to, federal and/or state securities filings, you should know that, whether an entrepreneur is aware of it or not, the offer or sale of ownership interest in a business is likely to qualify as the sale of a security. This is especially true if that ownership interest is in a corporation or is otherwise offered or sold to a passive investor. Although businesses may often qualify for exemptions from federal and state registration and disclosure requirements, other filings may still have to be made. In most instances, business owners and managers are well advised to consult with a business attorney competent in securities matters prior to offering, selling, or otherwise transferring ownership interests in a business.

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For further information, please do not hesitate to contact us by e-mail or by requesting an appointment.

IMPORTANT DISCLAIMER: This checklist (in whole or part) is not an exhaustive list of legal issues applicable to any business. Its purpose is strictly educational. It is not intended to be construed as legal advice, or a substitute for legal advice, and should not be relied on without consulting a licensed attorney competent in business matters. The federal, state, and local laws and regulations on which this information was originally created are subject to change without notice. No warranty, whether express or implied, is made as to the frequency or timeliness of any corrections or updates to the information provided herein.

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