You did it. Your South Carolina LLC is officially up and running, ready to take on challenges, roll in the profits, and change the world.
There’s no doubt that this is an exciting time in your business journey. After starting your LLC, it’s easy to get carried away in all the excitement and expectations. After all, as a new business owner, you’ve got a lot on your plate.
But the state does too. They need to keep updated records on thousands of businesses so that they can effectively reach out with any important tax or legal communications down the road. How do they do it? With your cooperation, of course.
In South Carolina, an LLC’s annual report consists of two parts: a Franchise Tax and a Public Information Report. Each LLC must submit these filings to the South Carolina Comptroller every year to keep their information current. Unsure how to go about it? Never even heard of it? No worries at all. That’s why we’re here. Keep reading for everything you need to know.
For brevity’s sake, we’ll refer to these two combined filings as the “Annual Report” in this guide.
Still Working on Forming Your LLC?
If the process seems overwhelming, you can always enlist the help of an online formation service. One of these businesses can quickly and effectively form your LLC, ensuring that all of your documents are filed correctly and fees are paid on time.
Some (like ZenBusiness and IncFile) will even handle your ongoing registered agent and compliance requirements. Just turn everything over to them and your LLC will be off the ground before you know it.