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Charleston Estate Planning & Asset Protection Blog

Thursday, May 9, 2019

Tips for Forming an LLC

What are the requirements for naming my new LLC?

A Limited Liability Company or LLC is a legal entity often selected by business owners due to its many advantages over other types of entities and ease of formation.  New business owners considering forming an LLC will want to first be sure that an LLC represents the best business entity for their unique business needs. Next, with your type of entity selected, you will need to understand the steps required to form a new LLC in South Carolina.

Advantages of an LLC

There are many reasons why a new business owner may select an LLC, as opposed to a corporation or sole proprietorship, for his or her new business venture.  An LLC limits the liability of its managers and members. Your personal assets will generally be protected from business lawsuits or creditors. Further, an LLC allows for pass through taxation, meaning that the profits of the business will pass through to its members, who are then taxed personally.  This allows for ease of taxation and avoids double taxation issues. LLCs allow business owners to raise seed capital from smaller investors and serves to protect the business’s intellectual property.

Though LLCs have many advantages, they come with some drawbacks for certain businesses.  LLCs will have more startup costs and annual fees than sole proprietorships or partnerships. LLC owners will need to create a separate bank account and keep separate records.  Despite these drawbacks, many business owners find that an LLC is the best option. 

Forming an LLC

Once you have decided that an LLC is the best option for your new business, you will need to consult with a business attorney who will help you to properly form one.  Your new LLC will need a name. The name must include the words Limited Liability Company or the abbreviations LLC, LC, L.L.C., or L.C. Your name needs to be distinguishable, so you will want to search the South Carolina Secretary of State’s business name database to ensure your name is not already taken.

With a name selected, you can create Articles of Organization, which will be filed with the Secretary of State.  This document is needed to form the LLC. Your articles must include the LLC’s name, address, registered agent, and more.  Your business formation attorney will walk you through the process of setting up your LLC so that you comply with all state and federal requirements.  

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