Lawyer in Hilton Head and Okatie, SC Offers Incorporation Services
A corporation is a popular type of business structure. This is because the corporation is an entity that is separate from its founder and shareholders. Therefore, the shareholders will not be made liable for any debts or liabilities made by the business.
Other advantages of a corporation include outliving its owners, instant credibility, tax exemptions, and a lot more.
If you are new to this, you may be in need of a lawyer in Hilton Head or Okatie, SC or surrounding areas to make all these processes easy to understand and hassle-free. Look no further than Fraser Law Firm, LLC. We help you make knowledgeable decisions to ensure that your business grows and succeeds.
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Requirements for Incorporating in South Carolina
1. Preparing Your Articles of Incorporation
In South Carolina, or anywhere else you may want to form your corporation, you will be required to file articles of incorporation. Likewise, you will need to submit an initial annual report (form CL-1) with the Secretary of State and pay a filing fee.
The articles of incorporation must include the name of the corporation, stock structure (total number of authorized shares, itemized by class), the names, addresses, and signatures of the incorporators, a registered agent and registered office, and a certificate signed by a lawyer in South Carolina stating that you have complied with the requirements imposed by law.
2. Naming Your Corporation
The name of your corporation is a vital decision to be made. You have to make sure that no other corporation has the same name. You can do so by searching business filings at the Secretary of State’s website.
Make sure that your corporation’s name contains one of these words or abbreviations: corporation, corp., incorporated, inc., company, co., limited, or ltd.
3. Specifying Incorporators
There should be at least one incorporator for every corporation. They can either be a person or entity, and their names and addresses must be included in the articles of incorporation. The incorporator is responsible for signing and submitting the articles of incorporation to the Secretary of State.
4. Specifying Directors
Each corporation must have at least one director who will manage the business and exercise corporate powers. They do not have to be a shareholder in the company nor a resident of South Carolina.
The articles of incorporation should include the agreed maximum number of corporate directors as well as the eligibility criteria for selecting them.
5. Specifying a Registered Agent and Registered Office
A registered agent is responsible for receiving any notices, demands, and lawsuits that may come your way. They must be a resident of South Carolina or a corporation formed or authorized to conduct business in this state. Make sure that they are included in your articles of incorporation.
You must also have a registered office in South Carolina, which is identical to the registered agent’s business office.
6. Determining Incorporation Bylaws
The bylaws of a corporation serve as a guide for its organization and operation. It must be consistent with the articles of incorporation and abide by the law. Though it does not need to be submitted to the Secretary of State, it should be kept at the corporation’s principal place of business.
General Practice Attorney in Hilton Head and Okatie, SC
Although it is true that you can incorporate your business without the services of a general practice attorney in Okatie, SC, we at Fraser Law Firm, LLC, will save you time and give you peace of mind that this part of your business venture will be done correctly. We give invaluable legal advice, and we get things done in a simple and efficient manner.
Denny Fraser of Fraser Law Firm, LLC is a trusted Attorney and author in Hilton Head, and Okatie, SC. Aside from business formation, he also gives his clients legal assistance on real estate transactions, construction law, estate planning, employment law, credit relations law, property owner’s association law, and general litigation.