{"id":3424,"date":"2016-04-28T13:28:52","date_gmt":"2016-04-28T20:28:52","guid":{"rendered":"http:\/\/evergreensmallbusiness.com\/?page_id=3424"},"modified":"2019-07-01T15:46:10","modified_gmt":"2019-07-01T22:46:10","slug":"setting-up-a-south-carolina-s-corporation","status":"publish","type":"page","link":"https:\/\/evergreensmallbusiness.com\/s-corporation-kits-for-all-fifty-states\/setting-up-a-south-carolina-s-corporation\/","title":{"rendered":"Setting Up a South Carolina S Corporation"},"content":{"rendered":"

\"south-carolina\"<\/a>If you\u2019re a South Carolina resident\u00a0operating a profitable small business, you should\u00a0consider forming either a limited liability company\u00a0or a corporation and then electing\u00a0s-status with the IRS. This simple move can save you a whopping 15.3% on self-employment taxes. \u00a0This kit can help if you need help setting up your entity or if you already have an existing LLC or corp. \u00a0Why? \u00a0It walks you through the steps of the what needs to be filed where and provides sample organizational documents, in the event of a new entity. \u00a0It also has instructions for getting the Form 2553 filed with the IRS, which is where you may be able to skip to if you already have an eligible entity.<\/p>\n

Here\u2019s how those savings are possible: If you are not operating as an S corporation, you\u2019re paying federal and state income taxes on all profits. \u00a0That part you probably know. \u00a0But, you are also paying self-employment tax as well. Up to 15% on the first $120,000 of income. That’s over $18,000! Ouch! \u00a0An s-election can trim those to a fraction.<\/p>\n

If that sounds like a pretty sweet deal, that’s probably because it is! \u00a0We sell both an LLC and a corporation version of the South Carolina kit. \u00a0We, along with most accountants, tend to recommend operating as an LLC if you have any doubts. \u00a0This will give you the same type of legal protection but means less red tape and requirements. \u00a0Your time is valuable!<\/p>\n

Our South Carolina\u00a0S Corporation kit<\/h2>\n

As we mentioned, there are two entity options available to be taxed as Subchapter S-corporations, so we have two different kits.<\/p>\n

The LLC version can be obtained at the link below. As a bonus, it comes with a single and multiple-member operating agreement :<\/p>\n