In South Carolina, the most common structure for real estate enterprises is an LLC. This is due to the ease with which a limited liability corporation (LLC) may be formed and operated.
If your real estate firm is sued, an LLC may safeguard your personal assets (vehicle, home, money). LLCs also provide credibility and tax-saving possibilities.
In South Carolina, you may form a real estate LLC by filing Articles of Organization with the SC Secretary of State. In South Carolina, forming a real estate LLC costs $110.
The first step in organizing a real estate LLC is to choose a firm name. You must offer your company a distinct name that complies with South Carolina naming regulations.
When you submit your Articles of Organization, you will formally register your name.
Examine if your company’s name is accessible as a web domain. You may choose to purchase the URL in order to prevent others from using it.
A registered agent must be included when you submit your Articles of Organization.
A person or a registered agent service might serve as the registered agent for your real estate LLC. Although you may serve as your own registered agent, many company owners choose to employ a registered agent service.
You must submit Articles of Organization with the South Carolina Secretary of State to register your South Carolina LLC. This may be done online or in the mail.
An LLC operating agreement is a legal document that defines your real estate LLC’s ownership and member responsibilities.
You may include conditions in your real estate LLC operating agreement as long as they do not violate South Carolina law.
The US Internal Revenue Service (IRS) uses an Employer Identification Number (EIN) to identify and tax firms. It’s essentially a business’s Social Security number.
Following the Formation of a Real Estate LLC
