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Take Home Project

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Take Home Project

1. BUSINESS FORMATION

a. What form would be required to form a Limited Liability Company?
Articles of Organization b. What form would be required to form a Corporation?
Articles of Incorporation c. Does an attorney need to sign the organization documents for an LLC?
No but it may be in the best interest for the organization d. Does an attorney need to sign the organization documents for a Corporation?
No, but it may be in the best interest for the organization e. What are the filing fees associated with filing an LLC and a Corporation?
$110 for both and the CL-1 is $25 f. Are there annual fees to be paid to the state for an LLC or Corporation?
Both LLC and Corporation have to pay $10 fees g. Does a Corporation doing business in SC but formed in another state have to register with the State of South Carolina?
Yes, they are required to register every location that their business resides in h. Does a General Partnership have to file anything with the Secretary of State?
No.

2. BUSINESS LICENSES AND TAX REGISTRATION

For this portion- I chose to run an S CORP for my liquor store which sells tobacco, wine, and liquor. My three employees are my cashier, stocker, and manager.

a. In Charleston, all businesses are required to have an annual business license for each location. There is a five step process for obtaining this business license. First- Zoning Compliance. The city encourages every business to confirm the zone and physical layout of the building they buy, lease, or commit to. Second- Renovations might require permits so make sure you have an understanding in which projects will require permits. The City’s Building Inspections Department will confirm if one is needed. Third- Business License Certificate of Occupancy Application. You must apply for this business license to be an

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