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South Carolina Corporation Continuing Obligations

Annual Report

A report must be filed with the South Carolina Department of Revenue each year by the 15th day of the 3rd month following the end of the corporation’s fiscal year, and must be current as of the date of the report’s execution. This report may be made public by the state, and must indicate:

  • The corporation’s name and its state or country of incorporation;
  • The address of the registered office and the name of the registered agent in this State;
  • The address of its principal office;
  • The names and business addresses of the directors and principal officers;
  • A brief description of the nature of the business;
  • The total number of authorized shares of stock, itemized by class and series, if any, within each class; and
  • The total number of issued and outstanding shares of stock, itemized by class and series, if any, within each class

Other Reports

The corporation must mail to its shareholders within 120 days after the close of the fiscal year a financial report which includes at least a year-end balance sheet, income statement and a statement of changes in shareholders’ equity for the year unless this information appears elsewhere in the financial statement.

The corporation must also report in writing to shareholders of any indemnifications or expenses advanced to a director in connection with a proceeding by or for the benefit of the corporation, with or before notice of the next shareholders’ meeting. If the corporation issues or authorizes the issuance of promissory notes or promises to render future services, the corporation must report in writing to the shareholders the number of shares authorized or issued, and the consideration received by the corporation, with or before notice of the next shareholders’ meeting.

Dissolution

A South Carolina corporation may voluntarily elect to wind up and dissolve. A corporation must file a Certificate or Articles of Dissolution when it wishes to dissolve. United Agent Services will prepare your Certificate/Articles of Dissolution and submit it to the appropriate state agency to assist you in dissolving your corporation.

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