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South Carolina Business License

Date: 01/17/2019 | Category: | Author: Jakub Vele

South Carolina Business License

Once you have registered your business in South Carolina, the next step is to check if your business requires a license or a permit. A business license is required in most of the states for a variety of businesses but then on the other hand, not all businesses require a license to operate. As a business entity you may require a permit instead of a license while some businesses may require multiple licenses or permit.

Who oversees the issuance of a business permit or license? The process of issuance of a business license in South Carolina is governed by the state or the city or county. Statewide licenses issued in South Carolina are:

  • Retail Sales and Use Tax
  • Alcoholic Beverage Licenses

Apart from the above, most of the permits and license issuance is regulated by each county in the state. It can be a confusing process initially especially if a new business is planning to apply for a license. Hence, we have created a short guide to help business understand the process. Download SC Business Resource Guide

Step-by-Step Guide to South Carolina Business License Process

Here is a step-by-step approach towards acquiring a business license in the state of South Carolina.

Step#1: The Industry or Business Type

How would you know what type of business or professional license is required to operate in South Carolina? The type of industry or the activities of a business entity helps in identifying the type of business license required. Different types of licenses and permits are issued by different state agencies or counties.

Let’s look at an example to understand this well.

Alcohol Beverage Licensing

Some businesses will require a South Carolina company license while others will require a permit.

Chapter 4 of Title 61 indicates that manufacturing, sale, and distribution, of beer and wine will be regulated through issuance of winery, brewery, wholesale, and retail permits.

  • License issued by: South Carolina Department of Revenue, Alcohol Beverage Licensing.
  • Fee: The fee will vary according to the type of business or activity like Alcoholic Liquor Producer or Importer will require a business license and the fee is $400 Biennially. Expiry of the license is August 31 on even numbered years. On the other hand, a Food Service Establishment serving Beer and Wine will require a permit and the fee is $600 and there is also a non-refundable filing fee of $300.

SAMPLE PERMIT APPLICATION

Food Service Establishment

If you are planning to start a Retail Food Establishment then you will be required to apply for a business license. There are different types of food establishments covered under this license and that includes Restaurant/Convenience Store, Sushi preparation onsite, Grocery Store including Meat or seafood Market, Deli and Bakery; Mobile Food; Immediate Outdoor Cooking; and Shared Use Operations/Commissary.

  • License Issued by: S.C. Department of Health and Environmental Control (DHEC)
  • Fee: Every applicant will have to pay a $60 inspection fee

SAMPLE APPLICATION

Step#2: Licenses issued by City/County

Since all licenses are issued by the state, business entities need to apply for their respective business license in South Carolina locally. Most of the towns as well as municipalities require a license for conducting business including the following counties:

  • Charleston County
  • Beaufort County
  • Dorchester County
  • Jasper County
  • Horry County
  • Marion County
  • Sumter County
  • Richland County

Let’s look at an example to understand this.

If you are planning to set up your business in Charleston then you will require an annual business license. The license application is divided into three categories and they are:

  • Application for a New For-Profit Business
  • Commercial locations have to fill out Business License Certificate of Occupancy Application
  • Home-based business requires Home Occupation Application.

All licenses are categorized under a rate class starting from 1 to 8 like automobile dealers and amusement parks are covered under Rate Class 8 while food manufacturing is classified under Rate Class 2. Rate Classification Index

The South Carolina company license fee will vary according to the rate class and you can check the calculation of fee here.

The license would be issued by the Licensing Clerk of Charleston, Revenue Collections Division

Step#3: Issuance of a Business License

How is a business license in South Carolina issued? You have to identify the following to complete the process:

  1. The type of business or industry
  2. Do you need a license or a permit?
  3. Will it be issued by the state or the county?

Once you have identified the above, all you need to do is either download the application online or contact the concerned state department or city of clerk office.

It is important to note that a business license or permit will have to be renewed annually unless specific dates have been mentioned, to keep the business operational.

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Eqvista – Manage Cap Table and Valuations Easier

Date: 01/16/2019 | Category: | Author: Jakub Vele

Eqvista – Issue and manage company shares

With your company up and running, have you planned to expand your idea and raise funds for your business? For this, you would need a cap table, which would help you keep track of and manage all the equity of your company. This is where Eqvista comes into the picture. With the help of Eqvista, you would be able to manage the cap table and also your company valuation in a much easier way.

Before we talk about how Eqvista is right for you, let us have a brief introduction on what a cap table is, so you know what is coming your way.

What is a Cap Table?

The simplest cap table is a list of the securities of a company like the stocks, warrants, options, and other securities, along with who owns them. In short, the cap table needs to be able to tell you who owns what and how much they own. But there are more complex cap tables for companies that are expanding or growing. In these complex cap tables, they also hold the formulas and models of the many different scenarios of company financing.These transactions include the sales of the company (M&A), new financing rounds, or public offerings.

There isn’t only one way to do a cap table, but as your company grows, an Excel spreadsheet wouldn’t be able to hold all the details that you need. Using specialized software is much better so that you do not get the details wrong. Also, if your cap table is not up to date or disorganized due to the complexity in it, you can end up making the wrong decision which might cost your company too.

For instance, in case you are looking for more capital for your company, you would have to check how many shares there are in your company that can be used without affecting your ownership in the company. Here, the cap table would help. If the details are not accurate, you can end up giving too much of your ownership to outside investors.

With the cap table, you can quickly check to determine if you have the shares available to give out. You would then be able to make the right decision and even negotiate if things are not quite right. In short, a well-organized and accurate cap table using software would help you and empower you to make the best decisions as well as to stay in compliance with the law. And for this, you need great software like Eqvista to help you out.

What is Eqvista?

Dashboard-eqvista

Being a sophisticated equity management software, Eqvista permits the company founders, shareholders, and investors to keep track and make the right decisions about the equity of the company easily. All companies from pre-IPO companies to seed-stage companies can manage their equity electronically. As a matter of fact, the software uses blockchain technology that would capture all the activities of the shareholders and every transaction that takes place in the company.

The system that Eqvista uses would help you manage the shares, your cap table and even the company filings easily, which you otherwise might have had a tough time doing so with your current system. The aim of Eqvista is to assist companies, even from the beginning of incorporation. In short, you can have your company incorporated and easily handle all your shares by staying compliant with the government all from one place – Eqvista.

The highly professional and dedicated team at Eqvista would assist you with the work like cap table management, issuing of electronic shares for your company, and many other related tedious filings. So, you would not have to look elsewhere for any help related to your company.

This platform was created to change the way every filing of the company is usually done. Where things may takes days to be done, it would be done quickly with Eqvista. In short, Eqvista’s objective is to simplify things for many companies along with simplifying the present difficult infrastructure.

Issue and manage company shares with Eqvista

Features of Eqvista

To make the idea much clearer and to show that Eqvista is right for you, here are some features of the Eqvista Software:

Cap Table Management

Create and manage all the equity transactions of your company with Eqvista. You would also be able to manage the cap table easily with proper analysis and real time updates. Moreover, you would not have to worry about incorrect cap table as all the transactions are tracked and recorded. You would be able to see all the advantages that this free software has to offer.

Issuance of Electronic Company Shares

You would no longer have to spend time on paperwork with Eqvista. In short, you can easily issue your shares electronically. With everything automated, you would be able to manage everything from just one platform. In short, you would be able to save both time and money. PLUS, the platform is FREE to use!

409A Valuations & Reports

You do not have to get your company valuated from expensive outside companies, when Eqvista’s professionals can help you with it at a much lower rate. At every step, the team would ensure that your company valuation is audit defensible and compliant. All this would be possible if you have your cap table recorded with Eqvista, which would make the valuation process seamless.

Sharing Data Using The New Technology

On Eqvista, you would be able to share all your company’s data with shareholders, accountants, lawyers, investors, other founders, and anyone else who you want to. With the help of the Distributed ledger technology (DLT), you would be able to keep track of all the unmodifiable activities. Also, you would be able to securely share limited or full access of data to view on the platform or to download.

Accomplish All Your Goals With Eqvista

For even the busiest of founders, Eqvista is very convenient and easy to use as compared to many other softwares available. So, you would no longer need to spend hours or even days thinking about how to set the cap table. You would be able to use all the important tools needed in Eqvista.

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Advantages of Eqvista

Other than than the great features that Eqvista has to offer you, there are many advantages to it. You can take the complete advantage of the platform and enjoy all the benefits that it has to offer. Below are the advantages that you would be able to experience when using the Eqvista platform:

  • Manage Your Company Shares In One Place: Manage the shares of your company with the help of Eqvista platform and the professional team. Issue shares, transfer shares, and do a lot more in just one place.
  • Set Up & Register Your Company: Have your company incorporated and set it up within minutes with the help of Eqvista’s team.
  • Manage Your Complex Cap Table: As your company grows, you would find it easy to manage your cap table with Eqvista. Moreover, stay up to date with all the company filings and records as well.
  • Get The 409A Valuation: With the professionals in the Eqvista team, you can easily have your company valuation performed to give your company the safe-harbor status.
  • Enjoy Secure Transactions & Activity Tracking: Using the blockchain technology, you can have all the activities of your shareholders tracked. Moreover, the Distributed Ledger Technology (DLT) used in Eqvista would give you the security you need for the information you put up.
  • Keep a Check on Your Company Standing: With the company records and the details you put into our system, you can generate a financial analysis to see where you company stands.
  • Connect & Share Information with Others: You can easily share full or limited access of the company information or the cap table with investors, lawyers, shareholders, accountants and many others. Moreover, you can easily grant the access to download reports as well from the platform.
  • Become a Successful Entrepreneur: With the aim to transform how modern companies are developed and operated, Eqvista would always improve and gain new features as time passes to help you become a much better entrepreneur.
  • Get & Use it FREE OF CHARGE: Yes, that’s right. There are no hidden charges, and you can use the platform for free. Eqvista feels that companies should be able to easily keep their share management well-organized and up to date. This is what would help the ideas of the businesses grow.

Try Eqvista NOW!

In case you are confused on how to deal with the shares of your company and stay compliant with the law, then you are in the right place. Eqvista would take care of everything from your company’s formation to the management of shares. Being a group of accountants, lawyers, valuation professionals and entrepreneurs, Eqvista was created to help businesses run smoothly.

Also, if you are not yet sure about some cap table or share related things, you can always check out the guides and blogs to understand these better. Eqvista has put up the guides to help you understand those things that other websites don’t explain clearly. If you have any questions about this, you can always connect and ask the Eqvista team.

In short, have your company incorporated, issue electronic shares, manage the equity, stay compliant, and grow your business all on one platform – Eqvista! Join today to enjoy the benefits that the Eqvista system has to offer!

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Advantages of Incorporating a Business in South Carolina

Date: | Category: | Author: Jakub Vele

Advantages of Incorporating a Business in South Carolina

South Carolina has been growing economically in leaps and bounds over the last decade. The Real Gross Domestic Product (GDP) of the state in 2007 was $167.65 billion and in 2017 it was $189.1 billion. A report published by Pollina Corporate Real Estate, Inc., has revealed that the state is among “America’s Top Ten Pro-Business States”. This is good news for a startup company in South Carolina as all new businesses can grow and expand in this business-friendly climate and there cannot be any better value equation than that.

Setting up an LLC or Corporation – Advantages

You can choose to register a new company in South Carolina as a Domestic Corporation, Foreign Corporation, Limited Liability Company (LLC’s), Non-Profit Corporations, Limited Liability Partnership (LLP’s), and Limited Partnership (LP). Each type of business entity has its own set of advantages. Let’s look at the advantage of forming the most common forms of business entities.

Advantage#1: Salient benefits of Corporation or LLC formation

Corporation

  • Statutory Incentives: If you register a new business in South Carolina as a corporation, you can take advantage of the following statutory incentives:
    – Favorable corporate income tax structure
    – No local income tax
    – No state property tax
    – No sales tax on materials or industrial power for finished products and manufacturing equipment or machinery
    – No inventory tax
    – No wholesale tax
    – No unitary tax on worldwide profits
  • Independent Life: If you register a new business in South Carolina as an S Corporation then the most important advantage is that it will enjoy an independent life. The business entity will continue operation undisturbed even if it faced the death of one of its stockholders.
  • Change in Ownership: If you have formed an S Corporation in South Carolina then sale, purchase, as well as gifting of stock can facilitate changes in ownership. The changes can take place without disturbing the ability of the corporation to conduct its business.

LLC

  • Business Incentive Programs: If you register a new company in South Carolina as an LLC then there are a variety of business incentive programs that you can benefit from. This includes popular programs like:
    – Tax Credits: There are a variety of tax credits that a business entity can benefit from and some of the popular programs include Investment Tax Credit, Research & Development Tax Credit, Port Volume Increase Tax Credit, Jobs Tax Credits, Corporate Headquarters and Enhanced Corporate Headquarters Tax Credit, among others.
    – Sales and Use Tax Incentives: Sales and use tax incentives is offered according to the operational area of the business, which is – Out-of-State Sales or Out-of-State Purchases. Sales Tax Exemptions are also a part of this incentives program. You will have to register a new business in South Carolina to take part in the incentive programs.
    – Local Property Tax Incentives: This includes Property Tax Exemptions and Incentives like 5-Year Property Tax Abatement or Textile Revitalization Credit. Know More
    No Minutes: An LLC is not required to keep any formal minutes or resolutions as compared to a corporation, thus making it easier to function

Advantage#2: Other Business Incentive Programs

South Carolina has a unique location and as a result can offer businesses a strong infrastructure making operation of any business easy. The industrial power rates are also 9% lower than the national average and this along with the range of incentive programs provides a startup company South Carolina with a win-win situation. The incentives can be divided into two main categories, which are:

  • Incentive Programs for Manufacturing Sector: There are a variety of incentives programs but the popular programs include Jobs Tax Credits and Investment Tax Credit. These programs are valuable financial incentives where a business entity can get tax credits on investment made or jobs created. The credits can vary from $1,000 to $9,000 per job under the job credit program. The investment credit program is a one-time credit with dynamic credit value that can be carried forward over a period of 10 years. Know More
  • Incentive Programs for Services Sector: If you register a new company in South Carolina then you can benefit from incentives programs under this segment like Job Development Credit wherein you can benefit from the funds provided to offset the cost of locating or expanding your business facility in the state. You can also benefit from Property Tax Exemptions available on intangible property. Know More

Are there any Disadvantages of Incorporating in South Carolina?

If you are wondering if there are any disadvantages if you register a new company in South Carolina then it is important to know that every state has its own advantages and disadvantages. Similarly, every business also has its own advantages and disadvantages or pros and cons. The disadvantages in the state of South Carolina are specific to the type of business entity you form like a limited liability company has “Limited Life” while the process of incorporation takes more time than other forms of organization.

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South Carolina LLC and Corporation Registration and Formation

Date: 01/15/2019 | Category: | Author: Jakub Vele

South Carolina LLC and Corporation Registration and Formation

Why form a South Carolina business? The state believes that however large or small, every business deserves benefits so that they can keep climbing up the ladder till they achieve the growth initially intended. The Palmetto State is committed towards technology and entrepreneurship-based economic development success and this has led to the creation of “Industry 4.0” with the objective of developing smart factories and businesses. The innovation hub led by the Department of Commerce, Office of Innovation provides just about everything a start-up needs to make SC it’s new home!

South Carolina is rapidly evolving towards a more innovative, technology-based and entrepreneurial business environment. Come and experience the difference!

The big question is how do you go about company formation in South Carolina? This is where we can be of assistance!

We are one of the top South Carolina registered agents and are familiar with all incorporation processes pertaining to the South Carolina State and can provide information and assistance for successful set up of your business!

South Carolina LLC Registration and Formation

South Carolina LLC Registration & Formation

LLC company formation in South Carolina is governed by 2012 South Carolina Code of Laws, Title 33 – Corporations, Partnerships and Associations, Chapter 44 – Uniform Limited Liability Company Act of 199. The procedure for registration and formation of LLC is as follows:

Step#1: Maintain a registered agent

If you are planning to form a Limited Liability Company in South Carolina then you will be required to designate and continuously maintain a registered agent in the state pursuant to SC Code § 33-44-108 (2012). This law is applicable for domestic limited liability company as well as foreign limited liability company.

We would take this opportunity to share with you the fact that we are one of the top registered agents in the state and have been responsible for over 11,494 businesses set up in South Carolina. We can assist you to form a South Carolina business LLC.

Step#2: LLC Name Reservation

One of the foremost steps towards company formation in South Carolina is identifying a name for your business entity. What is the process? The process is as follows:

  1. Identify a name for your business entity
  2. According to SC Code § 33-44-105 (2012), the name should contain the phrase or words “limited liability company” or “limited company” or the abbreviations “L.L.C.”, or “LLC”.
  3. The chosen name should be distinguishable and should not be deceptively similar to the name of any limited partnership, corporation, or limited liability company
  4. Apply for reservation of name pursuant to provisions of SC Code § 33-44-106 (2012).
  5. Submit the name reservation form at the Office of the Secretary of State through online or mail along with the applicable fee. You can reserve a name for a nonrenewable 120 day period.
  6. If your business is a foreign LLC then you will be required to register the name pursuant to SC Code § 33-44-107 (2012).

Step#3: Articles of Organization and Certificate of Authority

If you are planning to form a South Carolina business LLC then the most important step is to prepare and file the proper documents for a Limited Liability Company. The steps are:

  • If you want to register a domestic LLC then you will have to file “Articles of Organization” governed by SC Code § 33-44-203 (2012).
  • If your business entity is a foreign LLC then you will be required to file “Certificate of Authority” pursuant to SC Code § 33-44-1002 (2012).
  • The application or documentation for registration of LLC can be filed with the office of the South Carolina Secretary of State, Attn: Corporate Filings, through mail or online.

We can file the form on your behalf being your registered agent in the state and provide you with certified copies of the LLC registration.

In case, you have any questions regarding how to form an South Carolina business, feel free to call us on 702-871-8678.

South Carolina Corporation Registration and Formation

South Carolina Corporation Registration & Formation

If you are planning to form a Corporation in South Carolina then its formation will be governed by the 2012 South Carolina Code of Laws, Title 33 – Corporations, Partnerships and Associations. The procedure for registration and formation is as follows:

Step#1: Maintain a Registered Agent

If you are planning to form a business or professional corporation in South Carolina then you will be required to continuously maintain a registered agent in the state pursuant to SC Code § 33-5-101 (2012). This law is applicable for domestic as well as foreign corporations.

We would take this opportunity to share with you the fact that we are one of the top registered agents in the state and have been responsible for over 11,494 businesses set up in South Carolina. We can assist you to form a South Carolina business as we are in compliance with all regulations in the State of South Carolina.

Step#2: Corporate Name Reservation

In order to form a corporation in South Carolina, one of the key steps is identifying a name for your business entity. The process is as follows:

  1. Identify a name for your business entity
  2. Conduct a business name search
  3. According to SC Code § 33-4-101 (2012), a corporate name should contain the phrase or words “corporation”, “company”, “incorporated”, or the abbreviations “Corp.”, or “Inc.”
  4. The chosen name should be distinguishable and should not be deceptively similar to the name of any limited liability company, limited partnership, or corporation
  5. Apply for reservation of name pursuant to provisions of SC Code § 33-4-102 (2012).
  6. Submit the name reservation form at the Office of the Secretary of State through online or mail along with the applicable fee. A business corporation can reserve its name for a period of 120 days.
  7. If your business is a foreign corporation then you will have to register the name pursuant to SC Code § 33-4-103 (2012).

Step#3: Articles of Incorporation and Certificate of Authority

If you are planning to form a corporation in South Carolina, then the most important step is to prepare and file the proper documents for a business corporation. The steps are:

  • If you want to register a domestic corporation then you will have to file “Articles of Incorporation” pursuant to SC Code § 33-2-102 (2012).
  • If your business entity is a foreign corporation then you will be required to file “Certificate of Authority” pursuant to the provisions of SC Code § 33-15-103 (2012).
  • The application or documentation for registration of a corporation can be filed with the office of the South Carolina Secretary of State; Attn: Corporate Filings, through mail or online.

We can file the form on your behalf being your registered agent in the state and provide you with certified copies of the incorporation.

If you have any questions regarding South Carolina incorporation or LLC formation, you can simply visit the South Carolina Business Formation page.

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Incorporate in South Carolina

Date: | Category: | Author: Jakub Vele

Incorporate in South Carolina

What makes incorporation in South Carolina another step towards achieving high business growth? The state is home to one of the most dynamic aerospace industry and advanced manufacturing industry, both growing at a rapid pace. The manufacturing industry has witnessed 16% employment growth since 2011 while the aerospace industry has witnessed 12% increase in export sales of aircrafts in the period between 2016 and 2017. There are over 400 aerospace-related companies in South Carolina including Boeing, Carolina Turbine Support Inc., Lockheed Martin, Legends Aircraft LLC, RBC bearings, Zeus Industrial Products Inc., BGF Industries Inc., Curtis-Wright Surface Technologies, and LPA Group among others.

Why Choose South Carolina for Incorporation?

The “Palmetto State” as South Carolina is often known as, has one of the most business-friendly climates and this is one of the reasons why company incorporation in South Carolina has crossed the 400,000 mark. Some of the other aspects that make this state worth forming your business in include overall cost of doing business, a variety of business incentive programs, and ease of access to capital and project funding.

Now let’s take a look at some of the salient benefits that are responsible for fuelling growth of small businesses:

  • South Carolina Opportunity Zone Program: If you set up company in South Carolina opportunity zone then your business can benefit from tax credits. These zones comprise of low-income communities and the program objective is to encourage long-term private investments. There are in total of 538 designated opportunity zone tracts where you can establish your business. Some of the benefits include:
    – A 5-year holding can increase the rolled-over capital gains basis by almost 10%
    – A 7-year holding can increase the rolled-over capital gain investment basis by 5% for a total of almost 15%
    – As an investor, you can defer your original tax bill till December 31, 2026
    List of OZ Tracts
  • Business Incentive Programs: There are a variety of business incentive programs that you can benefit from. They can be categorized under:
    – Incentives for Manufacturing
    – Incentives for Services
    – Business Incentives
    – State Discretionary Incentives
    – Corporate Income Tax Incentives
    – Sales and Use Tax Incentives

How do you incorporate in South Carolina?

What is the process of company incorporation in South Carolina? Do you require any specific documents? How can you submit or file these documents? These are some of the questions that you will be confronted with and hence the following steps will provide you with information on how incorporation works in South Carolina:

Type of Business

The first step towards incorporation in South Carolina is choosing the type of business you want to form. You can choose to form an LLC or a Corporation. The type of business entity you want to form can be domestic or foreign entity. The forms and fee will be different for each type of entity.

Business Entity Name

What is the next step towards incorporation in South Carolina? The next step is to identify and reserve a name and this can be done as follows:

  • Naming Requirements: The naming requirements in the state of South Carolina are governed by SC Code § 33-44-105 (2012) for an LLC and SC Code § 33-4-101 (2012) for a Corporation. The name of each limited liability company must contain words like “Limited Liability Company” or abbreviations like “L.L.C.” or “LLC”. A corporate name must contain words like “corporation”, or “incorporated” or abbreviations like “corp.” or “inc.
  • Business name search: You need to search for a business name that is not in use currently. You can conduct name search here.
  • Name Reservation: Once you have identified business entity name, and if the name is available then you can reserve the name with the office of the Secretary of State, Attn: Corporate Filings Division. You can reserve a name for a period of 120 days according to the provisions given in SC Code § 33-4-102 (2012) for corporations and SC Code § 33-44-106 (2012) for an LLC.
  • Name Registration: If you are foreign entity planning to set up company in South Carolina then you will be required to register business name with the Secretary of State pursuant to Sections 33-4-103 and 33-15-106 of the 1976 S.C. Code of Laws for a corporation and Section 33-44-1005 of the 1976 S.C. Code of Laws for an LLC.

Choose a Registered Agent

Each Business or Professional Corporation and Limited Liability Company in the state of South Carolina is required to maintain a registered agent pursuant to SC Code § 33-5-101 (2012) for Corporations and SC Code § 33-44-108 (2012) for a Limited Liability Company.

We are one of the respected registered agents in South Carolina and will be responsible towards initiating company incorporation in South Carolina through processing of all your documents including “Articles of Organization” and “Articles of Incorporation” for domestic business entities and “Certificate of Authority” for foreign entities.

Articles of Incorporation and Certificate of Authority

If you are planning to form a domestic corporation (For profit), then you will have to file “Articles of Incorporation” pursuant to SC Code § 33-2-102 (2012). If you are planning foreign business incorporation in South Carolina then you will be required to file a “Certificate of Authority” pursuant to SC Code § 33-15-103 (2012). In order to streamline the process we can file documents on your behalf through the online process or through expedited process.

Date Stamped Copies

As a part of the process of company incorporation in South Carolina, we will ensure, you receive date-stamped and filed copies that verifies the state has filed as well as formed your corporation.

Costs and Fees associated with South Carolina Incorporation

What would it cost to set up company in South Carolina? Check Fees here!

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Rhode Island Business License

Date: 01/10/2019 | Category: | Author: Jakub Vele

Rhode Island Business License

Rhode Island with its strong infrastructure, economic reforms, and small business incentives stands out as a destination with several opportunities for any new or existing business entity. Apart from the process of registration, one of the other important aspects of forming and transacting a business in the state is “business license.”

Although, all businesses in Rhode Island doesn’t require licenses but there are specific businesses that will require single or multiple licenses and/or permits to become operational. There is however certain licenses that are issued by the state while some are issued by the city or county. The Department of Business Regulation is oversees the issuance of business license in Rhode Island for businesses in the following sectors or categories:

  • Banking
  • Securities
  • Design Professionals
  • Commercial Business Activity
  • Liquor Wholesale & Manufacturing
  • Insurance

Step-by-Step Guide to a Business License in Rhode Island

What are the requirements for obtaining a business license in Rhode Island? Which business entities require a license and who requires permits? Who is the issuing authority for these licenses? Here is a step-by-step approach towards acquiring licenses or permit in the state:

Step#1: The Industry or Business Type

How would you know what type of business or professional license is required to operate in Rhode Island? Which type of business license is issued by the state? The type of industry or the activities of a business entity helps in identifying the type of business license required.

In the state of Rhode Island, issuance of licenses is coordinated under specific projects. In order to understand this, let us take a look at some examples:

Food Services

Any business that serves food requires a food service license. This includes eat-in restaurants, take-outs, food delivery, mobile food trucks, caterers, soft-serve ice cream machine vendors, and temporary food services among others.

An eat-in restaurant will require a restaurant business license while a soft-serve ice cream machine vendor will require a frozen dessert license.

  • Restaurant Classification: An eat-in restaurant includes Full Service Restaurant, Bar, Lounge, Tavern, Luncheonette, Snack Bar, Fountain, Cafeteria, Buffet Service, Fast Food Service, School (In-Feed) etc.
  • Fees: The fee varies according to the type of business and other details like the fee of a Rhode Island company license for a restaurant will depend on whether it is “50 Seats or Less” or “More Than 50 Seats.” The fee will also vary according to the Licensing Cycle like fee for a 50 seater restaurant will be $240 in the period from March 1-July 31 and $120.00 in the period from November 1-February 28.
  • Expiration Date/Renewal: The expiration date for a restaurant license is April 30 each year.
  • Application: License Application
  • Issuance: License is issued by Department of Health, Office of Food Protection

Liquor License

If you are planning to serve liquor in a restaurant or are planning to manufacture, import, export, store, sell and transport alcoholic beverages, then you will require a business license in Rhode Island.

The licenses are categorized under:

  • Liquor Wholesalers: Class A, Class B, and Class C
  • Liquor Manufacturers: Brewery, Brew on Premises, Brewpub, Farmer Winery, Distillery, and Winery
  • Liquor Retail Licenses
  • Liquor Agents and Salespersons

 

  • Fee: The fee for acquiring a liquor license will depend on the category of liquor business like the Annual license fee for Wholesale Class A is $2,000 while that of a “Brew on Premises” is $100 if less than 50,000 gallons.
  • Expiration Date/Renewal: The expiration date for this business license is December 01 each year.
  • Application: Sample License Application
  • Issuance: License is issued by Division of Commercial Licensing, Liquor Section

Step#2: Licenses issued by City/County

If your business or industry type doesn’t fall under a statewide license project then you will have to check with the local city or county office. A Rhode Island company license can also be issued by local counties or cities in which the business is located. Let’s look at an example to understand how this works.

If you form a business in Providence, RI that focuses on entertainment like live performances, shows, disc jockeys, exhibitions, and sporting events then you will be required to apply for an “Entertainment License”. The business license fee varies according to the activity type and place like the fee is $10.00 per day for indoor entertainment and $25.00 per day for outdoor entertainment.

Note: A single day entertainment license would also require the approval of the Providence Board of Licenses.

You have to apply for the entertainment license ONLINE.

Step#3: Issuance of a Business License

How is a business license in Rhode Island issued? You have to identify the following to complete the process:

  1. The type of business or industry or activity
  2. Do you need a single license or multiple licenses?
  3. Will it be issued by the state or the city?

Once you have identified the above, all you need to do is either download the application or submit online or contact the concerned state department or city of clerk office.

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