One requirement for maintaining a corporation in South Carolina is filing an annual report. The Annual Report confirms and updates the company’s information annually with the South Carolina Department of Revenue (SCDOR).
Who Needs to File a South Carolina Annual Report?
Domestic and foreign corporations are required to file an annual report every other year after the year the company was formed. South Dakota Limited Liability Companies (LLCs) aren’t required to file an Annual Report.
What is Needed to File a South Carolina Annual Report?
The Corporation Annual Report may only be filed online through the South Carolina Department of Revenue website.
The report asks for information such as:
- Business name
- South Carolina Registered Agent name and address
- Principal address
- Statement of purpose (what the business does)
- Corporation share information
- Officer/director contact information
- Date the business was registered
- Date business operations began
- Employer Identification Number
South Carolina Annual Report Cost
C corporations are subject to a corporate tax rate of 5% of the total taxable income. In addition, S and C corporations pay a business license fee along with the Annual Report. To calculate your license fee, multiply your total capital and any paid-in surplus by 0.1% and add $15. The minimum fee will be $25.
Annual Report Due Date
The annual report deadline varies depending on the corporation’s tax election of the business. For a C corporation (or LLC taxed as a C corporation), it is the 15th day of the 4th month after the Corporation’s fiscal year ends. S corporations (or LLCs taxed as an S corporation) are on the 15th day of the 3rd month following the end of the fiscal year.
Most corporations use the calendar year as their taxable year, which ends on December 31st.
South Carolina Annual Report FAQs
My business made little or no money. Do I still have to file the South Carolina Annual Report?
Even if your business received no income or business activity, the Annual Report must still be filed.
What happens if you don’t file the Annual Report on time?
If the Annual Report isn’t filed on time, you will receive a penalty of 5% per month, not to exceed 25%. If you pay the License Fee late, you will receive a penalty of 0.5% per month, not to exceed 25%
South Carolina Department of Revenue Contact Information
Phone: 844-89-8542
Email: CorpTax@dor.sc.gov
