Originally from:
Legal Aspects of Doing Business in North America - 2nd Edition - Loose leaf
Legal Aspects of Doing Business in North America - 2nd Edition - Electronic
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Introduction
South Carolina is the tenth fastest growing state in the United States (US)
according to its Department of Commerce statistics. Its population of nearly 4.6
million persons increased by 13.7 per cent between 2000 and 2009 compared to
a 9.1 per cent growth in the general population during this same time period.
Similarly, its labor force grew 11.2 per cent considerably faster than that of the
national average growth of 7.3 per cent.
It has a lower cost of living than neighboring states when considering its
purchasing power indexed to other states, where $1.00 can purchase $1.16 worth
of goods according to a May 2009 survey. It has the eleventh best tax structure
in the United States for entrepreneurship and small business and is ranked as
having the ninth lowest corporate income tax in the nation. Its construction costs
are the lowest in the Southeast and 14 per cent below the United States average.
Its industrial power cost is the tenth lowest rate in the nation. As of July 2009, it
was ranked as the fifth best state in the United States with respect to the cost of
doing business.1
Establishment of Enterprises
Corporation
In General
A corporation becomes a legal entity in South Carolina upon the filing of
articles of incorporation2 with the Secretary of State and must specify the name
of the corporation, the number and classes of authorized shares, the initial
registered agent and street address of the initial registered office, and the name,
address, and signature of each incorporator. The name of the corporation must
be distinguishable; an applicant may reserve a corporate name with certain
South Carolina
Introduction
Establishment of Enterprises
Partnership
Acquisition of Realty
Taxation
Customs Regulation
Currency Regulation, Capital and Profit Transfer, and Investment
Incentives
Competition Law
Intellectual Property
Employment Law
Immigration
Banking
Henry M. Burwell and Stefania C. Bondurant Nelson Mullins Riley & Scarborough LLP Greenville, South Carolina
