New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
What are the typical ongoing filing requirements/fees when filing as a foreign entity in a state?
In my specific situation, I plan to incorporate (S corp) in Wyoming (due to laws not necessarily taxes), but my residence, where I’ll be managing the corporation from, is in South Carolina.
The corporation won’t necessarily transact business in SC, as it’s a 100% internet based service business.
I’m aware of the filing fee, etc to get the foreign entity qualification, but I can’t seem to find much on the ongoing “maintenance” filings and fees.
Thanks in advance for any insight you can provide.
Eric,
There is no annual fee payable to the Secretary of State’s office.
There is an annual fee payable to the Dept. of Revenue. This is under the Corporate License Fee (section 2) of the Corporate Income Tax, and is determined by the total of capital stock and paid in surplus but not less than $25.00.
This information can also be found on sc.tax.org.
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