Dissolving Your South Carolina Company
Company Dissolution in South Carolina
To dissolve a company in South Carolina first step is to have a meeting of its members (for LLC) or directors/shareholders (for corporation) and have a resolution drafted authorizing dissolution. Once such resolution was ratified, the process of dissolution involves the following steps:
1. Obaining Clearances & Consents
For corproations that has already been administratively dissolved by Secretary of state only Tax Compilance Certificate is needed. South Carolina corporations need to file a final return with the Department of Revenue if they dissolve after the accounting period has ended.
2. Filing Articles of Dissolution
Articles of Dissolution are filed with South Carolina Secretary of State. The processing of dissolution at the South Carolina Secretary of State level takes about 2 business days.
3. Newspaper Publication
There are no newspaper publication requirements to dissolve a company in South Carolina.
4. Updating Other Agencies & Company Documents
Don’t forget to notify the IRS and other state agencies regaring the dissolution. Also, make sure you file a “final” tax return for the company.
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