How To File ASouth Carolina Annual Report Online.

Filing an annual report is a crucial responsibility for businesses operating in South Carolina. By keeping the state updated on essential business details, you’re complying with state regulations and ensuring your business remains in good standing. This guide will walk you through everything you need to know about filing your South Carolina annual report online.

What Is an Annual Report in South Carolina?

In South Carolina, an annual report is a mandatory document that provides the state with up-to-date information on your business. This report includes basic details, such as the business’s legal name, physical address, and registered agent information.

The purpose of the annual report is twofold:

Confirm that the state has accurate records of the businesses operating within it.
Ensure that each business complies with state regulations, particularly for taxes and registration.

For many businesses, the South Carolina annual report is submitted along with state tax filings, making it a simple but essential task. Failing to file on time can result in penalties and, ultimately, the dissolution of the business.

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Who Has to File an Online Annual Report in South Carolina?

Only some business entities in South Carolina are required to file an annual report. Corporations, both domestic and foreign, must submit annual reports. However, LLCs (limited liability companies) do not need to file an annual report unless they elect to be taxed as corporations. Similarly, sole proprietorships and general partnerships are typically exempt from filing.

When Is a SC Annual Report Due?

SC annual reports for C Corporations are due by the 15th day of the fourth month following the end of their fiscal year. This deadline typically aligns with that for filing South Carolina corporation tax returns. For businesses that operate on a standard calendar year, the due date would be April 15th.

Failing to meet this deadline can have serious consequences. Late filings may result in penalties, and repeated failures to file can lead to the state administratively dissolving the business. It’s crucial to keep track of this deadline and complete your annual report filing on time to avoid these complications. Using a reminder system or working with an annual report filing service can help ensure you meet your deadline without last-minute stress.

What Are the Fees for SC Business Filings Annual Reports?

For a South Carolina C Corporation, the annual report fee is actually integrated into the corporate license fee and not a separate fee as you might find in other states. Specifically, C corporations must pay a minimum license fee of $25, which is calculated as $15 plus 0.1% of capital. This amount increases based on the company’s capital but cannot be less than the minimum. Additionally, South Carolina requires C corporations to pay 5% of their taxable income, which is due alongside the annual report (filed as part of the SC1120 Corporate Tax Return).

Keep in mind that failing to pay on time can result in fines and potential late fees, increasing the total expense. Additionally, if you choose to use an online filing service, you may incur service fees, which typically cover the convenience and accuracy assurance these services provide.

How to File a South Carolina Annual Report Online?

Filing your South Carolina annual report online is a simple process that can be completed through the South Carolina Department of Revenue (SCDOR) website. Here’s a step-by-step guide to filing online:

Gather Required Information: You’ll need the corporation’s legal name, Federal Employer Identification Number (FEIN), principal address, and business details.
Access the MyDORWAY Portal: Go to MyDORWAY on the SCDOR website. If you haven’t set up an account, you’ll need to create one.
Complete Form SC1120: On the MyDORWAY portal, fill out Form SC1120, including the required annual report information on Schedule D. This includes corporate officers, principal office address, and any updates on ownership or other structural details.
Submit Payment: Any applicable tax, licensing fees, or minimum fees are paid along with the form submission. Fees are generally calculated based on capital and income.
Confirmation: After submission, MyDORWAY provides confirmation. Save or print this confirmation for your records.

Can I Use an Annual Report Service to File My SC Annual Report?

Businesses can use an annual report filing service to manage their business filings in South Carolina. Many business owners choose to outsource this task to avoid the risk of errors or oversights, which can lead to penalties. If you operate multiple businesses or have a complex corporate structure, an annual report service can provide peace of mind by ensuring all state requirements are met on time.

Benefits of Using an Annual Report Service

Using an annual report filing service offers several key advantages:

Time Savings: An annual report service allows you to delegate the filing process, freeing up time for other business activities.
Accuracy: These services employ experts familiar with South Carolina’s filing requirements, reducing the likelihood of errors and ensuring your report is correctly completed and submitted.
Deadline Reminders: Annual report services often include reminder notifications, so you won’t have to worry about missing the deadline or paying late fees.
Convenience: With a service, you don’t need to navigate the state website or deal with forms directly. The process is simplified, ensuring a smooth experience.

File Your South Carolina Online Annual Report at FastFilings Today

At FastFilings, our online annual report filing service makes it easy to keep your business compliant in South Carolina. From reminders to seamless filing, we’ve got you covered so you can focus on growing your business and not waste time filing annual reports. Fill out our simple and easy online form to get started today.

Apply for a South Carolina Annual Report Today!

Need help filing your annual report in South Carolina?

Get Started!