Add Image To Legal South Carolina Startup For S-Corporation Forms For Free

SECTION 12-4-580. Authority allowing department to contract to collect outstanding liabilities. (A) The department and another governmental entity may contract to allow the department to collect an outstanding liability owed the governmental entity.

Code Section 12-8-590 requires S-corporations and partnerships to withhold income tax at the rate of 5% on nonresident S-corporation shareholders' and nonresident partners' share of South Carolina taxable income.

Step 1: Name Your South Carolina LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the South Carolina Articles of Organization. ... Step 4: Create an Operating Agreement. ... Step 5: File Form 2553 to Elect South Carolina S Corp Tax Designation.

The affidavit is used by a nonresident shareholder or partner to request an exemption from the withholding required pursuant to SC Code Section 12-8-590. Shareholders or partners who will be included in a composite Individual Income Tax return do not need to complete this affidavit.

Code Ann. § 12-8-2010(D). For state sales taxes, a "'responsible person' includes any officer, partner, or employee of the taxpayer who has a duty to pay to the department any state or local sales tax due by the taxpayer or use tax required or authorized to be collected by the retailer " S.C.

An I-338 affidavit states that the partner, shareholder, or member has no other income taxable to South Carolina. The tax amounts computed for each participant in the composite return are added together to arrive at the total tax due. Refer to the I-338 and the I-348 for more information .