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It costs $150 to form an LLC in South Dakota. This is a fee paid for the Articles of Organization. You'll file this form with the South Dakota Secretary of State. And once approved, your LLC will go into existence.

Two Ways to Start A New Business in South Dakota Define your business concept. Draft a business plan. Choose a business name. Fund your startup costs. Choose a business structure. Register your business with the South Dakota Secretary of State. Get your business licenses. Set up a business bank account.

General partnership (GP) Any profits and losses from the partnership are taken into account on the individual partners' income tax returns while the business itself often pays no separate income tax. Because South Dakota has no individual state income tax, tax liability for partnerships may be delightfully small.

Dakota's LLCs will protect your personal assets from the creditors of your business. These creditors could be employees, individuals the business has contracted with, or individuals bringing personal liability claims against the business.

A limited liability company (LLC) offers liability protection and tax advantages, among other benefits for small businesses. LLC formation in South Dakota is easy.

LLC members' income is taxed at the federal self-employment tax rate of 15.3% (12.4% for social security and 2.9% for Medicare). South Dakota does not levy state personal or corporate income taxes, though the LLC will most likely need to pay state sales and local taxes, as well as industry-specific taxes.