South Carolina Articles of Incorporation (Domestic Nonprofit Corp)
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FAQ
Form CL-1 Initial Annual Report of Corporations must be submitted by both domestic and foreign corporations to the Secretary of State. LLC's filing as a corporation must submit Form CL-1 to SCDOR within 60 days of conducting business in this state.
On the nonprofit side, there's no such thing as a C or S organization. It's an exempt organization. You don't file for C or S status, you file for exempt status. Thus, there's a common misconception that there are only two types of corporations: C and S corporations.
Aside from its tax status, an S corp is similar to any other corporation, or C corporation as they're officially known. It's a for-profit company, incorporated under and governed by the same state corporation laws.
To register your LLC, you will need to file the Articles of Organization with the South Carolina Secretary of State. There are two ways to file your Articles of Organization: Complete the form online. Submit a hard copy by mail.
Nonprofit corporations are regulated under Section 501(c) of the Internal Revenue Code. Unlike C corporations, the purpose of nonprofit corporations is not to make profits for the owners. Instead, nonprofits are formed for charitable, literary, scientific, religious, and other activities.
(a) Unless prohibited or limited by the articles or bylaws, any action that may be taken at any annual, regular, or special meeting of members may be taken without a meeting if the corporation delivers a written or electronic ballot to every member entitled to vote on the matter.
The corporation is the most common and usually best form for a nonprofit organization. Some of the benefits follow. Separate entity. Because a nonprofit corporation is its own entity, it can enter into contracts as its own entity, which protects the nonprofit members from liability.
Entity Shareholder Requirements When a shareholder dies or falls into bankruptcy, the estate may hold the S corporation stock. Nonprofit businesses 501(c) (3) and other tax-exempt organizations 501(a) are allowed to own stock in S corporations.