As your idea flourishes into a brand, developing it with a strong foundation is important. Consider taxes, accounting, licensing, insurance, revenue streams, contributions, sales, profit, spending. It’s a lot right?
Figuring all of that out is quite simple. You must first become a legal entity. Register your business name with the South Carolina Secretary of States office as an LLC, Corporation, Partnership, or other foundational structures.
What’s an entity and why do I need to become one? The best way to describe a “legal entity” is, it separates you from the liability of your business. If you are not separated from your business and your business causes harm or has unpaid liabilities, you could personally be liable. When you have an established business entity, your personal assets are not considered.
By filing for your legal entity, you will receive your “articles of organization” which is the document(s) required to begin a business banking account, apply for your Department of Revenue Retail Sales Certificate, + more.
Structuring your business from the ground up ensures your brand reputation and compliance and creates a sturdy foundation for the future of your business.
Please consult with an attorney or accountant to determine the type of entity you wish to establish and identify your taxable compliances for assessment when creating your business entity.