The South Carolina limited liability company
is the most popular form of business entity
in which to operate a business. A South Carolina limited liability company (LLC) is a hybrid type of statutory legal entity, pursuant to the Uniform Limited Liability Company Act of 1996
, that combines principles of the corporation
(such as limited liability for all members) with principles of the partnership
(such as simple partnership management structures and informal decision-making procedures). A South Carolina limited liability company offers business owners important legal and tax benefits unavailable through any other business organization form. Many start-up businesses and small business owners elect the LLC business entity to operate their businesses because of these benefits and the combination of limited liability and a partnership tax structure.
Limited Liability Company Under South Carolina Law
Under South Carolina law, the name of a LLC must contain the words “Limited Liability Company” or “Limited Company,” or the abbreviations “L.L.C.,” “LLC,” “LC,” or “L.C.” The word “Limited” can be abbreviated as “Ltd.” and the word “Company” may be abbreviated as “Co.” The name of the LLC must also be distinct and recognizably different than the names of other business entities that have filed with the South Carolina Secretary of State. Searching the South Carolina Secretary of State business name database is advisable.