Layers of regulations for business organizations exist in South Carolina. Depending on the nature of a business, there are local, state, and federal laws that govern a wide range of activities. For a business to be successful and to avoid legal problems, it must comply with all of these laws and regulations.
At The Conner Law Firm, our business law attorney in Darlington County protects the rights and interests of each of our business clients. We handle all legal matters related to business and can help your business, too. Contact us at 843-332-1678 to schedule a Consultation.
Understanding Business Law in South Carolina
These laws govern a variety of processes that occur during the life-cycle of a business including, but not limited to:
- How a business can be formed: What formations are available for certain types of organizations, as well as what steps may be required for formation as each type of entity
- How a business shall operate
- How a business will be taxed
- How the business may provide compensation
- How the business may be properly dissolved
Business Disputes in South Carolina
Businesses are involved in any number of things that can lead to any number of disputes within a business and between businesses. You can proactively work to minimize and avoid many common disputes but thorough planning is not always enough to evade disputes altogether.
When a business dispute arises and is not adequately addressed, it can seriously impact a business's stability, reputation, and bottom line. You want to address the harm done to your business so you can prevent further damages and recover monetary losses or other relief. You also want to defend against claims that could result in monetary judgments against the business and result in other costly penalties.
Corporate Transparency Act
The Corporate Transparency Act (CTA) went into effect on January 1, 2024, in an effort to prevent financial crimes and while many small business owners may have never heard of this new law it will require action from most of them.
Beginning January 1, 2024, many companies will be required to file beneficial ownership information to the U.S. Treasury Financial Crimes Enforcement Network. There are a few important questions that small business owners need to ask themselves when it comes to the CTA.
1. Does it apply to my business?
Entities required to file information are called reporting companies. If your business filed documentation with the Secretary of State at formation, there is a high probability that your business is considered a reporting company unless one of the narrow statutory exceptions apply. This includes corporations, limited liability companies, limited partnerships and more.
2. What do I have to file?
The CTA requires information of beneficial owners to be reported. The statute defines beneficial owner as an individual who owns at least 25% of the reporting company or an individual who directly or indirectly exercises substantial control over the reporting company even if they do not have an ownership interest in the company.
3. What are the Penalties?
The penalties for willfully failing to report accurately and timely can be costly. The civil penalty is not more than $500 per day. The criminal penalty is a fine of not more than $10,000, imprisonment for not more than 2 years, or both.
Contact a Business Lawyer in Darlington County Today
From forming your business to representing your business in a lawsuit, our business lawyer in South Carolina will represent your business's interests. Contact The Conner Law Firm today by using the online form or calling us at 843-332-1678. We will schedule a Consultation and outline all the benefits that our business legal team can provide to you and your company.