SC Capital Access

Checklist of Requirements for New South Carolina Businesses

 

1. Develop a business plan:

You need to develop a business plan. This plan should have a three-year financial forecast which will be important for acquiring capital. Contact your local South Carolina Small Business Development Center (SBDC), SCORE, SC Women's Business Center, or other business consultant for assistance with the business plan and forecasting financials. 

 

2. Acquire an accountant or tax preparer:

Contact an accountant or tax preparer for professional assistance with setting up the business accounting and tax filings for the business and employees (ex: Form I-9, 940, 941, 944). These professionals may offer guidance with establishing corporate structure and answering other financial questions.

 

3. Register your new business and obtaining proper licenses*:

Go to www.scbos.sc.gov to register a new business with the Secretary of State (SOS). Apply for a Federal Employer Identification Number (Form SS-4) through the IRS or on www.scbos.sc.gov. Obtain county or municipal licenses if needed: www.scbos.sc.gov/General_Business_License.pdf. If the nature of your business requires a professional license or occupational license for operation, contact the South Carolina Department of Labor and Licensing Regulation at www.llr.state.sc.us. If your business requires building a new facility, contact local zoning and ordinance boards, secure architectural renderings, obtain a building permit and contact the state fire marshall for a fire and safety inspection before opening the business. Go to www.llr.state.sc.us/firemarshal.asp. If your business is specific to environmental, waste management/landfill, water treatment, underground storage tank, emergency medical service, healthcare, daycare, or food service concerns, contact DHEC for specific licensing and regulatory requirements at www.scdhec.gov. 

 

4. Get your financial and tax information in order:

Open a checking account at a local bank or credit union. You will need the Certificate of Existence obtained from the Secretary of State (may be requested using a Business Filing Document Request Form with a $10 filing fee) and your EIN number obtained from the IRS.​ Even if you are a sole proprietor, it is important to keep your personal checking account separate from your business checking account. 

 

5. Obtain proper insurance:

Your local insurance agent/broker can advise you on your insurance needs for your new business. These may include auto, general liability, worker's compensation, and other types of commercial insurance.