1. The name cannot be the same as an existing LLC in your state.1
2. The name must specify that your organization is an LLC (ex: "LLC" or Limited Company").1
3. The name cannot contain words prohibited by your state (ex: "bank" or "insurance").1
B. What state licenses & permits are needed & which state agencies do you need to register with?
1. File Articles of Organization with the South Carolina Secretary of State’s Office.2
2. Register with the South Carolina Department of Revenue (SCDOR) for a use tax license.3
3. No state business licenses are required for South Carolina.4
C. What federal licenses & permits are needed & which federal agencies do you need to register with?
1. No federal license, permit, or registration is required for this …show more content…
How long do you do have to keep a record of the I-9 form?
• You have to keep an employee’s I-9 for as long as the employee works for you. Once an employee is terminated, you have to keep it for three years after their hire date or one year after their termination date, whichever is later.11
J. How will you finance your company? Types of Financing: There are two types of financing: equity financing and debt financing. Answer the questions about each and choose which form you will use and why!
1. Equity Financing---What is it (two/three solid detailed paragraphs explaining in your own words what equity financing is), how do you obtain it & is this the best option for your company (Y/N)? Explain.
• Equity financing is selling interests in your company for capital.12 This type of financing has many benefits. It is usually done through wealthy venture capitalists or smaller scale “angel” investors. With equity financing there is less risk, since you have no obligation to pay back the money. Having a relationship with a high-profile investor can give you instant credibility and expose you to a large network of other business professionals. Experienced investors know not to expect immediate returns on their money, so that takes some of the pressure off.13
2. The name must specify that your organization is an LLC (ex: "LLC" or Limited Company").1
3. The name cannot contain words prohibited by your state (ex: "bank" or "insurance").1
B. What state licenses & permits are needed & which state agencies do you need to register with?
1. File Articles of Organization with the South Carolina Secretary of State’s Office.2
2. Register with the South Carolina Department of Revenue (SCDOR) for a use tax license.3
3. No state business licenses are required for South Carolina.4
C. What federal licenses & permits are needed & which federal agencies do you need to register with?
1. No federal license, permit, or registration is required for this …show more content…
How long do you do have to keep a record of the I-9 form?
• You have to keep an employee’s I-9 for as long as the employee works for you. Once an employee is terminated, you have to keep it for three years after their hire date or one year after their termination date, whichever is later.11
J. How will you finance your company? Types of Financing: There are two types of financing: equity financing and debt financing. Answer the questions about each and choose which form you will use and why!
1. Equity Financing---What is it (two/three solid detailed paragraphs explaining in your own words what equity financing is), how do you obtain it & is this the best option for your company (Y/N)? Explain.
• Equity financing is selling interests in your company for capital.12 This type of financing has many benefits. It is usually done through wealthy venture capitalists or smaller scale “angel” investors. With equity financing there is less risk, since you have no obligation to pay back the money. Having a relationship with a high-profile investor can give you instant credibility and expose you to a large network of other business professionals. Experienced investors know not to expect immediate returns on their money, so that takes some of the pressure off.13