South Carolina Uniform Limited Liability Act
The South Carolina Uniform Limited Liability Act came into existence in 1996. South Carolina's Uniform Limited Liability Act describes the rules and regulations regarding the formation and operation of limited liability companies (LLCs) in South Carolina.
Other People Are Reading
-
Significance
-
A South Carolina LLC may conduct all lawful business activities. An LLC in South Carolina has the same powers as an individual in terms of conducting its business affairs, according to the South Carolina Legislature website. South Carolina LLCs are allowed to make contracts, initiate legal process or be sued and hold real property. A South Carolina LLC has a separate legal existence from the members that form the business.
Articles of Organization
-
An LLC in South Carolina must file articles of organization with the South Carolina Secretary of State. LLCs in South Carolina are required to include information in the articles of organization such as the legal name of the business and whether the company will be managed by its members or non-members.
-
Registered Agent
-
LLCs in South Carolina are required to name a registered agent that will accept the company's legal process and other important tax documents. A South Carolina LLC's registered agent must be an individual, another LLC or a corporation that is authorized to conduct business in the state. A South Carolina registered agent must have a physical address in the state.
Liability
-
Members and managers of a South Carolina LLC are not personally liable for the debts, obligations and liabilities of the company. However, if a member or manager of a South Carolina LLC personally guarantees a business loan, the member or manager will be held personally liable for the company's debt.
-
