Beneficial Ownership – The Corporate Transparency Act
| Beneficial Ownership Filing Reminder: January 1, 2025, is the deadline for entities created before January 1, 2024, to file their Beneficial Ownership Information (BOI) as required by law under the Corporate Transparency Act. Businesses formed after January 1, 2024, have 90 days to file after formation. Businesses formed on or after January 1, 2025, will have 30 days to file after formation. |
The Corporate Transparency Act of 2019 was enacted on January 1, 2021. According to the U.S. Treasury Financial Crimes Enforcement Network (FinCEN), the law is an effort by the U.S. government to make it more difficult for bad actors to hide behind shell companies or other opaque ownership structures.
Beginning January 1, 2024, many companies will be required to report beneficial ownership information to FinCEN. Beneficial ownership information, as defined by FinCEN, is identifying information about the individuals who directly or indirectly own or control a company. Beneficial ownership information pursuant to the Corporate Transparency Act of 2019 is not filed with the Secretary of State’s Office.
South Carolina Business One Stop
South Carolina Business One Stop (SCBOS) is a one-stop information resource for starting, running, expanding and relocating businesses in South Carolina. SCBOS offers a 9-step guide for starting a business in South Carolina, and provides information on applying for retail and business licenses, registering for unemployment insurance, and other services.
South Carolina Department of Commerce
The mission of the South Carolina Department of Commerce is to help grow new and existing businesses in South Carolina. The SC Commerce Department provides information and resources on business development, tax incentives and grants, workforce training, industrial site identification, and small business assistance.
South Carolina Division of Small and Minority Business Contracting and Certification
The South Carolina Division of Small and Minority Business Contracting and Certification (SMBCC) is the state agency that certifies businesses as minority-owned, and assists those looking for minority-owned businesses. SMBCC also connects minority- and women-owned small businesses to State contracting and procurement opportunities.
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) is the federal agency dedicated to helping small business owners and entrepreneurs. In addition to offering guidance and resources for starting, managing, and growing small businesses, the SBA offers funding opportunities including loans, disaster assistance, and grants. The SBA’s South Carolina District Office is headquartered in Columbia and has a branch office in Charleston.
South Carolina Small Business Development Centers
South Carolina Small Business Development Centers (SC SBDC) is an SBA-funded program that helps start-up and existing businesses by providing free consulting, low-cost seminars, and other resources. SC SBDC connects private consultants with businesses in all stages of development, and has 20 area centers throughout the state. For more information, please visit this organization’s website.