Tallglen Commercial Capital publishes three borrower-side guides for Greenwood, South Carolina owners, on business licenses, building permits and zoning, and the state business personal property tax return, plus a calculator that works out the loan amount a monthly payment would cover.
What Is SC Withholding Tax? The Short Version
Withholding is the state income tax an employer takes out of employees' pay and sends to the South Carolina Department of Revenue. A business with employees registers for a withholding account with the department. For a funding request, payroll records that show withholding filed and paid on time help a partner read the payroll side of the business.
The department's page for opening a business tax account is dor.sc.gov ; confirm requirements there.
How to Get a Retail License in SC? Timing Before a Funding Request
A business selling goods at retail in South Carolina registers with the Department of Revenue for sales tax, separately from any city or county business license. Have the registration in place before asking for inventory financing; a partner funding stock may ask how sales tax is collected and filed.
How Much Is a Retail License in SC? Records to Keep on File
The fee is set by the state; Tallglen does not quote it. Keep the license or registration certificate, the account number and recent sales tax filings together, since a partner reviewing a store's request may ask to see them.
How to Set Up a Business in South Carolina? A Checklist
- Choose the structure: sole proprietorship, partnership, LLC or corporation.
- File with the Secretary of State if forming an LLC or corporation.
- Apply to the IRS for an EIN.
- Register state tax accounts with the Department of Revenue.
- Get the city or county business license where the business operates.
- Open a bank account for the business and run all business money through it.
How to Open a Business in South Carolina? How Owners Handle It
For an owner who plans to borrow later, the last step on that checklist carries weight: a separate business account with a clean history. The six funding types on this site are for businesses already operating; the funding comparison page explains each. The South Carolina SBDC network lists its offices at scsbdc.com/locations ; ask the center about any fees.
By Tallglen Commercial Capital ยท Updated