Initial Annual Report Of Corporations {CL-1}

CL-1 - INITIAL ANNUAL REPORT OF CORPORATIONS. You must submit a CL-1 and a $25 minimum License Fee to the SCSOS if you are a: • domestic corporation filing your initial Articles of Incorporation, or • foreign corporation filing an Application for Certificate of Authority to Transact Business in South Carolina. For faster results, submit your CL-1, and pay the $25 minimum License Fee online at sos.sc.gov/online-filings when registering a business with the SCSOS. If you did not register with the SCSOS, you must still submit the CL-1 and the $25 minimum License Fee to the South Carolina Department of Revenue (SCDOR) within 60 days after commencing business in South Carolina or using a portion of your capital in the state if you: • are taxed as a corporation, and • aren't exempt under SC Code Section 12-20-110, available at dor.sc.gov/policy. LLCs should only complete the CL-1 if they're taxed as a corporation. Failure to file your CL-1 and pay the $25 License Fee within 60 days after commencing business in South Carolina could result in: • interest charged at the prevailing federal rate. • a late file penalty of 5% per month, not to exceed 25%. • a late pay penalty of 0.5% per month, not to exceed 25%. www.FormsWorkflow.com