1. Choose a Business Name: The name of the nonprofit corporation must include the words “corporation,” “incorporated,” or “limited,” or an abbreviation of one of these words. It must also not be the same or deceptively similar to an existing South Carolina corporation’s name.
2. File the Articles of Incorporation: To form the nonprofit corporation, you must file the Articles of Incorporation with the South Carolina Secretary of State. This document must include the company’s name and address, the names and addresses of its incorporators, the name and address of its registered agent, and a statement that the corporation is formed under the South Carolina Nonprofit Corporation Act.
3. Create the Corporate Bylaws: You must create corporate bylaws that specify the structure and operation of the nonprofit corporation. The bylaws must include the number and qualifications of directors, the voting rights of members, and the procedures for holding meetings.
4. Apply for Tax-Exempt Status: To obtain tax-exempt status, you must file a Form 1023 with the Internal Revenue Service (IRS). As part of the application, you must provide detailed information about the nonprofit’s activities.
5. Comply with Other Requirements: South Carolina requires nonprofit corporations to obtain an employer identification number (EIN) from the IRS, register with the South Carolina Department of Revenue for sales/use tax, and obtain a charitable solicitation license from the South Carolina Secretary of State. Additionally, the nonprofit must comply with relevant state and federal laws.
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