Business research can vary depending on the industry or field. Funding can come from loans, venture capital firms, angel investors, personal savings, or economic development grants. 

 Learn more about research and funding.

Once you've done your business research, it is important to create a formal business plan. Your plan should include key findings from your research and outline steps you need to take to get your business up and running.

Learn more about business plans. 

Most businesses operating in South Carolina need to register their name and type with the South Carolina Secretary of State. 

Learn more about registering with the South Carolina Secretary of State. 

NOTE: If your business is a Sole Proprietorship or General Partnership, you may not be required to register with the Secretary of State. 

Most businesses require a Federal Employer Identification Number, often referred to as an EIN or FEIN, issued by the Internal Revenue Service (IRS) as a way to identify business entities. 

Learn more about Federal Employer Identification Numbers including requirements and how to apply. 

Business licenses are issued locally by the county or municipality in which your business is located or operating. South Carolina does not have a statewide business license, and not all counties and municipalities require a business license. 

Learn more about business licenses. 

Businesses have many employer and tax requirements when hiring and employing workers. Every business is different, and its responsibilities vary depending on multiple factors. 

Learn more about employer requirements. 

In South Carolina, sales tax is imposed on the sale of goods and certain services. Use tax is imposed on goods and certain services purchased out of state and brought into South Carolina or on which no sales tax has been paid.

The statewide sales and use tax rate is 6 percent. Counties may impose an additional local sales and use tax if voters in that county approve the tax. Generally, all retail sales of tangible personal property are subject to the state’s sales or use tax. 

Learn more about South Carolina Sales Tax. 

Businesses are required to file a Business Personal Property Return with the county or the South Carolina Department of Revenue (SCDOR) annually for each business location.

Business Personal Property Tax is a business tax on the furniture, fixtures, and equipment owned by the business. Examples include computers, copiers, chairs, refrigeration equipment, and shelving. This is a tax that is to be reported as an acquisition cost with a deduction allowed for depreciation but should never fall below 10 percent.

To submit the tax, a Business Personal Property Tax account must be established. In general, a business that requires a Retail License will automatically receive a Business Personal Property Tax file number from the SCDOR. A service business normally registers with the county.

Learn more about Business Personal Property Tax. 

Business regulations safeguard your business, customers, employees, and industry. These regulations also make sure the products, services, and practices of business benefit the public. 

Learn more about business regulations.