South Carolina Account Stated for Construction Work

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Multi-State
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US-0160BG
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Word; 
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Description

An account stated is a statement between a creditor and a debtor based upon a series of prior transactions. Hence, an account stated arises when a particular amount is owed to the creditor by the debtor as of a certain date. An account stated refers to either an agreement itself or to the assent giving rise to the agreement. The agreement to pay the balance amount can be either express or implied. When the agreement to pay is in the nature of a computation, then it is called account stated.
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FAQ

Section 29-5-10 of the Statute provides, in relevant part, that ?[a] person to whom a debt is due for labor performed or furnished or for materials furnished and actually used in the ?of a [structure] upon real estate?by virtue of an agreement with?the owner?or person having authority from, or rightfully acting ...

Services in South Carolina are generally not taxable. However ? if the service you provide includes creating or manufacturing a product, you may have to deal with the sales tax on products. Most tangible personal property is taxable in South Carolina, with a few exceptions.

Many sellers believe there is a general exemption from sales tax for labor charges. However, in California many types of labor charges are subject to tax. Tax applies to charges for producing, fabricating, or processing tangible personal property for your customers.

Charges for sales or renewals of warranty, maintenance, or similar service contracts (whether optional or mandatory) for tangible personal property are subject to the sales and use tax.

With regard to training, South Carolina does not specifically include training services in its list of taxable services.

In South Carolina, the general rule is that you have 8 years from the last date on which work was performed on your home. After 8 years, the law (the ?statute of repose?) limits the claims an owner can bring.

??Sales Tax Sales Tax is imposed on the sale of goods and certain services in South Carolina. The statewide Sales &? Use Tax rate is six percent (6%). Counties may impose an additional one percent (1%) local sales tax if voters in that county approve the tax. Generally, all retail sales are subject to the Sales Tax.

7. SC Code § 29-6-50 permits a contractor to assess interest in the amount of one percent per month of the unpaid undisputed amount of a periodic or final pay request not paid within 21 days of receipt of the pay request, providing notice is given as required by the law.

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South Carolina Account Stated for Construction Work