South Carolina Clauses Relating to Venture Ownership Interests
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Title 33 - Corporations, Partnerships and Associations. Chapter 44 - UNIFORM LIMITED LIABILITY COMPANY ACT OF 1996. Section 33-44-1002 - Application for certificate of authority. (8) whether the members of the company are to be liable for its debts and obligations under a provision similar to Section 33-44-303(c).
The Secretary of State may commence a proceeding to dissolve a limited liability company administratively if the company does not pay a fee, tax, or penalty imposed by this chapter or other law within sixty days after it is due.
SECTION 33-44-202. Organization. (a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the office of the Secretary of State for filing.
South Carolina Code of Laws Sections 33-44-108 through 33-44-111 contain the state law governing registered agents for limited liability companies. This includes the need to have an agent and office for service of process, the procedures for changing the agent or office, and what an agent must do to resign.
SECTION 33-44-303. Liability of members and managers. (a) Except as otherwise provided in subsection (c), the debts, obligations, and liabilities of a limited liability company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the company.
S.C. Code Ann. § 33-44-504(e) provides that Section is the exclusive remedy by which a judgment creditor may satisfy a judgment out of the distributional interests in an LLC.
Joint Tenants with Rights of Survivorship: Created by SC Code §27-7-40. Upon the death of one owner, the death certificate is filed at the courthouse and that owner's interest automatically passes to the surviving owner(s).