The South Dakota Application for Reservation of Name (Domestic LLC) is a form that allows a person to reserve a name for a future Limited Liability Company (LLC). The form is used to ensure that the name of the business has not been taken by another business entity in the state of South Dakota. There are two types of South Dakota Application for Reservation of Name (Domestic LLC): the Regular and the Express. The Regular Application allows the user to reserve a name for up to 120 days, and the Express Application allows the user to reserve a name for up to 60 days. Both applications require the user to provide information such as the applicant’s name, address, and the desired name of the LLC. The user also has the option to include a statement of purpose for the business. The user will also have to pay the applicable filing fee. Once the application is approved, the name will be reserved for the specified period of time.
South Dakota Application for Reservation of Name (Domestic LLC)
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FAQ
It costs $150 to form an LLC in South Dakota. This is a fee paid for the Articles of Organization. You'll file this form with the South Dakota Secretary of State. And once approved, your LLC will go into existence.
How much is a South Dakota Business License? South Dakota doesn't have a general business license at the state level, so there are no fees there. However, your business may need a state-level occupational license or municipal-level license or permit to operate.
Mail filings: In total, mail filing approvals for South Dakota LLCs take about 1 week. This accounts for the 1-2 business day processing time, plus the time your documents are in the mail. Online filings: Online filings for South Dakota LLCs are approved immediately.
The South Dakota LLC filing fee is $150, with an additional cost of $15 if you choose to file via a paper form. You only need to file your Articles of Organization once, however all LLCs in South Dakota must file an annual report once a year to remain compliant with the Secretary of State.
An entity name reservation in the state of South Dakota lasts 120 days from the filing date and gives you sole ownership of that name. However, when your 120-day window closes, if you haven't formed your LLC yet, your name is released back to the public and anyone can use it.
The name itself CANNOT be changed through an amendment. Instead, you would need to file a NEW DBA-Business Name and file a cancellation of the unused name. You are required to file an amendment if the address of the fictitious name or owners(s) information has changed.
Along with no state income tax, South Dakota also has a 0% corporate tax rate, making it a great place to start an LLC that is taxed as a corporation. Advantages of South Dakota: No state income tax. No corporate tax rate (for LLCs treated as a corporation)