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South Carolina is about average for both personal income tax and corporate
income tax rates. The corporate income tax in South Carolina is a mild 5%,
and the personal income tax can be as low as 0% and as high as 7%. Still South
Carolina's overall business tax climate rates are only average according
to the Tax Foundation. Nevada on the other hand gets top ratings from The
Tax Foundation as a place to incorporate your business. Nevada does not levy
corporate or personal income taxes. Businesses that are incorporated in Nevada
also benefit from a suite of favorable asset protection policies. See the
data below to help decide whether to incorporate in Nevada or South Carolina.
| |
Nevada |
South Carolina |
|
State Corporate Income Tax ? |
None |
5% |
Tax Foundation's, Corporate Tax Ranking Index ? |
1 |
11 |
Personal Income Tax ? |
None |
0% - 7% |
Tax Foundations, Personal Income Tax Ranking Index |
1 |
27 |
Franchise Tax ? |
|
|
Tax on corp shares ? |
|
|
Gift Tax ? |
|
|
Unitary Tax ? |
|
|
Estate Tax ? |
|
|
Statutory Indemnification of Officers, Directors & Employees ? |
|
|
Charging Order Protection for Corporation ? |
|
|
Charging Order is Creditor's Sole Remedy for LLC or Corporation ? |
|
|
Highest Standard of Corporate Veil Protection ? |
|
|
Series LLC Allowed ? |
|
|
Business Court* |
|
|
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Glossary of terms
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