South Carolina courts have consistently held that the preparation of conveyance, such as deeds and mortgages, review of title abstracts, and conducting real estate closings are the practice of law. These transactions go through at South Carolina attorney. While attorneys may delegate some responsibilities of a transaction, like picking a title research company, South Carolina courts still require the work is still subject to review by a licensed attorney.
The benefit of having the Supreme Court of South Carolina regulate transactions brings a ethical standard to the proceedings. Attorneys have to be deemed competent and ethical enough to practice law in this state by conducting a bar exam and demanding compliance with the Rules of Professional Responsibility. In fact, South Carolina actually considers the unauthorized practice of law a felony with a fine of up to $5000.00, imprisonment of up to five years, or both.
In practice, the purpose of having attorneys conduct transactional closings is not to simply add a step to the transaction, but rather to protect the public at large. Purchasing a home or obligating yourself on a loan is one of the most profound financial decisions you will make in your life. Why not have an attorney, whose purpose is to verify that the laws are met and the transaction is in your best interest to help you navigate the process?
When picking an attorney we suggest choosing an attorney who consistently practices real estate. This insures the office is up to date with current state and Federal law and regulations. Also, real estate attorneys spend less time in court, so usually they make themselves available for you to consult throughout the process. When inquiring about fees, please be aware that not all law offices fees are consistent. Remember to ask the attorney for a detailed fee schedule including all fees, rather than just the designated attorney fee.
You and your buddies have been working on a killer business idea for years. Well before you graduated college and began your full-time job, the three of you are finally in a position to dedicate time, effort, and monetary resources to making your dream business become a reality.
But where to begin? Starting a business is a huge financial risk. You don’t want to put your cars, home, and personal belongings at risk if you aren’t able to pay your bills. Shielding your personal assets is one of the many benefits of starting a limited liability company (LLC).
You’ve floated the idea to your potential business partners, but need more specifics. The best plan of action is to speak to a lawyer before starting an LLC.
Remember, the strength of your LLC lies in the operating agreement. It dictates everything from your limited liability status, to head off financial and management issues, and more. Not every state requires you to create an LLC, but having one is always advisable, particularly if you wish to operate your company by your own methods and rules and not those imposed on you by default through South Carolina.
This checklist will provide you a list of first steps to take as you open for business. Keep in mind that your LLC’s start-up requirements might vary from the list below, depending on the specific type of business you are in, and where your business is located:
1. Decide on a business name for your Limited Liability Company (LLC)
2. Search availability of your LLC’s chosen business name, and for similarity to existing names.
3. Register your LLC name
4. Create and sign an LLC Operating Agreement
5. Write your LLC’s Articles of Organization
6. File your LLC’s Articles of Organization with the Secretary of State office in South Carolina
7. Obtain your federal and local business licenses and permits for your LLC
At Dunes Law Firm we have been securing transactions for years in South Carolina. We are comfortable in making sure your business formation is legal and established. Give us a call.