50 State Series: How to move your LLC or corporation out of South Carolina and keep your EIN

Attorney and CPA Chad D. Cummings examines South Carolina’s tax situation in this presentation. The state ranks 29th on the Tax Foundation’s 2026 State Tax Competitiveness Index and recently enacted a temporary reduction of its top individual income tax rate to 6.0 percent that expires after one year. South Carolina also maintains an uncapped capital stock tax on net worth, a split-roll property tax system that shifts a heavier burden onto businesses, and a pension system funded at only 69 percent. These structural issues continue even as incremental rate changes are made. Florida and Texas impose no state personal income tax and offer significantly more competitive environments. This presentation shows how redomestication allows South Carolina business owners to transfer their business to another state to Florida or Texas without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in South Carolina, a one-year rate cut is not a long-term solution. Learn more: https://www.cummings.law/redomestication/