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South Dakota is a U.S. state in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux Native American tribes, who comprise a large portion of the population and historically dominated the territory.
South Dakota is bordered by the states of North Dakota (to the north), Minnesota (to the east), Iowa (to the southeast), Nebraska (to the south), Wyoming (to the west), and Montana (to the northwest). The state is bisected by the Missouri River, dividing South Dakota into two geographically and socially distinct halves, known to residents as "East River" and "West River".
The estimated population of South Dakota in 2019 was 884,659 people.
Over 93% of South Dakota residents speak English as their primary language. About 7% of the population speak a language other than English. Other languages spoken included Spanish, German, Vietnamese, Chinese, and Russian.
South Dakota politics are generally dominated by the Republican Party. As of 2016, Republicans hold a 15% voter registration advantage over Democrats and hold large majorities in both the state Senate and the state House.
Like other states of the US, the structure of the Government of South Dakota is based on that of the federal government, with three branches of government: Legislative, Executive and Judicial.
The GSP of South Dakota was $46.81 billion as of 2019, the 8th total state output in the U.S. The per capita personal income was $61,104 in 2019, ranked 23rd in the U.S.
The service industry is the largest economic contributor in South Dakota. This sector includes the retail, finance, and healthcare industries. Agriculture is still a key component of South Dakota economy despite other industries have rapidly expanded in recent decades. Another important sector in South Dakota's economy is tourism, many travel to view the attractions of the state, particularly those in the Black Hills region.
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The corporate laws of South Dakota are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of South Dakota are familiar to many lawyers both in the US and internationally. South Dakota has a common law system.
One IBC supply incorporation in South Dakota service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
No public register of company officers.
Just 4 simple steps are given to start a business in South Dakota:
* These documents required to incorporate a company in South Dakota:
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How to start a business in South Dakota, USA
There is no minimum or a maximum number of authorized shares since South Dakota incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
South Dakota law requires that every business have Registered Agent in the State of South Dakota who may be either an individual resident or business that is authorised to do business in the State of South Dakota
South Dakota, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against South Dakota taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
Like Wyoming, South Dakota is the state that does not levy a corporate income or gross receipts tax.
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Payment, Company return due date
A Statement of Information must be filed with the South Dakota Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months
Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.
A South Dakota LLC is effective on the date you enter in your Articles of Organization or on the date your LLC is approved by the state (if no date is selected).