S.C. Code Regs. 117-870.1. Stockholders Liable for Tax When Business Operates After Charter Cancelled

When a business continues operating, after cancellation of the corporation charter as a result of non-payment of license fee, the stockholders are required to file a Partnership Return, and each stockholder/partner is liable for income tax on his or her individual share of the profits, as provided in Section 12-6-510. 117.870.2. Reporting Final Income When Planning to Cease Doing Business in State. A taxpayer planning to cease doing business in this State by the incorporation of an existing business or, in the case of a corporate taxpayer other than a subsidiary corporation, by the dissolution or surrender of its Charter, shall report all items of income as described in Regulation 117-670.