A Business Opportunity is defined under the South Carolina Business Opportunity Sales Act as the sale or lease of any products, equipment, supplies, or services which are sold to the purchaser for the purpose of enabling the purchaser to start a business. See S.C. Code of Laws § 39-57-20 for the complete definition of a business opportunity.
S.C. Code of Laws §39-57-30 requires that the seller of a business opportunity must file a copy of the disclosure statement required by S.C. Code of Laws §39-57-30 before placing an advertisement or making other representations to prospective purchasers in the State.
In order to comply with the law, the seller of every “business opportunity” is subject to the following requirements:
- Register with the Secretary of State’s Office on a biennial basis by completing the Registration and/or Biennial Renewal Application of Business Opportunity Form (PDF);
- Submit a registration fee of $100;
- Submit a financial statement that is not older than 13 months (which shall be an audited statement or stated under penalty of perjury); and
- If the seller is required by S.C. Code of Laws §39-57-40 to obtain a surety bond or establish a trust account, a copy of the bond or a copy of the formal notification by the depository that the trust account is established must be submitted to the Secretary of State at the same time as the registration.
NOTE: Any material changes to the registration of a business opportunity must be provided to the Secretary of State’s Office as soon as the changes occur.
SC Secretary of State's Office
Attn: Business Opportunities
1205 Pendleton Street, Suite 525
Columbia, SC 29201
(803) 734-2170