South Carolina Code 33-1-420. Number of shareholders
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(a) For purposes of Chapters 1 through 20 of this Title, the following identified as a shareholder in a corporation‘s current record of shareholders constitutes one shareholder:
(1) three or fewer co-owners;
Terms Used In South Carolina Code 33-1-420
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) a corporation, partnership, trust, estate, or other entity;
(3) the trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account.
(b) For purposes of Chapters 1 through 20 of this Title, shareholdings registered in substantially similar names constitute one shareholder if it is reasonable to believe that the names represent the same person.