| Corporation | Limited Liability Company (LLC)(L3C) | |
|---|---|---|
| Initial RI Dept. of State Filing Fee | $230 | $150 |
| RI Dept. of State Annual Report | $50 | $50 |
| RI Division of Taxation Minimum Corporate Tax | $400* | $400* |
| Additional Licensing Fees | Use our Business Assistant to gather licensing information for your specific business type. | |
What is the RI Division of Taxation?
What is a registered agent in Rhode Island?
Do sole proprietorships register with the state of Rhode Island?
About this website
How do I set up an LLC in Rhode Island?
Here are the steps you need to take to form an LLC in Rhode Island.Choose a Name for Your LLC. ... Appoint a Resident Agent. ... File Articles of Organization. ... Prepare an Operating Agreement. ... Obtain an EIN. ... File Annual Reports.
How long does it take to form an LLC in Rhode Island?
You can get an LLC in Rhode Island in 1-2 business days if you file online (or 2 weeks if you file by mail).
How are LLCS taxed in Rhode Island?
In Rhode Island, the corporate tax generally is a flat 7% of net income with a $400 minimum tax. Use the state's corporation income tax return (Form RI-1120C) to pay this tax.
How much does it cost to register an LLC?
The main cost of forming a limited liability company (LLC) is the state filing fee. This fee ranges between $40 and $500, depending on your state. There are two options for forming your LLC: You can hire a professional LLC formation service to set up your LLC (for an additional small fee).
How do I get an EIN number in Rhode Island?
Rhode Island Tax Account NumbersIf you are a new business, register online with the RI Department of Revenue. ... If you already have a Rhode Island Withholding Account Number, you can find it on previous correspondence from the RI Department of Revenue or by contacting the agency at 401-574-8829.
How do I register a business name in Rhode Island?
Once you have selected your business structure and name, you will need to file your formation documents with the state, which will register your business with the State of Rhode Island. To register your Rhode Island LLC, you'll need to file the Articles of Organization with the Rhode Island Department of State.
Does Rhode Island recognize single member LLC?
This includes a single-member LLC (SMLLC) and any LLC treated as a disregarded entity for federal tax purposes. Form RI-1065 shall be filed for any tax year beginning on or after January 1, 2012. For tax years prior to 2012, Form RI-1120S shall be filed to pay the annual charge.
What is the business tax for Rhode Island?
7%Rhode Island Corporate Income tax is assessed at the rate of 7% of Rhode Island taxable income.
Does Rhode Island have a minimum tax?
Every business corporation, joint stock company or association exercising corporation functions or otherwise doing business in this state is required to file an annual tax return using Form RI-1120C and is subject to the income tax (minimum $400.00) under R.I. Gen. Laws § 44-11-2.
What are the benefits of an LLC?
For those thinking of starting an LLC, here are six of the main LLC benefits.Limited Personal Liability. ... Less Paperwork. ... Tax Advantages of an LLC. ... Ownership Flexibility. ... Management Flexibility. ... Flexible Profit Distributions.
How do I establish an LLC?
How to form an LLCChoose your name. Naming your LLC is important administratively and also in the eyes of your customers. ... Get an EIN. Your employer identification number (EIN) separates your personal identity from your business identity. ... Register your business. ... Open a bank account. ... Build and launch your website.
Can I set up a limited company on my own?
A limited company can be set up by a single individual who will be the sole shareholder and company director, or by multiple shareholders. Advantages of forming a limited company include: Liabilities such as debts or legal action.
How do I establish an LLC?
How to form an LLCChoose your name. Naming your LLC is important administratively and also in the eyes of your customers. ... Get an EIN. Your employer identification number (EIN) separates your personal identity from your business identity. ... Register your business. ... Open a bank account. ... Build and launch your website.
Do you need a business license in Rhode Island?
Rhode Island does not have a statewide basic business license requirement. Businesses may need to register with the Rhode Island Secretary of State or the Division of Taxation for sales tax or payroll taxes.
What is a sole proprietorship vs LLC?
An LLC exists separately from its owners—known as members. However, members are not personally responsible for business debts and liabilities. Instead, the LLC is responsible. A sole proprietorship is an unincorporated business owned and run by one person.
What is a LLC business?
Limited Liability Company Definition: A form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership. Many states allow a business form called the limited liability company (LLC).
Do you have to pay for a Rhode Island LLC every year?
Yes, Rhode Island LLCs have to pay a $50 annual report fee every year. Visit our Rhode Island LLC annual report guide for more information.
Is an LLC really necessary?
An LLC provides limited liability protection. This means an LLC protects your personal assets in the event of a business loss, such as a lawsuit or...
What is the cheapest way to get an LLC?
You can save money on getting an LLC by completing the formation process yourself, making your own operating agreement, being your own Agent for Se...
Can I pay myself a salary from my LLC?
You can pay yourself a salary from your LLC, but it would be called a draw or distribution if your LLC is taxed in the default way by the IRS. Visi...
Is an S corp better than an LLC?
An S corporation (S corp) is an IRS tax status, not a type of business entity. An LLC can be taxed in the default way or as an S corp. For some bus...
What’s better: sole proprietorship or LLC?
A sole proprietorship is only good for businesses that carry very low risk of liability because sole proprietorships don’t offer any liability prot...
Register Your Business In Ri - Rhode Island - Nellie M. Gorbea
State of Rhode Island: Nellie M. Gorbea. Register with the RI Division of Taxation. The RI Division of Taxation’s Taxpayer Portal is an easy way for your business to file and pay taxes, apply for a Letter of Good Standing, or renew a tax license.
How to Establish a Sole Proprietorship in Rhode Island | Nolo
In Rhode Island, you can establish a sole proprietorship without filing any legal documents with the Rhode Island state government. There are four simple steps you should take: Choose a business name. File an assumed business name with the city or town clerk.
RI.gov: Rhode Island Government
The Official Web Site of the State of Rhode Island
How much does it cost to start an LLC in Rhode Island?
The cost to start a Rhode Island limited liability company ( LLC) is $150 . This fee is paid to the Rhode Island Department of State when filing the LLC’s Articles of Organization.
How much does it cost to file an Articles of Organization in Rhode Island?
The fee for filing the Articles of Organization is $150 online.
What is LLC protection?
An LLC provides limited liability protection. This means an LLC protects your personal assets in the event of a business loss, such as a lawsuit or unpaid debt.
How to get a certificate of good standing in Rhode Island?
Certificate of Good Standing: You can obtain a Rhode Island certificate of good standing by ordering through the Department of State and paying the $22 online fee or $20 mail or in-person fee. A certificate of good standing is often required by banks and lending institutions.
How to save money on LLC?
You can save money on getting an LLC by completing the formation process yourself, making your own operating agreement, being your own Agent for Service of Process, and getting your own EIN.
Can you pay yourself a salary from an LLC?
You can pay yourself a salary from your LLC, but it would be called a draw or distribution if your LLC is taxed in the default way by the IRS.
Is an S corp a business?
An S corporation (S corp) is an IRS tax status, not a type of business entity. An LLC can be taxed in the default way or as an S corp. For some businesses, being taxed as an S corp can make lots of sense.
The First Steps
So you have a great business idea and want to start your own company. Great! You have done your homework and have come up with a business plan. Even better! But may we suggest a few things you need to do before you proceed?
What About an Employer Identification Number?
Yes, you would need an Employer Identification Number (EIN), also called a Federal EIN (FEIN). However, you can get this for free ($0) from the IRS.
Are There Any Other Expenses to Start an LLC
Other than the expenses mentioned above, there are no other expenses involved in starting an LLC in Rhode Island. However, there are some annual recurring fees that you need to pay on an annual basis.
What Are the Steps Involved in Starting a Business in Rhode Island
Here are the steps you would need to follow to start a business in Rhode Island:
Parting Words
Rhode Island makes it easy for businesses to register an LLC in the state. We suggest that you take professional help to guide you through the process. There are expenses involved in setting up an LLC in Rhode Island. The good news is that these are one-time fees.
Costs & Fees
Our Business Assistant will help you estimate the regulatory costs of your business. Below is a chart that outlines some of the different business structures in Rhode Island and annual filing fees and taxes that are associated.
Additional Resources
Need more information about financing your business? Here are some helpful organizations:
What is the RI Division of Taxation?
The RI Division of Taxation’s Taxpayer Portal is an easy way for your business to file and pay taxes, apply for a Letter of Good Standing, or renew a tax license. Depending on the nature of your business, you can register in one of two ways.
What is a registered agent in Rhode Island?
Registered Agent. A registered agent is an individual or entity that receives official and legal documents on behalf of a business. The agent must be a Rhode Island resident or an entity qualified to do business in this state. Registered Agent Address.
Do sole proprietorships register with the state of Rhode Island?
General Partnerships and Sole Proprietorships do not register with the RI Department of State.
What is the RI Division of Taxation?
The RI Division of Taxation’s Taxpayer Portal is an easy way for your business to file and pay taxes, apply for a Letter of Good Standing, or renew a tax license. Depending on the nature of your business, you can register in one of two ways.
What is a registered agent in Rhode Island?
Registered Agent. A registered agent is an individual or entity that receives official and legal documents on behalf of a business. The agent must be a Rhode Island resident or an entity qualified to do business in this state. Registered Agent Address.
Do sole proprietorships register with the state of Rhode Island?
General Partnerships and Sole Proprietorships do not register with the RI Department of State.
