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Forming an LLC in Rhode Island
There is a minimum amount of administrative work to be done for those who want to start a LLC in Rhode Island. If you want to make it even easier, incorporation companies can take care of all the paperwork for you, for a moderate fee. Although not mandatory, it is strongly recommended to have an attorney set up the Operating Agreement. A poorly executed Operating Agreement might cause problems with the IRS later on and this can disturb the whole process of running an LLC.
Forming an LLC in Rhode Island in 5 easy steps
- The first step is to select a name for your LLC. The name must contain an LLC identifier, such as “Ltd Liability Co” or “LLC”. The name cannot be used by another LLC already and you must of course refrain from violating any trademarks.
- Step two is to file an Article of Organization with the filing office in the state of Rhode Island.
- Step three is to have a company meeting with all the members of the LLC and adopt an Operating Agreement.
- Step four is to obtain a so called FEIN, a Federal Employer Identification Number, and set up an LCC bank account. These two tasks can only be carried out once the Operating Agreement has been adopted.
- Step five is to figure out in which cities and counties that the LLC will be conducting business and obtain business licenses from each and every one of them.
Important facts to take into consideration before forming an LLC in Rhode Island
- The minimum filing fee in Rhode Island is comparatively high: $230.00. (For 15 business days.)
- An LLC formed in Rhode Island is required to file an annual report between January 1st and March 1st each year. The Annual Report fee is $50.00.
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