Registering a New Business
in Rhode Island

Register Your New Rhode Island Business

 

Here are the steps and links to forming a new (for-profit) business. We strongly advise you contact an advisor (an accountant or lawyer) to help you with the decisions and implementation.

  1. Decide on your legal structure – Corporation? LLC? Partnership?
  2. Decide on your tax structure – S Corporation? LLC taxed as a partnership? As a corporation?  (Many options – can be confusing.)
  3. Execute a partners or shareholders’ agreement if it is a multi-owner enterprise.
  4. Choose a name and see if it is available.
  5. File either Articles of Organization or Incorporation and pay the requisite fee.  
  6. Optional: File a Fictitious Name Statement if you wish to use a D/B/A.
  7. Obtain your EIN – Employer Identification Number.
  8. If you qualify and are choosing to be an S-Corp, file IRS Form 2553.
  9. Open a bank account for the business.
  10. If you are going to have employees, arrange with a payroll service or qualified bookkeeper to pay employees and pay and file payroll taxes.
  11. If you make sales at retail, register for sales tax – even if your sales may be exempt.
  12. Arrange for a bookkeeper or bookkeeping system.
  13. Obtain necessary insurance coverage.
  14. Obtain on-line credentials so you can file your annual report on-line, as well as other forms.
  15. Annually file your annual report with the Secretary of State and pay the $50 fee – failure to do so can result in revocation of your charter; annually file your state tax return with the requisite minimum tax of $500 ($450 effective for tax years beginning 1/1/16).

 

2 Responses to “Registering a New Business
in Rhode Island

Leave a Reply

Your email address will not be published. Required fields are marked *