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Definitions. What is a Beneficial Owner? Each individual with 25% or more equity interest in the legal entity, whether directly or indirectly (for certain clients, Fifth Third will advise if each individual with 10% or more equity interest is required).

The length of time it takes to form an LLC in Rhode Island depends on the method by which you submit your articles of organization. If you file a submission online, it may take one to three days to process, but if you file by mail, it will take a few days plus the time it takes to go through the mail.

How to Form an S Corp in Rhode Island Step 1 – Choose a name. Step 2 – Pick a registered agent. Step 3 – Name directors or managers. Step 4 – File RI Articles of Incorporation/Articles of Organization. Step 5 – Apply for S Corp status with IRS Form 2553.

A beneficial owner is someone who owns at least part of a property or other asset, even if its legal title is owned by someone else. That person can also vote on or otherwise influence decisions regarding transactions involving that asset or property. An example is a corporate shareholder.

A “beneficial owner” includes any individual who, directly or indirectly, exercises substantial control over a reporting company. An individual exercises “substantial control” over a reporting company if the individual meets any of four general criteria: The individual is a senior officer.

To apply for an employer identification number, you should obtain Form SS-4 PDF and its instructions PDF. You can apply for an EIN online, by mail, or by fax. You may also apply by telephone if your organization was formed outside the U.S. or U.S. territories.

An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.

We recommend applying for an EIN online if you have a SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number). This is the easiest filing method and it has the fastest approval time. Your EIN Number will be issued at the end of the online application, which takes about 15 minutes to complete.

Beneficial Ownership Information (BOI) refers to the information that certain businesses must report to regulatory authorities, outlining details about the individuals who ultimately own or control the company.