Rhode Island Checklist - Sale of a Business

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Multi-State
Control #:
US-04096BG
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Word; 
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The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.
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FAQ

How to Dissolve an LLCVote to Dissolve the LLC. Members who decide to dissolve the company are taking part in something called a voluntary dissolution.File Your Final Tax Return.File an Article of Dissolution.Settle Outstanding Debts.Distribute Assets.Conduct Other Wind Down Processes.

Close your Non-Profit in Rhode IslandDeciding to Close Your Non-Profit. Your bylaws may dictate who can decide to close your non-profit and how to do so.Comply with Employment and Labor Laws.Resolve Financial Obligations.Submit Appropriate Documents.Cancel Registrations, Permits and Licenses.Maintain Records.

If you plan on selling anything as part of your new business, you will need to obtain a Permit to Make Sales at Retail to charge sales tax. The state tax rate is a set rate of 7% for the whole state regardless of where you are located in Rhode Island.

Follow these steps to closing your business:Decide to close.File dissolution documents.Cancel registrations, permits, licenses, and business names.Comply with employment and labor laws.Resolve financial obligations.Maintain records.

EFile your Rhode Island tax return now We last updated Rhode Island Schedule W in March 2022 from the Rhode Island Division of Taxation. This form is for income earned in tax year 2021, with tax returns due in April 2022.

To dissolve your Rhode Island LLC, submit the completed Articles of Dissolution to the Rhode Island Secretary of State (SOS) by mail or in person. Your LLC has to be in good standing to dissolve, so make sure you have filed all annual reports and maintained a Rhode Island registered agent.

To close your business in Rhode Island, you must satisfy all filing obligations with both the RI Division of Taxation and the RI Department of State. To dissolve your business, it must be active and up to date with all filings with the RI Department of State. To verify your status, email corporations@sos.ri.gov.

To dissolve your Rhode Island LLC, submit the completed Articles of Dissolution to the Rhode Island Secretary of State (SOS) by mail or in person. Your LLC has to be in good standing to dissolve, so make sure you have filed all annual reports and maintained a Rhode Island registered agent.

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Rhode Island Checklist - Sale of a Business