An executory contract refers to a legal agreement in which both parties involved have certain obligations to fulfill in the future. In such contracts, one or both parties have yet to complete their required actions or deliverables. These agreements are typically enforceable by law and can involve various transactions and industries. One common example of an executory contract is a lease agreement. When a person or company decides to rent a property or equipment, they enter into a contract with the lessor. The lease contract outlines the terms and conditions, including rent amount, duration, and specific obligations of both parties. Until the lessee fulfills their payment obligations and the lessor provides the agreed-upon services or equipment, the contract remains executory. Another type of executory contract is a construction contract. When a company or individual hires a contractor to build or renovate a property, they enter into a construction contract. This contract specifies the scope of work, timelines, and payment terms. Until the contractor completes the construction project and the owner provides the agreed-upon compensation, the contract remains executory. Executory contracts also exist within the realm of business agreements, such as supply contracts. For example, a manufacturer may enter into a contract with a supplier to procure raw materials. Until the supplier delivers the materials, and the manufacturer pays for them, the contract remains executory. Furthermore, executory contracts can involve financial arrangements, such as loan agreements. In these cases, a borrower enters into a contract with a lender to receive funds under specific terms and conditions. The borrower must make regular payments, such as principal and interest, while the lender provides the loan amount. Until both parties fulfill their obligations, the contract remains executory. Overall, executory contracts encompass a wide range of agreements where one or both parties have yet to fulfill their obligations. From lease and construction contracts to supplier and loan agreements, executory contracts define the future actions and commitments required for a successful transaction.
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LLCs in Rhode Island are taxed as pass-through entities by default. Rather than paying taxes at the entity level, LLCs pass profits and losses on to their members, who then pay taxes at the individual level. In Rhode Island, LLC members are subject to both federal and state personal income tax.
Rhode Island LLC Formation Filing Fee: $150 The primary cost when starting a Rhode Island LLC is the $150 fee ($152.50 online) to register your business with the Rhode Island Department of State' Business Division.
You can get an LLC in Rhode Island in 3-4 business days if you file online (or 2 weeks if you file by mail).
The main cost associated with starting an LLC in Rhode Island is the $150 fee to file your articles of organization, which officially register your business with the state. You'll also have a yearly recurring fee of $50 to file your LLC's annual report.
Here are other benefits of having a Rhode Island LLC: Unlike in other states, Rhode Island gives you a certain level of privacy. LLCs do not have to submit personal information about their members. Rhode Island does not have business franchise taxes.
The following sections cover the steps you will need to do to maintain the good standing of your Rhode Island LLC. Create an LLC Operating Agreement. ... Get an Employer Identification Number (EIN) ... Submit an Annual Report. ... Pay the Corporate Tax, if Applicable.
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.
Here are the steps you'll need to take to start your LLC in Rhode Island. Name Your LLC. The first step in forming your LLC is to choose a business name. ... Designate a Registered Agent. ... Submit LLC Articles of Organization. ... Write an LLC Operating Agreement. ... Get an EIN. ... Open a Bank Account. ... Fund the LLC. ... File State Reports & Taxes.