A Rhode Island Business Corporation (RIBS) is a legal entity created and organized in the state of Rhode Island that is used to conduct business activities. Ribs are governed by the Rhode Island Business Corporation Act and are regulated by the Secretary of State's Office. Ribs offer numerous benefits to business owners, including limited liability protection, tax advantages, and flexibility. There are two types of Ribs: public business corporations and close corporations. Public business corporations can offer public stock to the public, while close corporations are only owned by a small group of shareholders. Ribs are commonly used by entrepreneurs, startups, and established businesses looking to expand their operations.
Rhode Island Business Corporation
State:
Rhode Island
Control #:
RI-SKU-0210
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PDF
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Business Corporation
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Costs & Fees CorporationLimited Liability Company (LLC)(L3C)Initial RI Dept. of State Filing Fee$230$150RI Dept. of State Annual Report$50$50RI Division of Taxation Minimum Corporate Tax$400$400Additional Licensing FeesUse our Business Assistant to gather licensing information for your specific business type.
Costs to forming a Rhode Island LLC There is a $150 one-time state filing fee to form a Rhode Island LLC. There are also ongoing fees (like a $50 Annual Report fee), which we discuss below.
Rhode Island requires businesses to obtain any necessary licenses before starting operations. Many businesses will need to obtain a Permit to Make Sales at Retail from the State of Rhode Island Division of Taxation. Most business structures will also have to register with the Rhode Island Department of State.
To start a corporation in Rhode Island, you'll need to do three things: appoint a registered agent, choose a name for your business, and file Articles of Incorporation with the Secretary of State, Division of Business Services. You can file this document online, by mail, or in person.
Typically, ?doing business? is defined by activities such as maintaining a physical office or having employees in the state. Rhode Island LLC and corporation law lists several activities that are not classified as transacting business in the state.
You can find information on any corporation or business entity in Rhode Island or another state by performing a search on the Secretary of State website of the state or territory where that corporation is registered.
Follow these five steps to start a Rhode Island LLC and elect Rhode Island S corp designation: Name Your Business. Choose a Resident Agent. File the Rhode Island Articles of Organization. Create an Operating Agreement. File Form 2553 to Elect Rhode Island S Corp Tax Designation.