A Rhode Island Limited Liability Company (LLC) is a type of business entity that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. It is the most flexible type of business entity available in the state of Rhode Island. A Rhode Island LLC is formed by filing Articles of Organization with the Secretary of State. The two main types of Rhode Island Limited Liability Companies (LCS) are single-member LCS and multi-member LCS. A single-member LLC is owned by one person and is treated as a disregarded entity for tax purposes. A multi-member LLC is owned by two or more people and is treated as a partnership for tax purposes. Both types of LCS provide limited liability protection to their owners, meaning that the owners' personal assets are not at risk in the event the LLC is sued or incurs debts. Additionally, LCS are not subject to double taxation, meaning that profits and losses are “passed through” to the owners and are only taxed once at the owner’s individual tax rate. By forming a Rhode Island LLC, business owners are able to enjoy the benefits of limited liability, pass-through taxation, and flexibility in management and operations.
Rhode Island Limited Liability Company (LLC)
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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.
Rhode Island LLCs (limited liability companies) are business entities that protect their owners from being held personally liable for business debts. By default, LLCs are taxed as pass-through entities and have a flexible management structure.
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.
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.
Name your Rhode Island LLC. Choose your registered agent. Prepare and file articles of organization. Receive a certificate from the state. Create an operating agreement. Get an Employer Identification Number. Next steps.
LLC: Core Differences. In basic terms, the owners of an LLP are considered partners in an organization, while the owners of an LLC are members. As a result, there are key differences between how the limited liability protection is recognized, how an LLC and LLP are managed and how each structure is taxed.
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).