Forming an LLC in Rhode Island
Forming an LLC in Rhode Island in 7 easy steps
- Select a name for your limited liability company. The name must include an LLC identifier, e.g. “Ltd Liability Co” or “L.L.C”. If you for instance wish to call your company “Rhode Island Marmalade” you can adopt the formal name “Rhode Island Marmalade LLC”. You must naturally stay away from trademark violations and names used by other LLC’s.
- A faulty Operating Agreement can cause trouble with the IRS and it is therefore a good idea to let an attorney go through your agreement before you adopt it. It should be noted that hiring an attorney isn’t required by state law when forming an LLC in Rhode Island.
- File the Articles of Organization at the Rhode Island state filing office and pay the filing fee. The minimum filing fee for LLC’s is fairly high in Rhode Island: $230.00. (For 15 business days.)
- Gather all the members of the LLC for an Organizational Meeting where you adopt the Operating Agreement.
- Once you have adopted the Operating Agreement, your LLC can apply for a FEIN (Federal Employer Identification Number).
- Get a company bank account to handle your transactions.
- Obtain any required business licenses and permits from the cities and counties you will be active in.
Maintaining an LLC in Rhode Island
LLC’s must hand in an annual report between January 1st and March 1st each year and pay $50.00 in annual report fee.
