If you are thinking about incorporating your business in Rhode Island, you have to decide if you want to incorporate both a business and a sole proprietorship. You do not have to incorporate both. When you incorporate a business and a sole proprietorship both corporations and LLCs are created. You must complete the forms for one or the other but you do not have to incorporate both.
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Forming a Limited Liability Company: Forming an LLC involves filing a Articles of Organization with the Rhode Island Corporation Commission. You can also file your Rhode Island LLC Registration online or by post. Processing Times: No matter whether you file online or in person, your LLC Registration on the same day that it receives your application.
Forming an LLC: The Articles of Organization for a limited liability company must be filed with the Secretary of State. Your LLC will then be subject to the statutory rules governing registered agents. It is important that you select a qualified registered agent who lives in Rhode Island and has not served in an executive position with a law firm or other similar business entity for more than six months. You cannot represent both a member -managed and a non member -managed LLC at the same time.
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Filing an Annual Report: Once your Limited Liability Company registration is filed with the Secretary of State you are required to file an annual report with the secretary. This is a very simple document. It states that all of the company's shareholders have voted and that the officers have met all of their obligations. It must be filed within a year of the effective date of the Articles of Organization.
How do I file an annual report online? If you are filing your report electronically, you will need to select a template. The templates available through the Secretary of State's website contains everything that is required in the form. You just select the types of information that you want to include, click "submit" and then print. An expert search engine will find and return your completed form to the file.
How do I find my Registered Agent? In addition to your registered agent, you'll need to provide your office address and street address. Your office address is the address that the company is most commonly known as. Your street address is the street address of the business. Your Limited Liability Company's office address should be the last three characters of the business name, such as Lemonade Stand, Suite #1210, ampa.
How do I change my LLC's address? Your Registered Agent can change your address on your IRS tax returns by following the instructions on the form. However, you must mail the changed form to the appropriate IRS address, which may vary from state to state. Your Limited Liability Company should keep records of its office address and street address for easy retrieval at a later date.
Why would I need a secretary and/or a resident agent? A secretary acts as the general manager of your LLC. A resident agent is responsible for maintaining the books of the LLC, keeping your records updated and handling any questions or issues that come up during the year. A Limited Liability Company can only have one authorized person. The use of a secretary and/or a resident agent means that the LLC will be viewed as an entity separate from its owners, thus making it easier to liquidate, if necessary.
What is the fee for using a LLC? A complete list of all charges is included in the documentation you receive from your LLC's registrant's agent. A certified public accountant will prepare your annual report and the IRS tax return. You pay the fees to the attorney, not the LLC. If you have any questions about the fees, the secretary of state will be able to answer those questions for you.
Why would I need to access my LLC's corporate database? In most states, a Limited Liability Company must maintain its own corporate database. This database contains information about all of the LLC's members and owners. The database is used for bookkeeping, recordkeeping, management and other purposes related to the operation of the LLC. If you are conducting business on the internet, you may use a service that maintains a log database or you can contact your state's department of revenue. A llc's website will contain links to the corporate database.
What are the procedures for an authorized person to access my LLC? An authorized person can review the records of the LLC. This person will know if there is anything that needs to be entered into the annual report. You will also have to provide the appropriate identification and pay the necessary fee. Once you have paid the fee, your authorized person will be able to gain access to the corporate database. This person will then be able to view all of the information on file pertaining to the LLC.
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