If you're thinking of starting a business in Rhode Island, you'll need to decide what type of legal entity to form. An S corporation, or S corp, is a popular option due to its tax benefits and liability protection. Here's a step-by-step guide on how to start an s corp in rhode island:

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Step 1: Choose a Name

Your first task is to choose a unique name for your S corp. Rhode Island law requires business names to be distinguishable from any other active business operating in the state. To check if your desired name is available, perform a company name search on the Rhode Island Secretary of State website.

Once you've picked a name, you can reserve it for 120 days by filing an Application to Reserve a Corporate Name. There's a $50 filing fee for this application.

Step 2: File Articles of Incorporation

Articles of Incorporation are the legal document that forms your S corp and includes important information such as your business name, purpose, and registered agent. You'll need to file this document with the Rhode Island Secretary of State and pay a $230 filing fee.

You can file articles of incorporation online via the Secretary of State's website, or download and mail in the form to:

Rhode Island Department of State

Business Services Division

148 W. River St.

Providence, RI 02904-2615

Be sure to include a cover letter with your name, phone number, mailing address, email address, and fee payment.

Step 3: Obtain a Federal EIN

An Employer Identification Number (EIN) is a unique identification number given to your business by the IRS. It's used for tax purposes and is required to open a business bank account, apply for business licenses, and hire employees.

You can apply for an EIN online for free via the IRS website. Be prepared to provide your business name, structure, and address, as well as the name and social security number of each owner.

Step 4: File Rhode Island Annual Reports

All Rhode Island corporations, including S corps, must file an annual report with the Secretary of State each year. This report verifies your business information and must be filed on or before the anniversary of your incorporation.

To file, log in to the Rhode Island Secretary of State online portal and select "Annual Report." There's a $50 filing fee for S corps.

Conclusion

Starting an S corp in Rhode Island requires careful attention to detail and adherence to state and federal regulations. By following the steps outlined above, you can create a legal entity that provides tax benefits and liability protection for your business. As with any legal matter, be sure to consult with a qualified attorney or accountant if you have any specific questions or concerns.

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