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Rhode Island
Corporate Name Endings
- The name must contain
the word "Corporation," "Company," "Incorporated," "Limited," or an
abbreviation thereof. The name must not be deceptively similar to any
domestic or foreign corporation, limited partnership, foreign limited
partnership authorized to do business in the state, or reserved or registered
name, unless written consent is obtained from the holder of such name.
The name may not contain any word implying the corporation was formed
for a purpose for which it is not organized.
Corporation Requirements
- Director Information
- Minimum Number - One or more.
- Residence Requirements - No provision.
- Age Requirements - None.
- Directors are
not required to be listed in the articles of incorporation.
- Officer Information
- Officers are
required to be listed in the articles of incorporation.
- Stock Information
- An increase
in shares may cause an increase in initial filing fees.
- Corporate Records
- The stock transfer
ledger must be kept at the principal office of the corporation.
Taxes and Fees
- Annual Statements
- Annual reports
for domestic and foreign corporations must be filed with the Secretary
of State between January 1st and March 1st. The first annual report
of a corporation must be filed between January 1st and March 1st
of the next year succeeding the calendar year in which the certificate
of incorporation or authority was issued. The filing fee is $50.
- Franchise Tax
- The franchise
tax rate is .002.5% of authorized stock with a minimum tax of $250.
If your corporation is liable for the business corporation tax,
you pay only on the amount by which the franchise tax exceeds the
business corporation tax. If your corporation has not been engaged
in any business activity within the state during the preceding taxable
year, you must pay the annual franchise tax based upon its authorized
capital stock at the following rates: $250 where stock does not
exceed $1,000,000, and $12.50 for each additional $1,000,000.
- Income Tax Rate
- The tax rate is 9% of net income. The minimum tax is $250.
- S Corporation
- S Corporation
status is recognized by the State of Rhode Island. A separate state
election from the federal election is not required; however, S corporations
are still subject to the franchise tax.
- License Requirements
- Rhode Island
requires most businesses to obtain a license and pay a fee if operating
in the state. Please check with the state to make sure your business
is complying with the license requirements for your particular profession.
For more information on taxes, visit
http://www.corps.state.ri.us/.
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