Rhode Island Secretary of State

The Rhode Island Secretary of State is an elected body. Being composed of 5 divisions, the Secretary has different duties within the state. Those include registering voters, preparing ballots, and administering office oaths. In addition to the mentioned responsibilities, the Secretary of State works with more than 70,000 companies registered to run businesses in Rhode Island. 

In this article, we will give you a comprehensive guide on how to build your company here and the role of the Rhode Island Secretary of State in this regard.

How to Register a Business in Rhode Island?

RI is widely famous as a place giving birth to business innovations. So, building a new company in Rhode Island is beneficial in terms of tax policy, a good working environment, and life quality.

Here are the steps to complete to register your entity in RI. 

Company Naming

Choosing the right name for your company is one of the most important stops of your initiation. It may give your entity purpose and define your brand identity. So, when choosing your company’s title, you should consider selecting a unique one.

The title must not be used by another entity registered in RI. In this case, you can use the Corporate Catalog to search for a business name and know if your preferred one is available. 

To find more information about business entity titles, you may visit the Name Availability Guidelines.

Registered Agent 

Working with the registered agent is very important. It is an entity or an individual who receives all legal documents on behalf of your company. 

The registered agent must be a RI resident or have a physical address within the state. 

Business Structure

The structure legally defines how your business is organized. Formally, there are 4 structure types you can choose from:  

• Sole Proprietorship

• LLC (Limited Liability Company)

• General Partnership

• Corporation

Company Insurance

Any failures can bring a lot of losses to your company. Even though Corporations and LLCs have personal insurance options, you might also want to protect your presented goods or services. This is where insurance comes in handy. 

There are different types of insurance in RI:  

• Business owner’s policy

• Worker’s compensation assurance

• General liability assurance

• Professional liability insurance

Business Registration

Except for the General Partnership and Sole Proprietorship, other entity structures are subject to registration with the Department of State. 

So, to start an LLC, you must file Articles of Organization. The application fee is $150.

It is important to make sure that your registration filing is accepted. This may last from 1-3 business days.

Employer Identification Number (EIN)

EIN contains 9 digits. It is meant to track the corporation’s tax requirements. You may obtain your EIN through the Internal Revenue Service. 

It secures the credit lines and cards for entity expenses.

Registration With RI Taxation Division

All companies registered with the Department of State must pay the state’s minimum tax amount, which is $400 annually. 

If you present retail services or do not have employees, then you should create a special account when filing the first tax return on paper. Otherwise, if you have employees, you have to submit the online form of the Division of Taxation Business Application and Registration. This is to create sales or unemployment accounts.

Licenses and Permits

Business owners are not required to obtain a General business license in Rhode Island. Yet, if you are going to sell goods or services that are subject to sales taxes, then you have to register it with the Rhode Island Secretary of State and Taxation Division. This is to get the seller’s permit.

Besides, you must take into account the requirements of the local authorities of your county or city. Furthermore, if you tend to operate in a specific industry, profession, or trade requiring other licenses, then you have to apply for them, too.

Company’s Bank Account

A bank account is one of the most essential components of a legal entity. This is where the provider of your merchant account will deposit the sales of your credit card and withdraw different fees.

In an aspect of convenience and flexibility, it is preferable to open a local bank account.  

To open a bank account, you have to provide both the EIN and your business license. 

Contact Information

The address of the Executive office is 82 Smith Street, State House, Room 218, Providence, RI, 02903-1120.

In case of any issues, you can contact the Secretary of State at (401) 222-23-57.