After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Rhode Island corporations.
Rhode Island corporations must keep the following items with their corporate records at the principal place of business or registered office:
- Complete and correct books and records of account
- Minutes of the proceedings of the shareholders, directors and committees of the board of directors
- A list of shareholders, with their names and addresses, including the number and class of shares held by each
Corporate taxes and fees
The following are taxation requirements and ongoing fees for Rhode Island corporations:
- Annual report and franchise tax. Rhode Island requires corporations to file an annual report by March 1. The filing fee is $50. There is also a franchise tax, due before the 15th day of the third month following the close of the corporation’s tax year. The amount due varies based on the number of authorized shares of stock, but the minimum is $250.
- Taxes. For complete details on other state taxes for Rhode Island corporations, visit Business Owner's Toolkit or the State of Rhode Island.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. Rhode Island does not require a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
Rhode Island recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional Rhode Island information
View the following additional resources BizFilings has for forming and maintaining companies in Rhode Island:
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