Rhode Island S Corp Formation

Rhode Island S Corporation Formation

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Steven S.

Steven Stark

284 reviews
For over 30 years, Steven Stark has offered counsel to non-profit organizations and private companies. He has a passion for helping small businesses in particular since he himself started several businesses of his own in New York and Florida. He understands the importance of small businesses having a reliable attorney to advise them about legal matters from their inception.
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Richard G.

Richard Gora

157 reviews
Looking for an attorney with experience? Richard Gora is the exact attorney you want. Having defended over 100 cases both in state and federal courts and working with clients from around the globe, Richard has an array of different experiences. His services are wide-ranging and include business litigation, securities litigations, employment litigation, and business counsel. Prior to founding Gora LLC, he worked for Finn, Dixon & Herling LLP for eight years.
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Joshua G.

Joshua Garber

199 reviews
Representing notable clients like Tesla and the City of Los Angeles, Josh Garber excels at helping clients with employment and labor laws. Many of his past clients have had great success using Josh for employment agreements and Division of Labor Standards Enforcement (DLSE) hearings. With his practical advice, he has even helped clients avoid going to court.
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Seth C.

Seth Coleman

Seth Coleman is a Real Estate and Probate Attorney is currently working in Bounds Law Offices. His focus is on real estate transactions, including the acquisition, disposition and financing of commercial real estate. He also assists with wills, durable family powers of attorney, authorizations for medical treatment, and administration of estates. Seth received an award in 2014 for Distinguished Pro Bono Service and he studied International law in Oxford England.
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Joe C.

Joe Conley

Joe Conley is an Austin-based commercial litigator with expertise in energy law. He is currently employed as an attorney with the firm of Hays & Owens LL.P. Licensed in Texas, Joe is admitted to appear in two Texas District courts, as well as the U.S. Court of Appeals for the Sixth Circuit. He received a J.D., with Highest Honors, from the University of Texas School of Law; he also holds a Ph.D. from Princeton University.
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Ian S.

Ian Stock

2 reviews
Founder of EntrepreLaw, high-tech corporate attorney Ian Stock provides general counsel services to select business. He offers support to startups in areas including financing, capital structure, and supplier and key customer deals at lower rates than major law firms. Fluent in French, Mr. Stock extends his counsel to non-US companies partaking in mergers, acquisitions, and joint ventures.
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Tayler W. T.

Tayler W. Tibbitts

Tayler W. Tibbitts is a corporate attorney with almost half a decade of experience. He is licensed to practice law in Idaho and received his Juris Doctor degree in law after graduating from the University of Virginia School of Law. Tayler primarily specializes in real estate law, but he is also experienced in dealing with mergers and acquisitions. Taylor served as an in-house counselor and manager at Nextitle between 2015 and 2017.
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Mark S.

Mark Schiff

Mark Schiff has 38 years of experience and helps both businesses and entrepreneurs throughout their business formation and journey. Attorney Schiff specializes in business litigation and he is heavily involved in the manufacturing and technology niches. Mr. Schiff is here to help you and is also an approved mediator for the Law and Chancery divisions within the Circuit Court of Cook County.
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Elizabeth R.

Elizabeth Ragavanis

As well as being an attorney, Elizabeth Ragavanis is an artist and amateur software developer. Taking an individual approach to each client, Ms. Ragavanis finds smart, simple solutions and strategizes legal needs without exceeding budget to protect startups, innovators, and makers. She is experienced with prosecuting trademark applications, advising intellectual property, and drafting contracts.
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Alex S.

Alex Sousa

2 reviews
Alex Sousa is a business attorney who has been practicing law for the past 16 years. He is licensed to practice law in California and is also a member of the California Patent Bar. Alex received his Juris Doctorate degree in law from the Santa Clara University School of Law. He primarily specializes in patents, but is also experienced in business formation and structure. Alex has been serving as the managing attorney of his own law firm, Sousa Law Group PC, since May 2015.
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Why use UpCounsel to hire a Rhode Island S Corporation Formation Attorney?

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Why use UpCounsel to form an S Corporation in Rhode Island

Starting an S Corporation in Rhode Island with a business startup attorney on UpCounsel is easy, informative, and cost-effective. In just three simple steps, our S Corporation attorneys will help you protect your business and personal assets, and help you organize your business for state and federal compliance for an S Corporation.

When forming an S Corporation in Rhode Island with UpCounsel, the attorney you choose to help you will conduct a business name search for your Rhode Island corporation and assist you in preparing your S Corporation Operating Agreement, along with providing other legal services based on your needs. Once your Articles of Incorporation have been prepared and successfully filed with the Rhode Island Secretary of State, your Rhode Island corporation has been formed and begins its existence as a Corporation entity.

However, a corporation does not register as an S Corporation with the Secretary of State. It registers as a corporation with the state and then may file for S Corporation status with the IRS. S Corporation status is a taxation category which provides income tax advantages to small businesses.

Requirements for Forming a Rhode Island S Corporation

Choosing a Company Name for Your S Corporation

One of the first steps in the process of forming your CA S Corporation is to choose your business name.

The business name that you choose must contain the words "Incorporated" or "Inc." It must be distinguishable (not the same as or deceptively similar to) the name of an S Corp or foreign S Corporation reserved or registered.

Your S Corporation name may contain the name of one or more members.

By using UpCounsel, you can choose several business names in order of preference. Your attorney of choice can then conduct a name check for your Rhode Island S Corp before filing to see which names are available. Once you have chosen an available name, your chosen S Corporation attorney can help you properly register your name with the State of Rhode Island.

Articles of Incorporation: When forming an S Corporation in Rhode Island, the Articles of Incorporation must be filed with the Rhode Island Secretary of State. Rhode Island state law requires that certain information be included in your Articles of Incorporation when forming your Rhode Island S Corporation.

This information must include:

  1. The S-Corp's name.
  2. The effective start date of the Articles.
  3. The S Corporation must appoint a statutory agent designated to for its' service of process. The Original Appointment of Statutory Agent (incorporated into the Articles form) must provide the agent's name and address as well as the agent's signature accepting the appointment.
  4. The number of shares the S Corporation is authorized to issue.
  5. The amount of initial stated capital.

S Corporation Qualification Requirements: For a corporation to qualify as a S Corporation for tax purposes, it must meet the following requirements:

  1. Must be a domestic corporation.
  2. Have only allowable shareholders including individual, certain trusts, and estates; and may not include partnerships, corporations or non-resident shareholders.
  3. Have only one class of stock
  4. Have no more than 100 shareholders
  5. Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).

Additionally, a Rhode Island S Corporation formation generally requires inclusion and/or consideration of the following:

S Corporation Operating Agreement: Although the S Corporation Operating Agreement is not required with the Articles of Incorporation, it is a good idea for every S Corporation with more than one member to have one. The Articles of Incorporation may contain restrictions or prohibitions on the power of the members to adopt, amend, or repeal an operating agreement. Rhode Island recognizes operating agreements as governing documents.

Membership: A S Corporation must have one or more members.

Eligibility Requirements: A natural person or an entity.

Procedure for Membership: The member may acquire an interest in the S Corporation directly from the S-corp at the time of formation and, after formation, at the time provided in and upon compliance with the Articles of Incorporation or the operating agreement or, if not provided, only upon the vote of a majority in interest of the S Corporation members, excluding the vote of the person acquiring the membership interest, and only when the person becomes a party to the S-Corp's operating agreement.

Business Licenses: Business licenses and/or permits are required for most S-Corp's offering specific professional services. Contact the Rhode Island State Corporations Commission for specific licenses.

Resident Agent needed for a Rhode Island S Corporation

Remember every Rhode Island S Corporation must have a registered agent in Rhode Island, which is the person or office designated to receive official state correspondence and notice if the company is "served" with a lawsuit. The statutory agent may be a Rhode Island resident or business entity authorized to do business in the state. However, the registered agent must have a physical Rhode Island street address.

Rhode Island Secretary of State

Once you create an S Corporation in Rhode Island, the Rhode Island Secretary of State will require that certain recurring responsibilities and duties be fulfilled. The most important of these are explained below.

For further information, contact the Rhode Island Secretary of State.

Annual Report: Each S Corporation shall provide an annual report to the Rhode Island Secretary of State regarding its financial condition to each of its members. The report must be filed each year between January 1st and March 1st, starting the year following the S-Corp's filing of the Articles of Incorporation with the Secretary of State. The filing fee is $50.

Records: Each Rhode Island corporation must keep the following records open to inspection at its office:

  1. Accounts of record
  2. Minutes of the proceedings of the incorporators, shareholders, directors and committees of the directors.
  3. A record of the shareholders, including their name and addresses and listing number and class of shares issued or transferred to them.
  4. A signed "Incorporator's Statement" showing the names and addresses of the initial directors who will serve on the board until the first annual meeting of shareholders.

Filing Fees for a Rhode Island S Corporation

The minimum filing fee is is $230.00 for less than 75,000,000 shares of authorized stock. Also, the filing and reservation of the S-Corp's name is $50. These fees can change so it would be best to check with the Rhode Island Department of State on what the latest fees are. You may pay these fees in many different forms including cash, check, money orders, or debit and credit cards.

Taxes for a Rhode Island S Corporation

A Rhode Island S Corporation is a special type of corporation created through an IRS tax election. An eligible corporation can avoid double taxation (once to the corporation and again to the shareholders) by a corporation with a Subchapter S designation by the IRS. A corporation must file a Form 2553 to elect "S" status within two months and 15 days after the beginning of the tax year.

Owners of the S Corporation report business losses or profits on their personal tax returns, and therefore the business itself is not taxed. Each shareholder is responsible for paying taxes on their pro rata share of the S corporation's items of income, deductions, and credits (through a Schedule K-1 form).

Rhode Island state law follows federal law for income tax purposes. Therefore if a corporation is classified as an association taxable as a S Corporation for federal income tax purposes, so will it be taxable as a corporation for state tax purposes.

Federal Income Tax: An S Corporation does not pay federal income tax.

Federal Tax Identification Number: Your corporation will need to obtain a federal tax identification number, which is also known as an Employment Identification Number (EIN). You do not need to get a new EIN after the corporation choose to become a S Corporation. An EIN is similar to an individual's social security number. You will need an EIN for your S Corporation as long as there is one member, even if the S Corporation does not have employees. For certain tax filing requirements the attorney you choose on UpCounsel can help prepare your Federal Tax ID Application, if you have not done so already.

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