1. Go to the website of the Secretary of State: You can look up existing business names on the Business Services page of the Rhode Island Secretary of State’s website. Enter the required name in the “Search by Business Name” section on the Business Search page. Your name is already taken if any results appear, so you’ll need to think of a new name.
2. Verify any limitations on names: You should confirm that the name you choose is available and that it complies with Rhode Island’s naming regulations. You cannot use specific words (such “bank” or “insurance” without the appropriate licensing) in your name, it cannot be too similar to another company’s name, and it cannot be misleading or deceptive. For a complete list of naming restrictions, consult the Rhode Island Business Corporation Act.
3. Register your name: The Secretary of State’s office may help you register your chosen name once you’ve made sure it’s available and complies with Rhode Island’s naming regulations. To reserve your name for 120 days, you must submit a Business Entity Name Reservation Application and pay a $50 charge. This allows you to register your business without being concerned about someone else using your name.
Yes, an LLC with only one owner is known as a single-member LLC (SMLLC). Small business owners prefer SMLLCs because they provide liability protection similar to that of a standard LLC with less red tape and formality. By submitting Articles of Organization to the Secretary of State’s office and paying a $150 fee, you can create an SMLLC in Rhode Island. The registered agent you select must be able to accept legal documents on your behalf.
Small business owners frequently favor LLCs because of their flexible tax structure. By default, LLCs are taxed like a partnership (for multi-member LLCs) or a sole proprietorship (for LLCs with a single member). The gains and losses are transferred to the owners’ personal tax returns rather than the company itself paying taxes. As a result, there won’t be any double taxation, and there will be additional deductions and credits available. However, if it makes sense for their firm, LLCs can alternatively choose to be taxed as corporations. In Rhode Island, do you require a business license? The type of business you’re starting and the location will determine the answer to this query. For some enterprises, such restaurants and retail outlets, a state license is necessary. Others might just require a municipal license or permit, such as home-based enterprises. If your company needs a license, you can visit the License and Permitting section of the Rhode Island Department of Business Regulation.
In Rhode Island, you’ll probably need a Retail Sales Permit from the Division of Taxation if you’re opening a retail business. You can collect and send sales tax on taxable items using this permit. Online or postal applications are accepted for a retail sales permit. You must pay a $10 fee and supply your business information, including your EIN or SSN. You must clearly display your permit in your place of business after you acquire it.