Protect Legal Rhode Island Register Foreign Corporation Forms For Free

In Rhode Island, there is no paperwork required to become a sole proprietor and no associated fee. If you want to operate under a name other than your own, you can file a Fictitious Business Name application and pay a $10 fee, but this is not required. You can start a sole proprietorship today with no formalities.

To register a foreign corporation in Rhode Island, you must file a Rhode Island Application for Certificate of Authority with the Rhode Island Secretary of State, Corporations Division. You can submit this document by mail or in person.

To file taxes on your sole proprietorship income, you must keep track of a few IRS forms like Form 1040, Schedule C, Form 940, Form 941, Form 944, etc. Let's have a look at the forms. Plus, any self-employment tax deductions need to be factored in and recorded.

Though no action is required to legally create a sole proprietorship, you should follow four simple steps to start your business: Choose a business name. File an Assumed Business Name Certificate with your city or town. Apply for licenses, permits, and zoning clearance. Obtain an employer identification number (EIN).

Rhode Island LLC Formation Filing Fee: $150 The primary cost when starting a Rhode Island LLC is the $150 fee ($152.50 online) to register your business with the Rhode Island Department of State' Business Division.

And, as is the case with other types of business entities, sole proprietors are also subject to self-employment taxes. As a sole proprietor, instead of filing a separate tax return for your business, you report your business income on IRS Form 1040, using Schedule C to report your business profit or loss.