Redact Legal Rhode Island Corporations And LLC Forms For Free

To close your business in Rhode Island, you must satisfy all filing obligations with both the RI Division of Taxation and the RI Department of State. To dissolve your business, it must be active and up to date with all filings with the RI Department of State. To verify your status, email corporations@sos.ri.gov.

Rhode Island also has a flat 7.00 percent corporate income tax rate. Rhode Island has a 7.00 percent state sales tax rate and does not levy local sales taxes. Rhode Island's tax system ranks 42nd overall on our 2023 State Business Tax Climate Index.

Common exemptions Rhode Island imposes a 7 percent sales tax on the sale of most tangible items. However, the state offers exemptions on a range of goods and services, as well as for certain organizations and types of sales. Common exempt goods include clothing and footwear, food, and medical items.

RHODE ISLAND DIVISION OF TAXATION - PAGE 2 OF 2 In general, for an LLC treated as a corporation for federal tax purposes, for tax years beginning on or after January 1, 2015, the tax is 7% of net income, or the minimum tax, whichever amount is greater.

It costs $150 to form an LLC in Rhode Island. This is a fee paid for the Articles of Organization. You'll file this form with the Rhode Island Department of State. And once approved, your LLC will go into existence.

LLCs in Rhode Island are taxed as pass-through entities by default. Rather than paying taxes at the entity level, LLCs pass profits and losses on to their members, who then pay taxes at the individual level. In Rhode Island, LLC members are subject to both federal and state personal income tax.