Rhode Island Sub-Operating Agreement
Description
How to fill out Sub-Operating Agreement?
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FAQ
Limited liability companies not treated as a corporation on the federal level, limited liability partnerships, general partnerships, and single member limited liability companies are required to file an annual tax return using Form RI-1065.
An LLC operating agreement should contain provisions to cover: Basic information about the LLC. ... A profit and loss allocation plan. ... The LLC's purpose. The management structure. ... Ownership percentages of each member. ... Voting rights and procedures. ... Meeting frequency. Procedures for bringing in new members.
Starting an LLC in Rhode Island will include the following steps: #1: Name Your LLC. #2: Choose a Registered Agent. #3: File Your Articles of Organization. #4: Create an Operating Agreement. #5: Register to Pay Taxes.
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.
Unlike the Rhode Island Articles of Organization, an operating agreement is an internal document that you don't need to file with Rhode Island's Division of Business Services. However, the operating agreement is one of your LLC's most important documents, and it's worth putting the effort into creating a strong one.
Costs & Fees CorporationLimited Liability Company (LLC)(L3C)Initial RI Dept. of State Filing Fee$230$150RI Dept. of State Annual Report$50$50RI Division of Taxation Minimum Corporate Tax$400*$400*Additional Licensing FeesUse our Business Assistant to gather licensing information for your specific business type.
Although most states do not require the creation of an operating agreement, it is nonetheless regarded as a critical document that should be included when forming a limited liability company. Once each member (owner) signs the document, it becomes a legally binding set of regulations that must be followed.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...