How To Complete A Rhode Island Articles Of Organization Document
There is a document that you must fill out, and submit to the Rhode Island Secretary of State’s office if you want to create a limited liability company. This is called the Articles of Organization document, and once it is submitted, it is often approved within days. Rhode Island is one of the few states that has such a fast turnaround when it comes to creating limited liability companies. If your objective is to create an LLC this year for your business, there are steps that you must take prior to submitting this document so that you will have all of the information needed to complete it.
Tasks To Complete Prior To Filling Out The Articles Of Organization Document
There are several things that will be necessary for this document. As you will see, some of these items must be completed before you even begin this process. For example, the name of the LLC needs to be presented at the top. However, if you have not already registered this name by filing a Reservation of Entity Name with the Rhode Island Secretary of State’s corporation division, you will not be able to place it there. You also need to have a registered agent. This is a business, or sometimes an individual, that will handle all of your legal documentation. Finally, you do need to have a physical place of business that is designated as where the Rhode Island LLC will operate, as this information is also required.
How To Fill Out This Form
The initial step is to list your LLC name. This will be followed by the registered agent’s name and address. You need to state where the principal office of the LLC is. You need to also identify how the LLC will be regarded regarding federal taxes. There will likely be members or managers that will be part of your LLC unless of course, you are the only member and manager. If there are more people than you, the names and addresses of these people must be listed. You must list the effective date at which the LLC will be fully functional. If you are the only authorized person to sign this document, you will sign at the bottom. Otherwise, it could be another person that is authorized to do so. You will submit a $150 fee to the Rhode Island Department of State, and this can be done online or through regular mail.
What Is The Turnaround Time With LLCs In Rhode Island?
Whether this is due to the size of the state, or the limited number of requests that people are making, the turnaround time is between two and three days. If it is not an exceedingly busy month, you may have your LLC approved within 24 hours. This is one of the many reasons that filing for an LLC in Rhode Island can be beneficial. On top of the fact that you will have the protection from the limited liability company, preventing people from getting access to your personal assets, it is simply one of the easiest places to create an LLC.
Are There Other Documents That Need To Be Created?
There is one other document that is called the Operating Agreement. You should create this because it establishes who the members and managers are, and what their rights and duties will be. It can also detail the obligations, liabilities, and powers of these numbers and managers. This is a document that you will keep for your personal records. Once you have completed this, you can also use it in a court of law. The goal is to be able to define your LLC as a separate entity apart from you and the business you are running. By doing so, you can easily prevent people from accessing your personal assets if they have filed a civil lawsuit.
Other Things That Must Be Done Before The LLC Is Approved
If you are just starting your business, and also filing for an LLC, you must do a couple of other things. You must have an IRS employer identification number. This is also referred to as the EIN number. If you will have employees, or even if you don’t, you should have one. You also need to get all of the permits and licenses that are necessary to run your business in Rhode Island. By having this done in advance, once your limited liability company is set up, you can start selling your products and services. One other thing to mention is that you must also file annual reports regarding your LLC. When this is done regularly, you can avoid penalties that are often accrued as a result of being late. To get started simply complete the SS4 application online.
Creating an LLC in Rhode Island always begins with the submission of the Articles of Organization to the Rhode Island Department of State. As mentioned earlier, you must do certain prerequisite activities such as reserving the name of your LLC, finding a registered agent, getting your EIN number, licenses and permits, and you should also have a physical place of business. Once you have done all of this, in the span of just a few days, you will have a fully functional business and LLC protecting you. If you are in the state of Rhode Island you can accomplish this yourself, or you can simply work with a business that will do everything for you in an expedited fashion.