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Rhode Island, officially the State of Rhode Island and Providence Plantations, is a state in the New England region of the United States. It is the smallest U.S. state by area but also the second most densely populated. The state has land borders with Connecticut to the west, Massachusetts to the north and east, and the Atlantic Ocean to the south via Rhode Island Sound and Block Island Sound. Providence is the state capital and most populous city in Rhode Island.
Rhode Island has a total area of 1,214 square miles. (3,144 km2).
Rhode Island has a population of 1.06 million people as of 2019.
84% of the population aged 5 and older spoke only American English, while 8.07% spoke Spanish at home, 3.80% Portuguese, 1.96% French, 1.39% Italian and 0.78% speak other languages at home accordingly.
The government of the state of Rhode Island and Providence Plantations is modeled on the Government of the United States in having three branches: executive, legislative,and judicial.
According to The Bureau of Economic Analysis, the GDP of Rhode Island estimates for 2019 was $55.05 billion. Rhode Island's per capita personal income in 2019 was $56,542.
Rhode Island's traditional manufacturing economy has diversified and is now also based on services, trade, and finance. In spite of this, many of the products for which Rhode Island is famous are still being manufactured. These include jewelry, silverware, textiles, primary and fabricated metals, machinery, electrical equipment, and rubber and plastic items. Tourism and gambling are also important.
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The corporate laws of Rhode Island are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of Rhode Island are familiar to many lawyers both in the US and internationally. Rhode Island has a common law system.
One IBC supply incorporation in Rhode Island service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
Company Information privacy:
No public register of company officers.
Just 4 simple steps are given to start a business in Rhode Island:
* These documents required to incorporate a company in Rhode Island:
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How to start a business in Rhode Island
There is no minimum or a maximum number of authorized shares since Rhode Island incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Financial statement
Rhode Island law requires that every business have Registered Agent in the State of Rhode Island who may be either an individual resident or business that is authorised to do business in the State of Rhode Island
Rhode Island, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Rhode Island taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
The filing system in Rhode Island is very standard and can be accomplished in a matter of minutes. Once the filing has been completed, you will be able to pay the filing fee (ranging from US$ 150-310)
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Payment, Company return due date:
Rhode Island corporation tax returns are due by the 15th day of the 3rd month following the end of the tax year (March 15 for calendar year filers). If you cannot file on time, you can get a Rhode Island business extension.