If you have a limited liability company (LLC) in Rhode Island, you must file an annual report to keep your business in good standing. It’s a relatively painless process that can be done online.
What Is an Annual Report?
An annual report verifies your business information and tells the state of Rhode Island that your LLC is still operating. In addition, keeping up with annual reports is a legal requirement that enables you to obtain a Certificate of Good Standing, which a bank or creditor might request to confirm your compliance.
In Rhode Island, the following information is required for the annual report:
How to File an Annual Report in Rhode Island
To file your annual report in Rhode Island, visit the Secretary of State’s website and log in to your account.
You’ll simply select “File Annual Report” and fill in the required information.
The fee for filing your annual report is $50, with reports due May 1. The fee for late filing is $25.
If You Do Business in Other States
If you do business in other states, be sure to register in those states as a foreign LLC. For example, if your LLC is registered in Rhode Island and you start doing business in Florida, you’ll need to register in Florida as a foreign LLC.
You’re generally required to register as a foreign LLC if:
- You have a physical presence of any kind in that state
- You have employees in that state
- You regularly meet with clients, managers, or investors in that state
- You are licensed to do business in that state
Once you’ve registered as a foreign LLC, your business will need to follow the annual reporting requirements of that state and pay taxes in that state.
Filing an annual report in Rhode Island is relatively easy and crucial to smooth business operations.
Failing to file an annual report can result in serious penalties, as can filing an inaccurate report.
Review all your business information and file your report on time to ensure your LLC remains in good standing.