Slepkow & Slepkow Associates INC.

Rhode Island Attorneys

Call Us Today: 401-437-1100

1481 Wampanoag Trail,
East Providence, RI 02915-1040

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You are here: Home / RI Corporations, (LLC), Partnerships, Small Business Law

RI Corporations, (LLC), Partnerships, Small Business Law

LLC and a Corporation Law in Rhode IslandFrequently asked questions concerning corporate law and small business in Rhode Island and Providence Plantation. These corporate, business law in RI  land LLC FAQS are answered by an experienced Rhode Island  business attorney.

Should I protect my primary residence and personal assets and property by incorporating my business?

Typically, yes.  A crucial motivation for incorporation of a business is because the debts of a incorporated business do not cause person liability  for that debt on behalf of the owners of the business.   Breach of Contract and debt  claims against the Corp. or LLC will not adversely affect the owners personal assets and residences.

What will my Rhode Island corporate lawyer need to know at our first meeting in order for him to incorporate my business in Rhode island and Providence Plantation?

You will need to provide the  RI business attorney with two or three potential names for the business so that he can determine if any of them are already used. The corporate law attorneys will need to know the name of your accountant so that he can discuss with the accountant whether you should be a corporation or a limited liability company. The  commercial law lawyers https://www.slepkowlaw.com will need to know the names, addresses and social security numbers of each of the shareholders/members of the corporation or limited liability company.

What is the  primary difference between an LLC and a Corporation in Rhode Island and Providence Plantations?

LLC and Corporations protect the owner’s personal property against debt of the business entity. The primary difference between the two entities is the treatment of profits and losses for income tax purposes. A corporation is a taxable entity and pays taxes on its profits. An LLC does not pay taxes on the corporate level, but its profits and losses are taxed on each member’s own tax return. In a corporation the owners are referred to as shareholders and in a limited liability company the owners are referred to as members. The chief executive officer of a corporation is the President. The chief executive officer of a limited liability corporation is the Manager.

If I am operating a  small or medium sized business with another person in Rhode Island and Providence Plantations, should I form a partnership or incorporate?

If you are in business with another person, at the very least you should have a partnership agreement indicating who owns the business and how decisions are made in the operation of the business. Another crucial aspect of the agreement will be determining what happens upon the death of one of the owners. Often, it is preferable to set up a corporation or limited liability company so that your personal assets will be protected from the debts of the partnership and for any claims for injuries or property damage resulting from the other partner

If I incorporate, will I need to do anything each year to keep the corporation in good standing?

Yes. An annual report filed with the Secretary of State in Rhode Island is required each year listing the address of the business and the current shareholder/member. Typically, an Providence lawyers prepare this report and update the corporate minute book by preparing the minutes of the annual meeting.

Citations and Statistics: 

“The “owners” of an LLC are referred to as “members.” Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations or other LLCs. Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity. Instead, all profits and losses are “passed through” the business to each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just like the owners of a partnership would.”  U.S. Small Bussiness Association (SBA) https://www.sba.gov/content/limited-liability-company-llc

“The tax rules provide that all mergers and divisions of tax partnerships will follow either an assets-over or assets-up form. An assets-over merger occurs when a terminating entity contributes all of its assets and liabilities to the continuing entity in exchange for interests in the continuing entity, and the terminating entity then distributes those interests to its members in complete liquidation.” Avoiding Adverse Tax Consequences in Partnership and LLC Reorganizations Bradley T. Borden, Brian J. O’Connor, Steven R. Schneider About the Authors: Bradley T. Borden is a professor at Brooklyn Law School in Brooklyn, New York. Brian J. O’Connor is a partner at Venable LLP in Baltimore, Maryland; Tysons Corner, Virginia; and Washington, D.C. Steven R. Schneider is a director (partner) at Goulston & Storrs PC in Washington, D.C. http://www.americanbar.org/publications/blt/2013/12/01_borden.html

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  • Home
  • Practice Areas
    • Real Estate Law
      • Residential and Commercial
      • Closings
      • Litigation
      • Title Searches
      • Purchase & Sale Agreements
      • Landlord / Tenant
      • Evictions
      • Adverse Possession
      • FAQs
    • Divorce & Family Law
      • Child Support, Visitation & Custody
      • Rhode Island Divorce Lawyer
      • RI Family Lawyer
      • Motions to Modify or Terminate Support
      • Contempt Motions
      • Relocation our of state
      • Alimony
      • Restraining Orders / Domestic Violence
      • Adoptions
      • Criminal Law / No Contact Orders
      • Separation
      • Paternity
      • Mediation
      • Father’s Rights
      • Out of State Family Law
      • Post Divorce Do’s & Dont’s
      • Child Support FAQ’s
      • Uncontested Divorce
      • No Fault Divorce
      • DCYF
      • Prenuptial Agreements
      • FAQ’s
    • Personal Injury & Litigation
      • Automobile/Car/Motorcycle Accidents
      • Slip & Fall
      • RI Personal Injury Lawyer
      • Negligence
      • Damages
      • Back Injury
      • Whiplash
      • Lost Wages
      • Medical Bills
      • Medical Malpractice
      • Bicycle & Pedestrian Accidents
      • Uninsured & Underinsured
      • Motorist Claims
      • Premises Liability
      • East Providence auto accident attorney
      • Motorcycle accident in RI
      • Providence motorcycle accident lawyer
      • Rear end motor vehicle collision
      • Rhode Island car accident attorney
      • RI wrongful death attorneys / fatal crash
      • Truck & Tractor Trailer Accident
      • FAQ’s
    • Wills, Estates & Trusts
      • Preparation of Wills
      • Probate of Estates
      • Guardianships
      • Will Contests
      • Living Wills
      • Powers of Attorney
      • Revocable & Irrevocable Trusts
      • Tax Planning
      • FAQs
    • Hernia Mesh Attorney
      • How to find the best hernia mesh attorney
      • Hernia mesh statistics
    • Business & Corporate Law
      • Incorporating Companies
      • Organizing LLCs
      • Contract Disputes
      • Secretary of State Research & Filing
      • Landlord / Tenant
      • Evictions
      • FAQ’s
    • Zoning, Planning & Land Use
      • Subdivisions
      • Variances
      • Liquor Licenses
      • FAQs
    • Elder Law
      • Medicaid Planning
      • Guardianships
      • Asset Protection
      • Powers of Attorney
      • Living Wills
      • FAQs
    • Criminal Law & DUI
      • DUI & DUI
      • Breathalyzer Refusal
      • All Misdemeanors
      • Shoplifting
      • Domestic Assault / Vandalism
      • No Contact Orders
      • Probation / Bail Violations
      • Bad Checks
      • Possession of Marijuana
      • Rhode Island Criminal Attorney
      • Expungement
      • Expunge Criminal Convictions
  • Attorney Profiles
  • RI Law Articles
    • Auto / Car Accident
      • FAQS – Automobile / Motorcycle Accidents
      • Personal Injury / Premises Liability – FAQs
    • Business Law
      • Organizing & Operating an LLC
      • Small Business & Operations FAQ
    • Child Custody
      • Fundamentals of Child Custody
    • Child Support
      • Child Support Contempt
      • Child Support Soup to Nuts
      • Child Support – No Automatic Termination
      • Private School & College Education
      • Guide to Calculating Support
      • Modification / Motions to Modify
      • Child Support FAQs
    • Child Visitation
      • How to Avoid Visitation Disputes
    • Criminal Law
      • Plea Agreements / Sentencing & Convictions
      • Is Nolo Contendere a Conviction?
      • No Contract Orders Explained
      • Rhode Island Probation a Period of Risk
      • One Year Filings Explained
      • Intersection of Family Law & Criminal Law
    • Divorce
      • RI Divorce – Soup to Nuts!
      • Uncontested Divorce in RI
      • No Fault is a Misnomer – Cheating & Drugs
      • Rhode Island Residency Requirements
      • Deferred Sale Marital Domicile
      • Divorce Law – FAQs
      • Equitable Division Assets
    • DUI/DWI
      • Should I Refuse the Breathalyzer?
    • Elder Law
      • Protecting Home from Nursing Home Costs & FAQs
    • Estate Planning
    • Eviction
      • Evictions, Non Payment Rent & FAQs
    • Expungement
      • Expunge Probation, Filings and Convictions
      • Erase and Expunge Dismissed Records
    • Family Law
      • Intersection of Family Law & Criminal Law
      • Common Law Marriage. Fact or Fiction
      • 8 Arguments that don’t work in court
      • Relocation of a Child out of state
    • Lawyer/Attorney
    • Litigation
      • Rhode Island (RI) Litigation
    • Personal Injury
      • Obtaining a New Lawyer
      • Pain, Suffering & Damages FAQs
      • Personal Injury FAQs Answered
    • Post Divorce
      • Post Divorce Do’s & Don’ts
    • Real Estate
      • Partition – Forced Sale of Real Estate
      • Residential Closings & Title Attorneys
      • Should I Get Title Insurance
    • Restraining Order
      • Where Do I Obtain a Restraining Order?
    • Slip & Fall
      • How to Prove a Slip & Fall Negligence Case
    • Zoning
      • Building Permits, Additions, Variances & FAQs
  • Blog
  • Contact