Below you will find helpful and informative Rhode Island business law articles by a Riverside Corporate attorney. Please read these carefully and do not hesitate to contact a RI business law lawyer for help with all your legal needs in RI and MA.
Operating & setting up a Limited Liability Company (LLC) in RI This Rhode Island business Lawyer written post was authored in 2008 by a Rhode island corporate law lawyer. This commercial law post explains the process of organizing and operating an (LLC) in RI. This informative legal article discuses the numerous benefits of a limited liability Company, including the limited liability of the members of the LLC for the debts of the limited liability company. Also members of the LLC for have no perosnal liability for personal injury, truck accident, car crashes and slip and fall claims caused by other agents, employees or member of the company. This Rhode island law article explains the necessary documents and fees required by the Rhode Island Secretary of State. In RI, most small businesses and real estate holding companies should be an LLC. One of the most crucial reason for forming an LLC is that the owners of the Limited Liability Company, who are referred to as Members, are not liable for the debts of the company. Limited liability Company’s provide many legal benefits and advantages which are set forth in this business law post authored by a Rhode island corporate lawyer at Slepkow Slepkow & Associates, Inc.
RI Corporations, Partnerships, Limited Liability Company (LLC), Small Business Law RI Corporate law FAQS by East Providence lawyers concerning corporations, llc’s and partnerships. 1) Should I protect my primary residence and personal assets by incorporating my business? 2) What is the difference between a corporation and an LLC in RI? 3) What will my business law lawyer need to know at our first meeting in order for him to incorporate my real estate business? 4) If I incorporate, will I need to do anything each. Both corporations and an (LLC) provide asset protection against many injury and most contract claims against your personal assets. The primary difference between the two types of legal corporate entities involve the treatment of profits and losses for income tax purposes.
Legal references concerning business law:
The US Small Business Association States: “A limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. 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.” https://www.sba.gov/content/limited-liability-company-llc
The IRS states: “When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.” http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Business-Structures
“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.”US Small Business Association https://www.sba.gov/content/limited-liability-company-llc
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