Since a business structure holds a lot of bearing on different aspects of your business’ operations, it is a must that you pick the right business structure the first time.
With several options to choose from, the challenge lies in the choosing a structure that provides the most advantages. An exhaustive research of the various options with its associated pros and cons should be a starter.
Startup Savant’s step-by-step guide in choosing a business structure should help you make a decision easier. You can also use this chart for a side-by-side comparison of business structures.
When you have made up your decision, the next step is to incorporate it with the Rhode Island Secretary of State. For stress-free and easy accomplishment of this requirement, you can employ IncFile (for $49) or LegalZoom (for $149) to take care of the entire process for you.
If you opt to incorporate the business personally, you can do so with any of the guides below.
As soon as the two steps above are accomplished, following it through with the steps below will ensure that you can comply with all the requirements for starting a business.
No matter how much you envision a business to become successful, it will all be for nothing if there is no solid business plan to support it.
A business plan is the concrete blueprint that helps business owners set short-term and long-term goals and objectives with corresponding strategies on how to achieve these.
Writing a business plan may be challenging if you do not have the right tool and resource to do so, but with the help of the links below, you can actually successfully write one.
As soon as you decide to open a business, you should also process the requirements for a separate bank account for the business. A business bank account separate of personal finances is essential to efficiently monitor the expenses and cash flow of a business.
Recommended Resource: You can check this resource roundup of the best business bank accounts list to decide which is best.
Depending on the type of business you operate, you are required to file for the necessary tax returns and submit its corresponding reports. Failure to comply with these business taxes equal to penalties and fines by the state.
Take the first steps to completing your tax obligations by registering with the RI Division of Tax Online Registration Service.
Business licenses and permits are necessary to obtain a legal operating status in the state of Rhode Island. These legal paperwork are also put in place to protect you, the business owner, and your business.
Recommended Resource: You can employ the service of a professional to find all the required business licenses and permits with this complete package. Alternatively, you can use this resource roundup courtesy of SBA.
Your business no matter how small it is should have a professional website. Contrary to common misconceptions that your kind of business will not benefit from a website or it is too expensive for your budget, there are so many advantages you can gain from having a business website. Bluehost provides you with an easy way to create a business website through its one-click WordPress installation.
Resource for Getting Started: For the steps to get started on designing a professional business website, this guide will come in very handy.
Please note that this guide is for informational purposes only, and it should not be taken as a legal document or a legal notice. Any questions about the legalities involved in incorporating in Rhode Island should be consulted to a business lawyer.