Why Do You Need A Rhode Island Reinstatement For Your LLC Or Corporation?
When a company remains in bad standing long enough, it may lead to administrative dissolution and the revocation of the advantages that come with its business entity type. Rhode Island reinstatement gives the company a chance to settle all pending issues and restore its good standing status.
What Is Needed To File For Reinstatement?
The Rhode Island reinstatement process varies depending on the state where you are operating your business. In Rhode Island, administratively dissolved companies have to follow a multi-step process.
Step 1: Get a Letter of Good Standing from the Division of Taxation. Inform them that the purpose is for reinstatement. You may contact them at (401) 574-8941 or www.tax.ri.gov.
Step 2: Obtain the necessary forms from the Division of Business Services for all delinquent report filings. Ask them to calculate the penalty fees too.
Step 3: Check if the company name is still available. If it is not, file an amendment to change the name.
Step 4: Submit all delinquent documents and the corresponding fees.
Step 5: Submit the Letter of Good Standing. Make sure it is dated within 30 days of the reinstatement filing date.
Step 6: Pay for the $50 penalty fee for every year that has elapsed since the administrative dissolution. You can pay via check, credit card, or cash. Make all checks payable to the Rhode Island Secretary of State.
You can submit by mail using the following address:
Corporations Division
Office of the Secretary of State
148 W. River Street
Providence, Rhode Island 02904-2615
How Much Will It Cost To Reinstate?
LLC – There is a $50 fee for each annual report. You will also have to pay $50 for every year since the dissolution. Meanwhile, the Letter of Good Standing costs $50.
Corporation – The annual report fee is $50 for every missed filing. There is also a $50 penalty for every year since your company’s administrative dissolution. The fee for the Letter of Good Standing is $50.
How Long Will This Process Take?
It normally takes around 7-10 business days to finish processing mailed Rhode Island reinstatement documents. If you submit in person before 4 PM, the Secretary of State will finish within the day.
Meanwhile, the Division of Taxation takes approximately a month to release the Letter of Good Standing.
What Is Required On The Forms?
LLC
- Name, Address, Telephone Number, And Email Address Of The Contact Person
- LLC Name
- Business Address
- Federal Identification Number (FEIN)
- Secretary Of State ID Number
- Business Entity Type
- Names And Social Security Numbers Of The Members
- Name, Signature, And Title Of The Authorized Representative
Corporation
- Name, Address, Telephone Number, And Email Address Of The Contact Person
- Company Name
- Business Address
- FEIN
- Secretary Of State ID Number
- Business Entity Type
- Name, Signature, And Title Of The Authorized Representative
What Cannot Be Changed On The Forms?
LLC – You cannot change your registered agent or office address, the company’s principal office address, and managers. You will need to file a Change of Agent form to modify any information related to your registered agent. Meanwhile, you can update your principal office address and manager information using the annual report.
Corporation – The Rhode Island reinstatement form does not allow you to change your registered agent or office address, the corporation’s principal office address, and the officers or directors. However, you can change the principal office address and update the officers or directors using the annual report that you file along with the reinstatement. You may also update information about your registered agent by attaching a Change of Agent form.
What If My Company’s Name Is In Use When I Need To Reinstate?
Administratively dissolved Rhode Island companies may lose their names after a year of dissolution, so it is important to conduct a name availability search first. If another business entity uses your company name before you reinstate, you will have to file a name change amendment.
How Can DoMyLLC Assist With Streamlining?
Maintaining the good standing status of your Rhode Island company is necessary to ensure the legitimacy of your operations. If the state administratively dissolves your company, you will have to complete the Rhode Island reinstatement process so that you can continue doing business.
If you think that the transactions and paperwork are a bit time-consuming, contact a reliable company like DoMyLLC. Our team of experts can make the whole ordeal hassle-free for you. We also offer personalized solutions and live support.
Rhode Island Reinstatement FAQs
Can you change your registered agent on the reinstatement?
No, the reinstatement form does not give you the option to change the registered agent or office address. You can do so by filing a Change of Agent form.
How many annual reports can your company fail to submit before the state prohibits reinstatement?
If your company does not file annual reports and pay the required fees for 10 years, the state will no longer allow it to reinstate.
How long can your company be dissolved before it has to start over as a new business entity?
The state gives administratively dissolved companies 10 years to reinstate their businesses. After that, you will have to form a new business entity if you want to operate again.