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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15580
Experience:  15years with H & R Block. Divisional leader, Instructor
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I would like to know what licenses and fees are needed to

Customer Question

I would like to know what licenses and fees are needed to start up a small business in Rhode Island. and incorporate
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: as a start up. with myself only as a employee. making custom desk tops/ table tops
JA: Is there anything else important you think the accountant should know?
Customer: no.
Submitted: 10 months ago.
Category: Tax
Expert:  Robin D. replied 10 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 10 months ago.

If you want to treat your self as an employee then you could could be an S corp. An entity treated as an S corporation for federal tax purposes shall be required to file Form RI-1120S and pay the annual minimum tax as set forth in RIGL § 44-11-2, which is $450 for tax years beginning on or after January 1, 2016.

You would issue yourself a W2 and the S corp would pay the employer share of SS and Medicare taxes.

There is no registration requirement with the Division of Taxation; the filing of the first return is sufficient notice to establish an account.