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If you incorporate a corporation or LLC in Rhode Island you'll find an overall
business tax climate that ranks worst in the nation by the Tax Foundation.
The state corporate income tax in Rhode Island is 9%. The Rhode Island state
and local tax burden is among the highest in the nation. Find all the Rhode
Island business resources at the Secretary of State web page http://www.sec.state.ri.us/resources_for/business.html.
You can avoid these tax pitfalls when you incorporate in Nevada. Nevada LLCs
and corporations do not pay state income tax, franchise tax or tax on corporate
shares. See the chart below for a detailed comparison on incorporating in
Nevada vs. Rhode Island:
| |
Nevada |
Rhode Island |
|
State Corporate Income Tax ? |
None |
9% |
Tax Foundation's, Corporate Tax Ranking Index ? |
1 |
34 |
Personal Income Tax ? |
None |
25% of federal |
Tax Foundations, Personal Income Tax Ranking Index |
1 |
47 |
Franchise Tax ? |
|
|
Tax on corp shares ? |
|
|
Gift Tax ? |
|
|
Unitary Tax ? |
|
|
Estate Tax ? |
|
|
Statutory Indemnification of Officers, Directors & Employees ? |
|
|
Charging Order Protection for Corporation ? |
|
|
Charging Order is Creditor's Sole Remedy for LLC or Corporation ? |
|
|
Highest Standard of Corporate Veil Protection ? |
|
|
Series LLC Allowed ? |
|
|
Business Court* |
|
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Glossary of terms
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