In this manuscript, by using the semigroup theory, the wellposedness and exponential stability for a Rao-Nakra sandwich beam equation with internal damping and time delay is proved. The system consists of two wave equations for the longitudinal displacements of the top and bottom layers, and one Euler-Bernoulli beam equation for the transversal displacement. To the best of our knowledge from the literature, by this time, no attention was given to the asymptotic stability for Rao-Nakra model with time delay.