Opening a Limited Liability Company in Massachusetts is a complex process, but it can be very rewarding. Whether you are new to business or an established entrepreneur, having your LLC on the books provides a shield from personal liability and debts that could potentially impact your operation. As with any other state, Massachusetts law requires a licensed agent to act as the secretary of the LLC. This individual is also responsible for collecting all required payments and deposits, as well as making sure the LLC has its financial information in order.
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The first step in establishing your LLC in Massachusetts is to choose its registered office. You must register your business with the Secretary of State's Office in the city and county of your choice. The office will then assign an agent to manage the LLC and will conduct all the necessary paperwork. Once this is completed, your company is ready to do business.
Limited liability companies are treated just like corporations by the IRS. They are viewed as a pass-through entity for income tax purposes and are required to file reports with the state on a yearly basis. You will have to pay taxes on the income your LLC earns, just like any other business.
Operating an LLC Massachusetts
Business owners in Massachusetts have two options for paying taxes: income tax and sales tax. You may also be required to remit income tax, depending on the nature of your business and your personal financial situation. If you elect to use an out of state corporation to protect your personal assets, you will not be liable for income tax. However, you will be responsible for remitting taxes if your LLC filed a return and chose to use an out of state corporation.
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Massachusetts allows business owners to deduct expenses at various rates. Rates can be deducted from income, purchases, or business property for the purpose of increasing a company's taxable income. For example, if you buy office furniture, computers, and a printer for your company, and spend most of your time inside the office, you can deduct that expense. If you use your home for business purposes, however, you may only be eligible to deduct the percentage of space used versus the actual cost.
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Business owners in Massachusetts need to register their business. Doing so requires not only filing state tax returns, but also filing an article of incorporation. Your articles of incorporation must include the name of your LLC, its address, and its registered agent. Business owners must also indicate whether the business is a sole proprietorship partnership, or corporation.
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Business owners in Massachusetts are required to give notice to creditors of any changes. In order to do so, they must file a "notice of intent to delist" with the secretary of state. The notice of intent to delist tells the lender that the LLC has failed to comply with the law and gives notice to all others that it will soon be filed for bankruptcy. This allows the lender to take steps to recover its money. After notifying the creditors, the business owner has up to three years to cure the default or the bankruptcy.
LLCs cannot have a director or members that are residents of Massachusetts. Limited liability companies have different structures than sole proprietorships and corporations do. For instance, a member is liable for the debts of his LLC, not of his corporation. A share holder is only entitled to a vote as a member of the LLC. So even if a shareholder wants to vote against a company decision, he cannot do so if the LLC is in Massachusetts. The only way to remove a member is to liquidate the LLC and refund the liability of the LLC to its shareholders.
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