Congratulations are in Order
Congratulations! Once your business has been formally incorporated and satisfied all Massachusetts statutory requirements, you have crossed the threshold that begins the process of protecting you from personal liability. Understand, however, that there are next steps are that you must take to continue to meet all statutory obligations, to keep your corporation best protected from liability, and to remain in good standing with the Commonwealth of Massachusetts.
Here are some things to consider for your business:
Location of Corporate Records
The Corporate Book that you will receive from our law office should be kept at the address which you have declared in the Article VIII(g) of the Massachusetts Articles of Organization that were filed with the Secretary of State’s Office when you initially organized your business. Keep this book on at your main office location in Massachusetts as it serves as evidence of your compliance with your statutory obligations as a corporation as well as your source for all issued stock certificates, important shareholder and board of director meeting minutes, etc.
Insurance for Your Business
General liability insurance is a must. This type of insurance protects your business from property damage claims, medical expenses due to an injury, and other claims against your business. Depending upon the type of business that you are engaged in, you may also require malpractice or other specialized insurance. Worker’s Compensation Insurance is a requirement in many Massachusetts businesses and be sure to set up an account for this insurance if necessary. An insurance agent is the appropriate resource for guidance on insurance issues, although our office can guide you in understanding these matters.
Articles of Organization
Remember that any changes to your business that are different from information initially provided when you filed your Articles of Organization for your business should be reflected by articles of amendment, a statement of change, or other appropriate filings with the Secretary of State for the Commonwealth. These changes are made online and can be done for a modest filing fee.
Letter of Good Standing
It is good practice to request a letter of Good Standing from the Secretary of State’s Office for your corporation and include the letter in your Corporate Book. There may be many instances where you will need to produce a letter of Good Standing to enter into a contract with certain state or federal agencies. Having this document at the ready is very helpful.
Permitting/Licensure
Consider any local, state, or federal permitting or licensure requirements for your business. Place these documents within your corporate book for safekeeping. While permitting or licensure requirements will vary widely for each business type, we can assist you in researching any permitting or licensure requirements for your business.
Accountant Services
Every business needs a good accountant. If you have not already done so, apply for an EIN number with the IRS. If you have employees you will need to file with the Massachusetts Department of Revenue. You may also have to file a corporate excise tax return, and pay estimated taxes depending upon the structure of your business. Additionally, a federal corporate tax return may be required. Consult an experienced business attorney and with an accountant for assistance with any and all tax matters.
DISCLAIMER: The information provided in the pages and posts of this website are for general informational purposes only. The information presented on this site is not legal advice, and no attorney-client relationship is formed by the use of this site.