Starting up, transitioning, or maintaining a business in Massachusetts can be both a financially and emotionally rewarding venture and a stressful endeavor. Attorney’s that practice in the corporate or business law fields provide a number of different benefits to Massachusetts businesses and have been doing so for many years. What exactly are those benefits? Please read below to learn more about why your Massachusetts business can benefit from hiring an attorney…
Massachusetts Start Up Businesses
The early days of starting a business are full of finding answers to questions, conquering hurdles, and moving on to the next hurdle. Sometimes the process of overcoming obstacles in these early days can be overwhelming. One facet of starting a new business that can be dealt with by an attorney for a fairly modest fee is performing the necessary tasks required to get the business following all of the regulatory requirements of the Commonwealth of Massachusetts.
Depending upon the type of business that is being formed in the state, you will have some paperwork to file with the Office of the Secretary of State. A new corporation, for example, will have to file articles of organization with the state. The Articles of Organization contain information such as the unique name of your business (which must include Inc, Incorporated, or other legally acceptable shortened form which indicates that the business is incorporated), the principal place that business will be conducted, the address of the registered agent who is to receive service of process for the business, and other key demographic information. The Articles of Organization also indicate the incorporators of the business, and name specific officers and directors of the corporation.
“I Can File the Articles of Organization yself – Why Would I Want an Attorney?”
A fair question. The answer lies in the details that accompany the filing of the Articles of Organization. Once filed with the Secretary of State and accepted by that office, in the case of a corporation, you will want to develop a Corporate Book or Company Record Book which contains the following:
Statement of the Incorporator – a statement naming officers of the corporation
Consents of the Director(s) – statement(s) consenting to appointment of officers of the corporation
ByLaws – essentially the rules that the corporation will abide by
Shareholders Agreement – a contract between shareholders of the corporation indicating how shares can be transferred, what rights the corporation has to obtain shares should a transfer occur, etc.
A List of Shareholders
Stock Certificates – these should contain a reference to the Shareholder’s Agreement printed directly on the stock certificate itself
Stock Transfer Ledger – a document that tracks currently authorized shares of the corporation as well as those which have transferred to new shareholders
Waivers of Notice – a statement signed by key officers and shareholders of their having waived notice to either a shareholder meeting or meeting of the board of directors
Initial Shareholders Meeting – minutes from a meeting of the initial shareholders which resolve the appointment of various officers and other resolutions
Annual Meeting of the Shareholders
Annual Meeting of the Board of Directors
Each of the aforementioned documents serve a specific purpose, and are governed by Massachusetts General Law, Chapter 156D. Knowing which choices are available in, for example, a shareholder’s agreement is the purview of the business attorney. The business attorney gains this knowledge by a combination of reviewing the current laws, reviewing case law, and experience. Our office provides business clients with solutions to incorporation, forming an LLC, starting a sole proprietorship and other business formation matters. Our experienced attorney can ensure that your Massachusetts business complies with the statutory requirements of Chapter 156D, getting your corporation, LLC, partnership, or other business structure off to a great start.
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.
