Professional Corporation in Massachusetts: Everything You Need to Know

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What is a professional corporation in Massachusetts?
Foreign professional corporation means a corporation organized for the purpose of rendering professional service under a law other than the law of the commonwealth. Professional corporation means a corporation organized under M.G.L. 156A for the purpose of rendering one or more professional services.
Read more on www.mass.gov

If you live in Massachusetts and are thinking about creating a business, you might be wondering what a professional corporation is and if it’s the best option for you. A professional corporation, sometimes known as a PC, is a particular kind of corporate company created for licensed professionals including doctors, lawyers, and accountants. The Board of Registration of Professional Engineers and Land Surveyors of Massachusetts regulates professional corporations. What Does Massachusetts Define as a Small Business?

A small firm in Massachusetts is one that employs less than 500 people. Both full-time and part-time employees are included in this.

How Much Does it Cost in Massachusetts to Form a Corporation?

The sort of corporation you wish to form and where you file your papers are two variables that will affect how much it will cost to form a corporation in Massachusetts. The cost to file your articles of incorporation with the Massachusetts Secretary of State typically ranges from $275 to $500.

How Can a Professional Corporation Be Created?

In order to form a professional corporation in Massachusetts, you must follow these procedures: 1. Pick a name for your corporation that fits with the laws and regulations of the state. 2. Submit your articles of incorporation to the Secretary of State for Massachusetts.

3. Create the bylaws for your corporation, which describe how it will be run. 4. Obtain all business-related licenses and permissions that are required.

5. Call an organizational meeting to elect your board of directors, officials, and bylaws.

What Is the Price to Form a Corporation?

The sort of corporation you wish to form and the location where you file your application will both affect how much it will cost to form a business. For Massachusetts, the cost to submit your articles of incorporation with the Secretary of State ranges from $275 to $500. Legal fees, accounting fees, and the price of any required licenses and permits are possible additional expenses.

In conclusion, a professional corporation is a unique kind of corporate company created specifically for Massachusetts-licensed professionals. If you’re thinking of forming a professional corporation, it’s crucial to be aware of the state’s laws and regulations and to consult with a seasoned business lawyer to make sure you adhere to all legal requirements. You can successfully establish and manage a professional corporation in Massachusetts with careful planning and preparation.

FAQ
How do I create an LLC in Massachusetts?

I’m sorry, but the article is not about forming an LLC; it is about forming a professional corporation. In order to create an LLC in Massachusetts, you would need to submit a Certificate of Organization to the Secretary of the Commonwealth’s Corporations Division. Additionally, you will need to file an annual report with the state and get any required company licenses and permissions. To make sure you comply with all rules and steps, it is advised that you speak with a qualified attorney or business professional.

What is a domestic profit corporation Massachusetts?

A business entity created in the state of Massachusetts with the intention of turning a profit while engaging in legal business operations is known as a domestic profit company in Massachusetts. Shareholders of this kind of corporation, which has minimal liability protection, own the business. A board of directors, chosen by the shareholders, oversees the corporation.