In Massachusetts, establishing a business requires a number of formalities and paperwork. You must submit specific paperwork to the Secretary of the Commonwealth, or “Sec of Ma,” in order to register a corporation. The payment of a number of fees, including the Sec of Ma filing fee, is required in conjunction with these submissions. This article will go through the cost of this fee as well as other expenses related to forming and keeping a corporation in Massachusetts.
The cost for submitting a corporation’s articles of formation to the Secretary of the Commonwealth is known as the “Sec of Ma filing fee.” When registering a new corporation or changing the status of an existing business entity, this cost is paid only once. The current Sec of Ma filing fee for a Massachusetts corporation is $275. It is always preferable to verify with the Secretary of the Commonwealth for the most recent information as this sum may be subject to change.
You must submit articles of incorporation to the Commonwealth Secretary if you want to form a S Corporation in Massachusetts. The name and location of the corporation, the name and address of the registered agent, the total number of shares that the corporation is permitted to issue, and the names and addresses of the initial directors must all be included in this form. You must apply for an Employer Identification Number (EIN) with the Internal Revenue Service (IRS) when the articles of formation are submitted. Your corporation is identified by this number for tax purposes. Once you have the EIN, you may register for state taxes, get any required licenses or permissions, and start doing business in Massachusetts.
The Sec of Ma filing fee, which is presently $275, is included in the price of forming a corporation in Massachusetts. You might also need to spend money on legal services to help with the preparation and submission of the articles of organization, acquiring an EIN from the IRS, and other legal documentation. Depending on the complexity of your company’s organizational structure and the required level of legal support, these fees may change.
Every corporation in Massachusetts is required to submit an annual report to the Commonwealth Secretary. The name and address of the corporation, as well as the name and address of the registered agent, must all appear in the annual report. In Massachusetts, filing an annual report costs $125. The 15th day of the third month following the conclusion of the corporation’s fiscal year is the deadline for filing annual reports. If the annual report is not submitted by the due date, the corporation risk penalties or possibly dissolution.
If you intend to use a name for your firm that is different from its legal name, you must register as a “doing business as” (DBA). In Massachusetts, a DBA must be filed for $50. The municipal or town clerk where your company is located will receive payment for this fee. It is significant to understand that registering a DBA in Massachusetts does not give your company name any legal protection. You might want to think about applying for a trademark or service mark with the United States Patent and Trademark Office to prevent other people from using your business name.
In conclusion, creating and keeping a corporation in Massachusetts requires a number of formalities and costs. When creating a new corporation or modifying the status of an existing business entity, the Sec of Ma filing fee is a one-time payment. The yearly report filing price, the DBA registration fee, and legal fees for writing and filing documents are additional expenses. When starting a business in Massachusetts, it’s crucial to budget for these expenses and to make sure that all legal criteria are satisfied to stay out of trouble later on.