Introduction
Starting a business is an exciting and challenging endeavor. When starting a business in Massachusetts, one option is to form a professional corporation (PC). A PC is a legal structure commonly used by individuals in regulated professions, such as lawyers, doctors, accountants, and engineers, to provide a professional service to clients.
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In this article, we will guide you through the steps necessary to form your own professional corporation in Massachusetts.
Step One: Choose Your Professional Service
Before you can form a professional corporation, you must determine which professional service you will provide. Massachusetts has specific laws that govern professional services and professions, so it is essential to understand the laws and regulations that apply to your profession.
Some professions, such as real estate, are not eligible for a professional corporation structure. Before proceeding, ensure that your profession allows for the formation of a professional corporation.
Step Two: Choose a Name
Choose a name for your professional corporation. The name must include "Professional Corporation," or the abbreviation "P.C." or "PC." It must be distinct from the names of other registered entities in Massachusetts and comply with the rules established by the Commonwealth. To check if the name is available, conduct a search of the online business name database administered by the Massachusetts Secretary of State.
Step Three: Choose Your Location
Choose the physical location of your professional corporation. You’ll need a mailing address in Massachusetts, as well as a registered agent to receive sued papers and other legal documents.
Step Four: Choose Directors and Officers
You must choose the directors and officers who will manage your professional corporation. In Massachusetts, at least one director is required, and all directors must be licensed professionals.
The officer’s principal place of business must also be in the Commonwealth.
Step Five: File Articles of Organization
File Articles of Organization with the Massachusetts Secretary of State. The Articles of Organization include the name of your professional corporation, its physical location, its statement of purpose, the name and address of the registered agent, the name and business address of each director, and its authorized stock.
The fee for filing the Articles of Organization with the Massachusetts Secretary of State is $275. If you choose to file by mail, the fee is $325.
Step Six: Obtain Required Licenses
Obtain any required licenses to operate in your profession. Professionals must first be licensed by the relevant Massachusetts licensing authority before forming a professional corporation. In Massachusetts, each profession has its licensing authority, and you must comply with any relevant professional regulations and requirements.
Step Seven: Obtain Tax ID
Apply for Federal Employer Identification Number (EIN) with the Internal Revenue Service (IRS). EIN is necessary to hire employees, file for Federal, State, and local taxes, open bank accounts, and register a business name.
Step Eight: Obtain Relevant Permits and Certifications
Ensure you have the appropriate permits, certifications, and professional licenses required for your profession. Be cautious and ensure that you comply with applicable regulatory body laws and regulations.
Conclusion
Now that you know how to form a professional corporation in massachusetts and the steps to take, you can get started. While starting a professional corporation takes time, effort and planning, it is one of the best ways to build a thriving and impactful business, the legacy of which can last for generations. Always ensure you comply with the relevant laws, regulations, certifications and permit requirements.
At every step of the way, pay careful attention to what is required by state laws so that you may protect yourself and your corporation. With effort and elbow grease, creating a professional corporation in Massachusetts will be a success.
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