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How To Do A Massachusetts Business Entity Search
The very first step of setting up a business in Massachusetts is to first determine if there are other businesses that have the same or similar name. You may have had this idea for years, but you have never looked to see if this business name is already taken by someone else. To do this, you must do a search for a business entity, another company that is currently using the same exact name. It is important to do this search prior to setting up a sole proprietorship, partnership, and certainly necessary when creating an LLC. Here is a brief overview of how you can do a business entity search in Massachusetts, as well as information on the benefits of setting up a limited liability company.
How To Do A Massachusetts Business Entity Search
On the main Massachusetts Secretary of State website, they detail how you can go through this process. On their main website, you can search through their corporate database, as well as their trademark database, to see if it is available. If you find that someone else has registered your business name or the one you would like to use for your LLC, you must choose another unique name that is not registered in the database. Simply go to the Corporations Division, search for the name of the business you would like to use, and reviewed the results. If it is available, you can then set up your business, and subsequently set up a business account so that you can start receiving money for transactions. In regard to the LLC, this process is also very important as you cannot use a name that is the same, or even similar to existing registered business entities.
How To Set Up Your LLC In Massachusetts
Once you have set up your business, after choosing your business entity name, you may want to consider setting up your limited liability company. It is a simple process, one that takes just a few hours of your time, but you can get this completed on your own if you know exactly what to do. For example, there are two documents that are necessary when creating an LLC. Only one of them, however, is mandatory. This includes the Certificate of Organization and the other is the Operating Agreement.
Filling Out Your Certificate Of Organization
If you want to begin, you will start with the Certificate of Organization by first adding the name of your LLC. This will be followed by your employer identification number, and also the street address of your LLC. The general character of the business should also be stated so they have a general idea as to what you will be doing. You need to have a registered agent, and their address and name must also be listed. If you have other people working with you, regarded as members or managers, they must also list their name, address, and contact information. Once this is done, you will then submit a $500 filing fee to the Secretary of the Commonwealth Corporations Division. If you do this online, it’s $20 more. It will take at least four weeks for this to go through, and up to six weeks if they are extremely inundated by other people that need to create an LLC. There are some states that do allow you to pay extra fees to expedite the process. If that is available, it is highly recommended.
Filling Out Your Operating Agreement
The Operating Agreement is the optional document, but this is a very necessary document that everyone should fill out. It will present a birds-eye view of what your business represents, who the members are, and what the responsibilities of people are within the context of your company and the LLC. Other information will include who will be holding the meetings, what the buyout provisions are, and who will be responsible for the boats. Profits and losses, and their allocations, will also be listed. In regard to taxes, that typically is paid by the owner, but it could also be spread out between all of the members. Finally, the percentage of interest of each member will be presented, as well as their responsibilities and rights within the business entity. This information you will keep in case you need to use it later, perhaps for legal issues that may arise at some point in the future.
After submitting these documents, your LLC will be completed. Getting to this point, however, may not be as easy as you would assume. You may have questions about how to fill out each of these documents, or where to submit this information, and there are companies that can certainly help you. If your objective is to complete your limited liability application this year, find a reputable business that can help you complete this process once you have gone through your business entity search.
Finding a Good Domain Name
Finding a good domain name for your business is a great idea, but can sometimes be tricky without the right tools. We recommend using the Business Name Generator tool from The Really Useful Information Company.