Add Checkbox Fields Legal Massachusetts LLC Forms For Free

The turnaround time for LLC formation in Massachusetts is advertised by the Secretary of State as One (1) to two (2) business days from the date of submission. This turnaround can take longer based on state examiner's workload at the time of filing.

Typically, you can complete this step in a few days, but the time frame varies by state. Once you have reserved a business name, you can file your articles of organization. If you submit these online, the approval could come within a few days to a week. If you mail the documents, it might take a few weeks.

Some Massachusetts LLCs are run by managers hired by the member-owners of the company to run the business. One of the LLC's members could be designated a manager, or an outside individual, a management company or other business could take the role.

Massachusetts does not require you to submit an Operating Agreement to form your LLC. However, it is important for every LLC to have an Operating Agreement, establishing the rules and structure of the business.

What is Limited Liability? Limited Liability is a legal structure whereby shareholders or directors are legally responsible for their company's debts only up to the value of their shares. The directors will only be liable for debts of a certain amount ? this is up to the value of the shares they hold in the business.

However, limited liability, in the context of business entities, refers to the limitation of liability for the business entity's owners, not the business entity itself. An LLC is responsible for its own debts, and it could face losing its assets if a business creditor takes legal action.

Every Massachusetts LLC must have a designated street address. That could be your home address (if you're running the company from your residence), your company's office building or any physical address of your preference. The address must be in the State of Massachusetts and cannot be a P.O. Box.

Section 24: Management of limited liability company An operating agreement may provide for the management, in whole or in part, of a limited liability company by one or more managers, who shall hold office and have the duties set forth in the operating agreement.

While an LLC and PLLC both provide personal limited liability protection, a PLLC will not protect you from claims of malpractice or wrongdoing. However, a benefit of a PLLC is that the wrongdoing of one individual member does not create liability for other members.