Form with which the Directors of a corporation waive the necessity of an annual meeting of directors.
Board Of Directors Meeting For Llc In Massachusetts
State:
Multi-State
Control #:
US-0019-CR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
Legally forming a business is the first step in many state reporting requirements. Outside of filing an annual tax return, Massachusetts requires LLCs and corporations to file an annual report. Failure to file can result in some hefty fines and having your business dissolved or revoked.
If you fail to file a required annual or biennial report, you can face stiff penalties. These can range from fines imposed by the state to the state administratively dissolving or revoking your entity. Administrative dissolution means that you can no longer legally conduct business in a state.
What Happens If You Don't File? Usually a state will smack your business with a late penalty, as a kind of warning shot, to get you to file your annual report as soon as possible, and you'll usually have a second deadline before the state takes any further action against your business.
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. The Operating Agreement is a private agreement and is not filed with the state.
File your Massachusetts LLC's Annual Report on the LLC's anniversary date . You need to file it with the state every year. The Annual Report may be submitted at any time before the anniversary date.
If you still do not file, your corporation will lose its “good standing,” which may make it more difficult to run certain business operations. If you still do not file, your state agency will dissolve your corporation and strike it off the register.
If you're a single-member LLC, the short answer is no, you do not need to have a board of directors (or any one of related matters that are unnecessary), and even in a two-member LLC, a board of directors is usually unnecessary.
LLC and Corporation State Approval Times StateApproval Time MA Standard: 10-14 days TotalLegal Full Service: 1-2 business days MD Standard: 2-3 weeks TotalLegal Full Service: 10-14 days ME Standard: 12-14 weeks MI Standard: 2-3 weeks TotalLegal Full Service: up to 1 week46 more rows
Benefits of starting a Massachusetts LLC: Limits and separates your personal liability from your business liability and debts. Simple tax filing and potential advantages for tax treatment. Strong support for small local businesses. Numerous business tax credits.
