The Massachusetts Affidavit of Exemption For Certain Corporate Officers Or Directors is a document that is used to exempt certain officers or directors of a corporation from being personally liable for the debts or other financial obligations of the corporation. This document is typically used when there is a risk that a personal guarantee may be required from a corporate officer or director in order to secure a loan or other financial obligation. The specific types of Massachusetts Affidavit of Exemption For Certain Corporate Officers Or Directors are: 1. Massachusetts Affidavit of Exemption for Corporate Officers or Directors from Liability for Creditor Claims 2. Massachusetts Affidavit of Exemption for Corporate Officers or Directors from Liability for Debts of the Corporation 3. Massachusetts Affidavit of Exemption for Corporate Officers or Directors from Liability for Unpaid Wages 4. Massachusetts Affidavit of Exemption for Corporate Officers or Directors from Liability for Taxes and Other Obligations.
Massachusetts Affidavit of Exemption For Certain Corporate Officers Or Directors
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FAQ
In Massachusetts, workers' compensation insurance is mandatory for most employers. If you are a business owner and have employees, you must provide this insurance to protect them in case of work-related injuries or illnesses. However, certain corporate officers or directors may qualify for an exemption through the Massachusetts Affidavit of Exemption For Certain Corporate Officers Or Directors. This affidavit allows specific individuals to opt-out of workers' comp coverage while ensuring compliance with state regulations.
Case law in Massachusetts has held, generally, that compensation for an injury arising out of and in the course of employment does not extend to cover employees going to and coming from their work. This is referred to as the ?going-and-coming? rule. This rule bars recovery of workers' compensation benefits.
Do Massachusetts independent contractors need to be covered by workers' comp? Workers in the state of Massachusetts are considered employees for tax purposes. This means you will be required to provide them with workers' comp coverage.
Members of a LLC, partners of a LLP, or sole proprietors are exempt from workers' compensation insurance. Corporate officers who own at least 25% interest in the corporation can also file for an exemption.
As a sole proprietor you are not required to get workers' compensation insurance coverage. If you have employees, they must be covered. If you are a corporate officer that owns 25% or more of a company, you can file for an exemption so you will not be covered under a policy.
All employers operating in Massachusetts are required to carry workers' compensation insurance for their employees and themselves if they are an employee of their company. The requirement applies no matter the number of hours worked or the number of employees.
