Most businesses must have an EIN, although single-member LLCs with no employees can manage with a Social Security number. This means keeping a file of invoices for every purchase and sale you make, along with information about your employees or contractors and the work they do for your company. This will help you keep your business and personal expenses completely separate, and it will also help you tremendously with your accounting and tax responsibilities. The Massachusetts Department of Labor Standards administers several workplace safety and health programs and issues licenses to individuals and businesses that provide temporary employment services or perform lead or asbestos reduction work.
If your LLC pays taxes as a corporation, you must pay 8% Massachusetts corporate income tax on your company's income. It is important to ensure that the name of your LLC distinguishes itself from the names of other existing companies on file with the Massachusetts Clerk of the Commonwealth Division of Corporations. For example, Delaware is often considered the most business-friendly state, as it has an entire court system dedicated exclusively to business matters. While there are dozens of services that start an LLC, ZenBusiness has proven to be the best available.
If you get to the point where it's time to close your business and cease all operations, you'll want to properly dissolve your LLC to limit your liability for government lawsuits and fees. In addition to resident agent services, Northwest also handles LLC formation and they will include a free resident agent for one year when you form your business with them. There are many types of licenses, both state and local, as well as professional, that are required to do business in Massachusetts. This means that an LLC protects your personal assets in the event of a business loss, such as a lawsuit or an outstanding debt.
They aren't cheap, but they can provide essential business advice, professional filing assistance, and peace of mind. It means you don't have a good reputation with the state and you can no longer do things like being a foreigner, qualifying in other states, applying for business loans, renewing certain professional licenses, and more. Massachusetts has implemented regulatory reforms to reduce bureaucracy and increase ease of doing business in the state.