How much does it cost to form an LLC in Massachusetts? We break down the filing fee and the costs of hiring an LLC formation service.
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The Cost of Forming an LLC in Massachusetts
The cost of forming an LLC in Massachusetts depends on a number of factors, including the size and complexity of your business, the amount of paperwork required, and the filing fees charged by the state.
Generally, you can expect to pay between $100 and $800 to form an LLC in Massachusetts. The exact cost will depend on the specifics of your business.
To get started, you will need to file a Certificate of Organization with the Massachusetts Secretary of State. The filing fee for this document is $500. You may also need to file a Statement of Information, which costs $50.
Additionally, you will need to publish a notice of your LLC in a local newspaper. The cost of this varies depending on the newspaper you choose, but it is typically between $100 and $200.
Finally, you will need to pay an annual LLC tax of $500. This tax is due on June 1st of each year.
In total, you can expect to pay between $750 and $1500 to form and maintain an LLC in Massachusetts.
The Cost of Maintaining an LLC in Massachusetts
An LLC, or limited liability company, is a business entity that can provide its owners with limited personal liability for the debts and obligations of the LLC.3 min read
An LLC, or limited liability company, is a business entity that can provide its owners with limited personal liability for the debts and obligations of the LLC.3 min read
An LLC is formed by filing articles of organization with the Massachusetts Secretary of State. The filing fee for articles of organization is $520.
In addition to the initial filing fee, there is an annual LLC tax of $500 due each year on May 1st. LLCs are also required to file an annual report with the Secretary of State, which has a filing fee of $500.
If you will be hiring employees, you will need to obtain a federal employer identification number (EIN) from the IRS. There is no fee for obtaining an EIN.
The total cost of forming and maintaining an LLC in Massachusetts will be $1,520 per year.
The Cost of Dissolving an LLC in Massachusetts
Dissolving an LLC in Massachusetts will vary in cost depending on the complexity of the dissolution and whether or not the LLC owes any money. The most basic dissolution will cost between $100 and $300. If the LLC has any outstanding debts, the process will be more complicated and may cost more.
To dissolve an LLC in Massachusetts, you must first file a notice of dissolution with the Secretary of State. This notice must include the date of dissolution and the names and addresses of all members of the LLC. Once this notice is filed, you must also notify all creditors of the LLC of its dissolution. Creditors have a right to file a claim against the LLC for any money they are owed.
After all claims have been settled, you can then distribute the assets of the LLC among its members according to their ownership interests. Once this is done, you can file a certificate of termination with the Secretary of State to officially dissolve the LLC.
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