Massachusetts (United States of America)

The Government of Massachusetts is the governmental structure as established by the Constitution of Massachusetts. Massachusetts government, as at the national level of government, power is distributed among three branches: legislative, executive, and judicial.

• The legislature of Massachusetts is the General Assembly, a bicameral body consisting of the Senate and the House of Representatives;
• The Executive branch headed by the Governor;
• The highest judicial power is the Supreme Court of Massachusetts.

In 2019, the real GDP of Massachusetts was about 595.56 billion U.S. dollars. The GDP per capita of Massachusetts was $75,258 in 2019.

Sectors vital to the Massachusetts economy include higher education, biotechnology, information technology, finance, health care, tourism, manufacturing, and defense. In recent years tourism has played an ever-important role in the state's economy, with Boston and Cape Cod being the leading destinations.

Currency:

United States Dollar (USD)

The business laws of Massachusetts are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of Massachusetts are familiar to many lawyers both in the US and internationally. Massachusetts has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in Massachusetts service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Massachusetts or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in Massachusetts:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Massachusetts is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Massachusetts:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in Massachusetts, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since Massachusetts incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Massachusetts company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• US Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

Local Agent:

Massachusetts law requires that every business have Registered Agent in the State of Massachusetts who may be either an individual resident or business that is authorised to do business in the State of Massachusetts

Double Taxation Agreements:

Massachusetts, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Massachusetts taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License Fee & Levy:

The filing fee is $65. If you are not a Massachusetts resident but you want to conduct business in the state, you need to pay an additional $35.

Read more:

• Massachusetts trademark
• Massachusetts business license

Payment, Company return due date:

Massachusetts Filing Due Date: Corporate tax returns are due by March 15 - or by the 15th day of the 3rd month following the end of the taxable year (for fiscal year filers).

Extended Deadline with Massachusetts Tax Extension: Massachusetts offers a 6-month extension, which moves the filing deadline to September 15 (for calendar year filers).