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IRS EIN Responsible Party

In order to obtain an EIN with the Internal Revenue Service you must elect a "responsible party".   This is one of the individuals who controls, manages or directs the entity.  It must be a real person, not another entity and the filing will include their individual Taxpayer Identification Number (SSN, ...Read More
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Do I need an EIN?

An EIN is an Employer Identification Number obtained with the IRS for business purposes.  Despite it's name you may need or want to  obtain an EIN even if you do not have employees.  Think of it like a social security number for your business that can assist you in keeping your ...Read More
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Do I need a Registered / Resident Agent?

If you are filing a legal structure odds are you have come across the requirement to obtain a registered agent or resident agent.   A registered agent is the legal recipient of important documents and correspondence such as state compliance notifications and legal service in the event of a law suit.  The qualifications for ...Read More
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Member-Managed v Manager-Managed: Management Structure in the LLC

When forming a limited liability company (LLC) you need to determine if you wish to be Member-Managed or Manager-Managed.  In Massachusetts this election is made by including the name of a Manager on the Certificate of Organization and in the Operating Agreement (this is the contract between Members and the ...Read More
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Making the Most of Small Business Saturday

Everyone knows Black Friday, and the chaos that ensues with massive chain stores and companies offering great deals on their products, and often times in limited quantities.  Cyber Monday has become a newer “holiday” where online retailers offer similarly attractive sales, coming the Monday after Thanksgiving.  Lesser known, but possibly ...Read More
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National Veterans Small Business Week – Resources

As a veteran, you are entitled to various benefits to help jump start your business idea, or to help your current business grow and prosper.  Luckily, there are many options and programs available to veterans, whether it’s training programs for how to start a business, or specific loan programs with ...Read More
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Corporate Compliance

When forming a legal structure and comparing an LLC to a corporation, a common conversation is regarding requisite corporate compliance.  That is the statutory obligations that we can’t contractually avoid.  For example, the requirement that a corporation hold at least an annual meeting to elect the board of directors and ...Read More
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Legal Wellness Check-up for Small Businesses

The most common times we are initially contacted by potential clients is either at the formation stage or in response to an unforeseen ailment.  The later situations cannot always be avoided, but there are a few things we can do to identify early and intervene, or completely circumvent.  This week ...Read More
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Tax Elections and Default Classifications for Eligible Entities

There are three possible federal tax classifications for U.S. business entities: Disregarded Entity; Corporation; or Partnership Depending on the legal structure of your business you may have an option to elect your tax classification.  A business entity that is not necessarily classified as a corporation under Reg, 301.7701-2(b) can elect ...Read More
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Capital Contributions

A "capital contribution" is a contribution of money (cash) or property (assets) to a business in exchange for an equity ownership interest.  Each business owner (a member or partner) have a "capital account" which is a line item on a balance sheet as an equity account (not a separate bank ...Read More
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