Incorporation Checklist

Here is a checklist of tasks related to incorporating your Massachusetts business. "L" means a lawyer typically will do this for you as part of incorporation services. Note that all of this IS A PAIN IN THE NECK - and expensive. But the savings come later in significantly lower taxes and other benefits.

Choose opening date for the new corp - SHOULD be but doesn't have to be the FIRST of of a month - ie, July or August.

File Articles of Incorporation with the Secretary of State (L) Fee - $200

File Form 2553 to Elect to be an S Corporation if planned as part of your tax strategy (L or accountant DON'T blow the deadline!)

Qualify a fictitious name if you are using one (L)

Prepare your bylaws (L)

Hold your shareholders meeting (you or L) - and even if it is all you!

Hold your board of directors meeting (you or L) - and even if it is all you!

Issue your stock and collect appropriate money (you or L)

Determine whether a professional license is needed (you and L)

Secure your local occupational license (you or me or L)

Secure tax returns for quarterly filings (you or accountant or payroll service)

Call your town office about personal property taxes (accountant or you)

Check on worker's comp payments (see if you can switch existing policy)

Check if leases need to be redocumented (i.e., with landlord)

Apply for Federal Tax ID # (you with accountant or L)

Open corporate bank account with corp Tax ID# (you)

Set up new computer accounting file - post opening entries (accountant and you. You can import vendor and client names from old files.)

Choose a salary amount for yourself

Set up a new payroll file with your payroll service (you with payroll service)

Secure required employer posters and hang them as required (accountant can supply)

Update business cards and stationery to reflect corporate status (L can advise)

Have annual meeting; file minutes in corporate book - shareholders AND directors (you maybe with L)

Pay annual corporate fee (you with accountant - it's $109 to the Secretary of State if you pay by credit card or $125 if you pay by check, plus $456 to the Dept of Revenue)

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