Incorporation in Massachusetts

Find the right Business Incorporation attorney in Springfield, MA

In Massachusetts, businesses are allowed to incorporate, thereby becoming their own legal entities. When an incorporated business acts, whether it is to buy and sell property, agree to contracts or exercise legal rights, the process is then attributable to the business itself and not its owners. To incorporate in Massachusetts, a business must file with the Secretary of State in compliance with particular guidelines.

Benefits of Incorporation in Massachusetts

Benefits of incorporation are many. The primary benefit is that the liabilities of the business can only be satisfied by the assets specifically invested into the company by the owners. If the business had remained a personal asset of the owners, they could run the risk of losing their personal property to pay for the company's financial liabilities in case of default. A corporation might also find it easier to finance itself through loans, allowing creditors in the Springfield area to evaluate their investment by assessing the corporation rather than the individual credit-worthiness of its owners. Finally, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.

Costs of Incorporation

Incorporation can be costly. First, a modest filing fee might be charged in Massachusetts for any business that wants to incorporate. Also, a corporation is taxed as its own entity. In other words, the profits a corporation makes are now taxed separately, while any disbursements to shareholders are taxed as individual income. This is called double taxation. However, a business might avoid this disadvantage with proper planning and assistance from a local Springfield lawyer.

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Life in Springfield

Springfield, MA is the largest city on the Connecticut River, and the seat of Hampden County. It has a population of around 153,000 people.

Like many cities in New England, Springfield, MA has a long and rich history, much of it associated with Colonial times and the American Revolutionary War. Shortly after the Revolutionary War ended, Springfield became the site of the first populist uprising in the United States. Known as Shays' Rebellion, this revolt resulted in a fundamental change in the U.S. government, leading to the abandonment of the Articles of Confederation in favor of the Constitution which we use today. Obviously, many of the drafters of the Constitution were lawyers, and this tradition of excellence in the legal profession continues in Springfield, MA today.

Springfield, MA is commonly referred to as the "City of Progress" - and it has been home to many individuals and movements that have advanced society for the better. For example, many inventions that made the industrial revolution possible were invented in Springfield. Also, prior to and during the Civil War, Springfield, MA was one of the major centers for the abolitionist movement, with many of Springfield, MA's lawyers defending slaves who had escaped the South.

Of course, there are still many skilled and dedicated lawyers practicing law in Springfield, MA. And if you are facing a legal problem, a Springfield, MA lawyer can almost certainly help.

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