|
I am going to be starting a LLC business (wedding photography) and I was curious about the associated costs. The business will be registered in Massachusetts. I understand that an exact number may not be possible to determine but if I could get some idea of what to expect, that'd be great. A breakdown would be great as well. Note: I understand that a lawyer and accounting will need to be hired. |
|||
|
|
|
I live in MA and own both an LLC and and S-corp. MA sucks for formation fees. The LLC has a lower filing fee than a S-corp, but both have annual costs of about $500 a year - almost 2x as much as the next most expensive state. I did both my companies myself, one through LegalZoom and one through another company... can't recall the name. They worked fine. I wouldn't pay for any of the extra stuff (i.e. registered agent, etc.) when you are small you can handle that yourself. Good luck! |
|||
|
|
|
You mean just managing the incorporation paperwork? Around $200-$400 is typical. Look for a small business lawyer who will not only help you file all the appropriate forms, but also creates a business template binder for you with by-laws, meeting minutes, etc. There are a small number of things that you must technically do to be a real corporation (hold an annual meeting (even if it's just you and another person over a cup of coffee discussing "business"), file meeting minutes, re-new licenses, etc.). If you don't do these things, then you technically are no longer a corporation, which can open you to personal liability. 99% of the time, it's not an issue, but if you haven't run a small corporation before it's helpful to get the 30 minutes of formal instruction from a lawyer that will save you from having to figure everything out on your own. |
|||
|
|
