Greater Westfield Chamber of Commerce

I own my own business, but I don’t have a corporation. Do I need one?

There are several benefits to forming a corporation or other entity such as a limited liability company (LLC) to own your business. Corporations and LLCs offer their shareholders or members limited liability. Generally, if the business fails, only the business assets are at risk, not your personal assets. There are fees associated with forming a corporation or LLC, including annual fees charged by the Massachusetts Secretary of State. Further information on those fees can be found at the Secretary of State’s Corporation Division website, http://www.sec.state.ma.us/cor/. There are also tax implications to forming a business, and you should contact your accountant to find out which form is right for you.

Last update on January 17, 2011 by Administrator.

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DISCLAIMER:
This site is intended to provide information about doing business in the Greater Westfield area.  It is not intended to take the place of consulting an advisor such as an attorney or accountant.  You should not treat the answers on this site as legal, accounting or professional advice.  Such advice can only be properly given by qualified professionals who are fully aware of your particular circumstances.  While we have made efforts to keep the site current, many of the laws, regulations and ordinances referred to change on a regular basis, and so the information provided may not reflect the most current legal developments.