Reedview Credit's resources for New Bedford, Massachusetts owners cover the business certificate, building permits and zoning before a fit-out, and an inventory loan calculator. This page also outlines setting up and registering a business in Massachusetts, explains cash flow term loans and working capital loans, and lists what an LLC needs for a loan request.
How to Set Up a Business in Massachusetts: Entity, Certificate, Tax Registration
- Pick a structure: sole proprietorship, partnership, LLC or corporation.
- For an LLC or corporation, file with the Secretary of the Commonwealth Corporations Division.
- For a sole proprietorship or partnership trading under another name, file a business certificate with the city or town clerk.
- Get an EIN from the IRS if the business has employees or is an LLC or corporation with more than one owner.
- Register for state taxes with the Department of Revenue through MassTaxConnect.
- Set up a bank account held in the business's own name.
How to Open a Business in Massachusetts: State Offices That Keep the Records
Entity records sit with the Secretary of the Commonwealth, searchable through its corporations search. Tax accounts sit with the Department of Revenue. Business certificates sit with the city or town clerk where the business operates. Building permits sit with the local building department. A partner reviewing a request may ask for any of these to confirm the business exists in the form described.
How to Get a Business Certificate in Massachusetts From a New Bedford, MA Address
A business certificate is filed with the clerk of the city or town where the business operates. In New Bedford, MA that is the City Clerk's office. The business certificate guide explains what the form asks for, how the certificate is searched, and why a funding partner may ask for a copy.
What Is a Cash Flow Term Loan, and How Is It Sized?
A cash flow term loan is sized and approved mainly on the business's cash flow rather than on specific collateral. The partner reads tax returns and statements, works out cash available for debt payments, and sets an amount the business can carry. Illustration only, invented figures: $120,000 over 60 months at an invented 10% annual rate means about $2,550 a month (our arithmetic), which cash flow after other bills has to cover.
What Is a Working Capital Loan, in a Single Paragraph
A working capital loan is a loan used to pay day-to-day costs such as wages, rent and supplier bills while customer payments are still on the way, paid back on a short schedule. Working capital loans covers sizing and payroll in detail.
How to Get an LLC Business Loan: Operating Agreement, EIN and Bank Account
- The certificate of organization filed with the Secretary of the Commonwealth.
- The operating agreement, showing members, ownership and who can sign.
- The EIN confirmation letter from the IRS.
- A business bank account in the LLC's exact legal name.
- Personal guarantees from members where the partner asks for them.
Common questions covers who signs for an LLC.
By Reedview Credit ยท Updated
