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Fill and Sign the Massachusetts Law About Limited Liability Companiesmassgov Form

Fill and Sign the Massachusetts Law About Limited Liability Companiesmassgov Form

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LIMITED LIABILITY COMPANY PACKET for LICENSED PROFESSIONALS MASSACHUSETTS Electronic Version STATUTORY REFERENCE General Laws of Massachusetts – Chapter 156C – Limited Liability Company Act http://www.mass.gov/legis/laws/mgl/gl-156c-toc.htm NOTE: If you do NOT intend to practice a state-licensed profession through your LLC, you must use USLF’s Massachusetts LLC package for normal businesses (MA-00LLC), and NOT this package. If you have ordered this package by mistake, please contact our customer service desk in order to obtain the correct package free of charge. SELECTIONS FROM STATUTES M.G.L. Chapter 156C §6 – Powers and privileges of limited liability company; information to be provided on certificate of organization or application for registration. Section 6. (a) Except as otherwise expressly provided by law, a limited liability company may carry on any lawful business, trade, profession, purpose or activity. … (c) A limited liability company … which is organized to render a professional service … shall: (i) Indicate in its certificate of organization or application for registration the specific professional services which it shall render, (ii) Be subject to any conditions or limitations established by any applicable regulating boards as defined in said section two, including the provision of liability insurance required by section sixty-five*, and *M.G.L. Chapter 156C §65 – Liability insurance
(iii) provide for the establishment of an account for deposit and payment of business expenses and liabilities, and for disbursement of funds, including the establishment of an escrow account if applicable, with an insurer for the benefit of the limited liability company with an insurance policy for the protection of the member in the event of loss by the limited liability company of its property and other assets. … (d) in addition to all other rights and remedies provided by law, and no contractual rights or remedies of any kind, including damages, may be deemed to be limited

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