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Starting a business is a big step, and the last thing you want to do is get tripped up by legal and regulatory hurdles. Luckily, Maryland has an easy-to-follow process for forming your business. While it’s not necessary to hire an attorney for help with this process (you can do it yourself), it may be wise to consult one if you have any questions or concerns along the way.
When deciding what type of business structure to use, you should weigh several considerations. The first is how much control the owners will have over the company. In a sole proprietorship or partnership, all partners share equal ownership and control of the business; in an LLC (or S-corporation or C-corporation), owners have more limited rights to make major decisions.
An LLC might be right if you want to limit personal liability while maintaining some degree of flexibility in how your company is run. For example, two people might start an arts and crafts shop as an LLC because they want their finances separated from those of the store, but both are still involved with running it day-to-day.
A corporation would be appropriate for larger businesses that need more complex management structures and more formalized decision-making processes than an LLC provides.
Your business name should be something that is unique and not too similar to other businesses. This will make it easier for customers to remember your name and find you online. It’s also important that your business name does not infringe on any trademarks already being used by other companies, so make sure that the trademark office has approved your company name before starting any business operations.
If you have a hard time coming up with an idea for a company name, here are some examples:
To make sure you can be contacted by a government agency, you’ll need to appoint a registered agent and registered office. A registered agent is the person who receives legal documents on behalf of your business. The address used for this purpose must be in Maryland and should also be accessible during normal working hours (i.e., 9 a.m.–5 p.m.). It’s not uncommon for companies to use their home address as their registered office if they don’t have an actual office space or if there are other issues preventing them from using it as such (for example, security concerns).
After choosing your address, you’ll also need to register with online filing systems such as DLLR’s eServices portal so that state agencies can send all official correspondence via email rather than regular mail—this helps cut down on postage costs and save trees!
The next step is to file the necessary paperwork with the state of Maryland. You can do this by printing out and filling out Form LLC-1 from the Secretary of State’s website, which will then be sent to you via mail. It’s important to note that this form must be filed within 30 days of forming a company in Maryland, so it’s best not to wait until the last minute! After receiving this form in the mail, simply fill it out and submit it at your local courthouse along with any required fees.
Maryland Department of Assessments & Taxation
PO Box 3101
Annapolis, MD 21404-3101
At the time of filing, you will pay a $300 filing fee. The fee is nonrefundable and due at the time of filing. You can pay by check or credit card (which must be paid at the time of filing). If you don’t have enough money in your account to cover it, you’ll have to come back with more cash later on. If you plan on doing that, make sure to bring along some extra cash for your business license as well; it costs $50 per year and is due within 30 days after purchasing it
The board of directors of a corporation or the members of an LLC must hold an organizational meeting. This is a regular meeting, not a special one. It is required to form an LLC in Maryland but not required to form a corporation.
Although this is one of the first steps in forming your business entity, it can be done at any time during the process as long as you do it within 90 days after filing articles of incorporation or organization with DLLR (see below).
The people present for your company’s organizational meeting are:
The Secretary of State’s office can help walk you through the process, but if you have any questions or concerns along the way, it’s always helpful to consult with a lawyer. They can guide you through some of the more complicated legal aspects of forming a business. In addition, the Secretary of State’s office can provide a list of local attorneys who specialize in small business law.
There are many steps to forming a company in Maryland, but it can be worth the effort. If you need help along the way or have questions about how to form a company in Maryland, don’t hesitate to reach out! We’re happy to assist you with any questions or concerns.
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