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LLC, Business License, Incorporation
With the 19th largest population in the United States, Maryland services both large and small businesses. Maryland's major industries include transportation, raw materials, and government services. Regardless of your industry, we can help you take advantage of Maryland's business services.
If you are a business owner who has decided to incorporate in Maryland, The Company Corporation can assist. We will navigate the steps it takes to fully incorporate, ensuring paperwork has been completed and accompanied by payment. Researching the process can be time-consuming. Our team of experts is well-versed in the Maryland incorporation process.
General Maryland Incorporation Information
Incorporation affords business owners a layer of protection for their personal assets in the event a legal claim is levied against the business. Additionally, it gives business owners a means to create and protect intellectual property. Moreover, incorporation grants business owners the opportunity to offer stock options or equity to employees.
The State of Maryland also allows professionals to form what is called a professional corporation, or a PC. A professional corporation can be useful to groups of professionals such as attorneys, physicians, and accountants who choose to incorporate their practice.
Incorporating offers universal advantages. C Corporations and S Corporations offer separate, yet distinct advantages for businesses. Once you have determined which corporate designation best suits your business needs, the incorporation process can begin.
How to Incorporate in Maryland
To form a Maryland corporation you will need to create your company's articles of incorporation. These articles will cover areas such as naming corporate officers, the number of shares your company will issue along with their value, and your registered agent.
- Officers – It is necessary to list all the names and addresses of your company's officers listed in your incorporation forms. The State of Maryland requires that each corporation has a President, Secretary, and Treasurer. Your corporation will need to have at least one director. This director does not need to live in the State of Maryland. In addition, Maryland does not have any age restrictions for the director of your corporation. Each director's address will need to be listed in your articles of incorporation.
- Share of Stock – Once the number of shares has been determined, this number should not be changed during the filing process. A change in the number of shares can have an effect on filing fees.
- Registered Agent – The articles of incorporation must list your registered agent's name and physical address. The address of your registered agent must be in the State of Maryland and cannot be a post office box. It is important to have a service provider serve as your company's registered agent rather than a business owner or member of their organization serving in this capacity.
Finally, you will need to select a name for your corporation and register it with the state. This name cannot already be on file, nor can it be too similar to a corporation name already registered in Maryland. In addition, the name of your corporation must include either the word "Incorporated" or "Corporation," or an abbreviation of these terms.
Using parentheses in your company name is not allowed as it is seen as having two names for your business. Also, the name may not give the impression that the purpose of your corporation is different than what is stated in its articles of incorporation.
Forming a Maryland Corporation
Forming a Maryland corporation is a process that is easiest with the help of a professional. Incorporating on your own can lead to missed steps or paperwork that is incorrectly filled out or filed which can lead to delays or penalties against your business. The Company Corporation is knowledgeable and efficient in the various aspects of incorporating in Maryland. Our services include assistance in creating articles of incorporation and corporate bylaws and in researching appropriate and available business names.
In rare instances, The Company Corporation may be able to offer two-hour expedited formations to customers in Maryland; however, due to the sensitive nature of paperwork and details required, this is not always the case. The Company Corporation can expedite the corporate formation process in some states on the same day.
If you're ready to incorporate your business, call The Company Corporation today and let us help you.
Forming a Maryland LLC takes considerable planning and preparation. The Company Corporation can work with you to compile and complete the necessary paperwork required.
A Maryland LLC can provide your business entity with the legal and financial protection not afforded to sole proprietorships or general partnerships. Additionally, this sort of business structure limits the financial liability of members in the event of legal action.
General Maryland LLC Information
An LLC allows you to protect your personal property such as your home or savings account from liabilities incurred by the LLC, i.e., debts and lawsuits cannot spread from your Maryland LLC to your personal assets as the LLC is considered a separate entity.
There are also tax advantages that come with operating as a LLC. For instance, under an LLC, health insurance costs for employees can be deducted from taxes at the end of each year.
Forming an LCC in Maryland
The first step to formation of an LLC in Maryland involves selecting and registering a business name or "trade name." This is the name by which your business will be known publicly and distinguishes it from another business or person. This name must be different from other business names registered within the state. The Company Corporation has a list of names restricted in the state of Maryland. We can help you research and confirm if your elected business name or one similar to it, is already in use by another Maryland business entity. We will contact you in the event your name has already been taken so that you can develop a unique name that satisfies the rules.
Your LLC will also need its own Articles of Organization. In addition to including the purpose for which your LLC has been formed, the state of Maryland requires that its articles of organization include your business name and address; as well as the name, address, and signature of your resident agent. According to Maryland law, your business must have a physical address and cannot use a post office box in lieu of a tangible building and street address.
An operating agreement is optional for LLCs in the state of Maryland, but business owners (also called members) are strongly encouraged to prepare one. An operating agreement will state ownership percentages among LLCs that have more than one member. This agreement also defines the roles and expectations of each member.
The Company Corporation can help your business with writing and filing your LLC's articles of organization and operating agreement, as well as procuring a registered agent for you in the state of Maryland. While The Company Corporation can execute same-day formations for some states, we can offer 2-hour expedited LLC formation services to our customers in Maryland if a fast turnaround time is necessary.
There are many facets that comprise a successful business. The first step to success starts with ensuring that your business meets all of its licensing and regulatory requirements. When it comes to doing the research to obtain your business license, The Company Corporation can help. Every state is different when it comes to the requirements to secure a business license. The Company Corporation can do all of the research required to help you get your business license in MD.
How to get a Maryland Business License
Prior to obtaining a business license in Maryland, interested parties should contact the county clerk of the municipality where your business will be based to determine any zoning requirements. If your business is a home-based business, you must find out if your city allows individuals to operate businesses from their homes.
In the event your business decides to hire employees, you must first contact the Maryland Division of Employment and Training. This entity regulates the unemployment insurance laws that your business will be expected to follow. You will need to open a business account with them. Finally, the Division of Labor and Industry office has a number of rules and regulations that must be abided when doing business within the state.
Maryland Business Registration General Information
Most businesses in the state of Maryland will need a business license. Depending on the location of your business within the state, you may also need an additional license to operate within the limits of the city or incorporated area.
Maryland requires businesses to pay property tax on the value of the personal property owned by that business. Before this tax can be paid, an identification number will need to be obtained from the Maryland Department of Assessments and Taxation.
In addition, the state of Maryland requires that all obligations to local and federal tax authorities have been met, as well as obligations at the state level.
MD Business License Registration
The Company Corporation has decades of experience in researching the process of obtaining a Maryland business license. Based on information you provide, we will gather information pertaining to permits, forms, licenses, and tax information that applies to your business and that are required in order for your business to be compliant. You will receive an information packet containing the necessary information, forms with detailed instructions, and contact information of the correct parties to ensure your business license application is submitted correctly.
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