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.
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.
Maryland LLC Formation
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.