Are you contemplating starting an LLC in MD? If your answer is yes, you must determine the business structure that is right for you. The first step in starting a small business venture is doing some good homework to select the appropriate legal structure. After all, it must provide you with the most beneficial results. There are several popular business structures like:
Here is a rundown on a few differences between LLC and Corporation.
If you are thinking of starting an LLC in MD but belong to another state, you must bear in mind your business can be subjected to taxation in both the states. To start an LLC in Maryland, you have to follow the simple steps outlined below. 1. Name your LLC It makes sense to choose a name that reflects your business and is easily searchable by clients on the internet, or otherwise. However, it is mandatory that your business name must include the words Limited Liability Company or the short forms - LLC or L.L.C. Make sure the name is not available elsewhere in Maryland. Also, plan for buying a domain name, and while doing so make certain it is not already taken in Maryland. Avoid buying a domain name that has an uncommon extension such as .biz or .us. Stick with dot com. 2. Designate a registered agent A registered agent is an individual that is designated to accept legal documents and official tax filings on behalf of your company. The registered agent also provides a certain amount of protection between you and the public. File the articles of incorporation This is essential to register your LLC. You can do it either online or you can download the pdf. Some of the information that needs to be given may include your LLC name, business address, and the registered agent. Create a checklist of how you will operate your LLC This checklist, which is also a legal document, will outline the operating procedures and ownership of your LLC. You may, however, note that an operating agreement is not mandatory in Maryland but it is nevertheless a good practice to have one. Obtain Federal EIN This is a federal identification number issued by the IRS to identify your business.
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