The first step to your Maryland LLC formation is to name it while adhering to the naming conventions specified by the state.
The only requirement that the state stipulates when filing a Maryland LLC is that the name must contain any of the following: Limited Liability Company or any of its abbreviations. It can be any one of these: ‘LLC’, ‘L.L.C.’, ‘LC’ or ‘L.C.’.
It is vital that your business name should not be misleadingly similar to any existing business entity registered with the Department of Assessments and Taxation. You can verify the availability of the name you have chosen using the business name database tool.
Another requirement when you’re starting an LLC in Maryland is to retain the services of a Registered Agent.
The Registered Agent can be an individual or business entity that will represent your business to receive and accept legal notifications. A physical street address of the Registered Agent will have to be provided. And the Agent should consent to accept the position before designation.
An Articles of Organization needs to be filed to the Maryland Department of Assessments and Taxation to register an LLC in Maryland and become a legal entity.
Information about the business owners and of the business will have to be provided in the actual form. When the form is completely filled out, Maryland LLC filing can be done through mail application or online.
Fee for filing the LLC: $100 payable to the Department of Assessments and Taxation with additional 3% service charge if filing will be done online.
An Employer Identification Number is required when you are starting a Maryland LLC even if you are not hiring employees.
An LLC EIN will serve as your business’ unique identification and is not only used for government requirement compliance purposes, but when you transact operations as an LLC. A Maryland EIN can be easily processed for free at the IRS website.
By opening a business bank account you will be able to keep your personal and Maryland business finances separate.
This way, you can ensure that all your personal assets will not be mixed up with your business assets. If that happens, it would be very difficult to determine whether you are making or losing money as a business.
To find out which is the best bank to open an account with, do some research. You can use the bank you keep your personal account with, just be sure to keep transactions 100% separate.
As soon as you have followed the steps above, you are now officially a Louisiana LLC. The steps below are additional requirements you can implement to operate your business legally and to better your chances of accomplishing a steady business growth as you start operations.
A Maryland LLC should have a firm business plan in place. When you’re starting a Maryland business, you should have a solid grasp of what you want to happen with your business in the short and long-run and the steps to be taken to accomplish these. A strong business plan clearly communicates and implements that.
If you don’t want the IRS to be breathing down your neck, take careful consideration of your Maryland LLC tax. As a Maryland LLC, it is your responsibility to fulfill your tax liabilities.
When incorporating an LLC in Maryland, there are several taxes needed to be paid for regularly, so make sure to keep track of these and use our Maryland Business Taxes guide to help you determine which of these you’re qualified for.
In the same way that business taxes are crucial when you’re starting an LLC in Maryland and even when you’re well into business operations, it is important to also adhere to Maryland business license requirements.
Your Maryland business licenses allow you to operate legally. Use our Maryland Business Licenses and Regulations guide for some tips and resources on completing your requirements.
An LLC Operating Agreement may not be a requirement when incorporating your LLC, but it is foolhardy to start your business without making one.
Aside from protecting the limited liability state of your business, an Operating Agreement provides for the standard structure of your business’ operational and financial relationships.
In turn, your LLC is regulated by its own rules rather than the default ones provided by the state. To begin creating this document, you can use Rocket Lawyer’s fully customizable Operating Agreement.
Before you start marketing your business, it is important to have a business website. This will give you added credibility and show future customers what you stand for.
Rather than hiring a professional designer, you can build a custom WordPress website by yourself with minimal tech skills. Learn how from start to finish through this simple setup guide.
Be informed that this is an informational guide on Maryland LLC formation. It should not be treated as a legal advice or documentation. Please refer to your lawyer’s expertise when it comes to the details of Maryland LLC organizations or when you’re starting an LLC in Maryland and you need to know about the legalities involved.