Maryland business start-ups inevitably go through a very big learning curve in their first years of operation. They may have to make key decisions that they have never had to make in the past and as such because of their lack of experience in dealing with such matters they may make mistakes. However, one arena where Maryland business start-ups should not take lightly is in the area of a Maryland incorporation of their business. Incorporating your business is not only the first step in any successful business enterprise but it is the most important step.
Obey Zoning Regulations:
Be sure to check with your local zoning office to see how the ordinances in your particular area may affect your business plans. Also note that if you rent, or live in a condo or town home, be sure to check your lease, apartment regulations, or condominium covenants for any clause that may prohibit a home based business. If you find that local zoning laws prohibit or limit your home business activities, you may be able to request a variance or some kind of “conditional use”, “special use”, or “special exemption” permit. You may even find that by changing certain aspects of your plan puts you into the position of meeting zoning standards.
Select and register your Legal Structure/Business Entity:
Make sure your company is structured so that it protects both your legal and tax interests, and also fits your business goals.
These are 4 of the basic forms a business can take. This is usually determined by liability and tax issues, so consult your attorney and CPA, as there are advantages & disadvantages to each.
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Corporation, LLC
Determine what licenses and or permits will be required
Register your Business Name or file a DBA (Doing Business As):
This will help you determine whether or not your chosen name is available, prevent your competition from using your name, and may also be necessary in order to open a bank account using your business name.
Obtain a Federal Employer Identification Number (FEIN) “aka” Employer Identification Number (EIN):
This is kind of like a (SSN) Social Security Number for your business.
Establish your state tax account
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