Start by choosing a business structure and developing a business plan. Register your business name and obtain licenses and permits. Arrange for financing and accounting. Understand tax obligations. Comply with regulations. Connect with resources for small businesses in Maryland.
Key Steps:
- Choose a business structure
- Register your business
- Obtain licenses and permits
- Arrange financing
- Understand tax obligations
- Comply with regulations
- Connect with small business resources
Maryland Small Business Definition
A small business in Maryland has fewer than 500 employees and less than $7 million in annual revenues. It must be independently owned and operated, not dominant in its field, and have a purpose beyond solely profit-driven.
Benefits of an LLC Structure in Maryland
An LLC structure in Maryland offers pass-through taxation and liability protection. Business profits pass directly to owners, avoiding corporate double taxation. However, owners are still required to report business profits on personal tax returns.
LLC Formation Process in Maryland
Steps to form an LLC in Maryland include:
- Choose a name
- Appoint a resident agent
- File articles of organization
- Pay $100 filing fee
- Draft operating agreement
The quickest way to establish an LLC is online through the Maryland Business Express website using a street address. Expedited processing is available. Annual reports are required for ongoing compliance, but an LLC provides liability protection and tax flexibility.