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Forming an LLC in Maryland
Forming an LLC in Maryland is quite straightforward, since the LLC construction was designed to suit small business owners without a staff of legal experts up their sleeve. If you want to stay away from the paper work, you can however hire an attorney or an incorporation company to form the LLC for you. Letting an attorney check your Operating Agreement to make sure that it complies with IRS regulation is always a good idea since it can prevent a lot of future problems.
Forming an LLC in Maryland in 5 easy steps
- Decide on a name for you company. In order to adhere to Maryland state law, you must include a so called LLC identifier in the name. This can for instance be “Ltd. Liability Co”, “Limited Company” and “Limited Liability Company”. The must also be unique (i.e. not used by another LLC) and cannot violate any trademarks. You cannot use the term “cooperative” in the name, unless your company complies with the provisions of this subtitle. (Electric cooperatives and transportation cooperatives are specifically exempt from this restriction.)
- File Articles of Organization with the Maryland State filing office.
- Hold an organizational meeting and adopt an Operating Agreement for the Limited Liability Company.
- Get a Federal Employer Identification Number (FEIN) and arrange a bank account for the company.
- Apply for a local business license. If you plan to do business in more than one city or county, you must apply for more than one license.
Important facts to take into consideration before forming an LLC in Maryland
- The minimum state filing fee is $105.00. (For 40 business days.)
- An annual report must be handed in once a year. When forming an LLC in Maryland, you should be prepared to pay an Annual Report fee of $300.00
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