Start an LLC in Maryland in 5 Simple Steps
To establish a Maryland LLC, submit the Articles of Organization with the Maryland Department of Assessments and Taxation, which costs $100. Apply online, via mail, or in person. The Articles of Organization are the legally binding documents that establish your Maryland Limited Liability Company.
The first and most significant step in founding an LLC in Maryland is selecting a business name. Make sure your name conforms with Maryland naming regulations and is readily searched by prospective customers.
1. Follow the naming conventions:
You must appoint a Maryland resident agent for your LLC. In other states, a resident agent is known as a registered agent.
What exactly is a Resident Agent? A resident agent is a person or corporate entity that receives vital tax forms, legal papers, lawsuit notices, and official government communication on your behalf. Consider your resident agent to be your company’s point of contact with the state.
Who may work as a Resident Agent? A resident agent must be a Maryland resident or a firm, such as a registered agent service, that is permitted to do business in Maryland. You may choose someone from your organization, even yourself.
You must submit the Articles of Organization with the Department of Assessments and Taxation in order to register your Maryland LLC. Apply online, in person, or by mail.
An operating agreement is not necessary in Maryland for LLCs, although it is a good idea to have one.
What exactly is an operating agreement? An operating agreement is a legal document that outlines an LLC’s ownership and running processes.
Why are operating agreements necessary? A detailed operating agreement guarantees that all firm owners are on the same page and decreases the likelihood of future disagreement.
What exactly is an EIN? EIN is an acronym that stands for Employer Identification Number. EINs are nine-digit numbers provided by the Internal Revenue Service (IRS) to companies to assist them be identified for tax reasons. It is basically a business’s Social Security number.
An EIN is also known as a Federal Employer Identification Number (FEIN) or a Federal Tax Identification Number (FTIN) (FTIN).
Why do I need an EIN? An EIN is necessary in order to:
What if my single proprietorship already has an EIN? When transitioning a sole proprietorship to an LLC, the IRS demands a new EIN.
Where can I get an EIN? The IRS will provide you an EIN for free. Obtaining an EIN is a simple procedure that may be completed online or by mail.
