Potential business owners should always take the time to learn how to start a business in Maryland before they jump right in. Learning about the process, what’s involved and what kinds of things you’ll need to accomplish will help you avoid trouble down the road and make the correct decisions from the start.
Some of the best small business legal advice is simply to arm yourself with as much knowledge as possible. Of course, if you want to move forward with how to start a small business in Maryland, you should consider hiring a startup company lawyer to ensure nothing is missed or done improperly.
Nevertheless, this quick list should help you learn about the basics and how to begin moving forward.
5 Steps for How to Start a Small Business in Maryland
- Business Structure: Your business structure is the classification of your business, and has important legal, financial and personal consequences. You’ll need to decide between an LLC, sole proprietorship, partnership and corporation, for starters, and there are other specific classifications as well. Many individuals seeking small business legal advice simply want to know which of these structures they should choose, and why.
- Choosing a Name and Registering: Moving on, the next step for how to start a small business in Maryland is to choose a name and register your business with the correct forms. Your name is important, as you’ll also need to ensure that it’s an available name and not already taken, and it’s crucial your paperwork is filed accordingly, which a startup company lawyer will be able to assist you with.
- Taxation: Your business will need to register for taxes and identification at a federal and state level. From the IRS, you’ll need to obtain an employer identification number and various other registrations. Luckily, when starting a business in Maryland, your state registration also handles your local taxes and local registration, so a third step isn’t required.
- Licensing: Most businesses in Maryland will need a State of Maryland Business License. You may need local licensing as well. For professionals in various fields, you’ll also need the proper professional educational and licensure in accordance with your specific field.
- Additional Steps: There are many other small, additional steps you’ll need to take, including things such as setting up the proper financial accounts and instruments for your business, adhering to local zoning regulations or obtaining the right permits, and so forth, not to mention finding your business space and location and much more.
For more information about how to start a business in Maryland, you can check out some of the state’s official resources, such as checklist for new businesses from the Department of Assessments and Taxation, and this step by step guide from the Department of Business & Economic Development at ChooseMaryland.org.
Of course, you can also call or email me today to get a free consultation on Maryland small business legal advice and issues. Whether you’re looking for a startup company lawyer or an attorney to help guide you through the process of how to start a small business in Maryland, call our office at 240.395.1418 today.