The Department of Labor can also provide specific information on the different types of licenses and whether they will be necessary for the business. The Maryland Business Express website will also provide a step-by-step process to choose which licenses or permits may be necessary. Simply registering a business does not cover all the licenses and permits that the business may require in order to operate. Some licenses or permits are required at the state level while others may be required by the county that the business will be operating in. It is important to research which types of licenses and permits the specific business may require.
They also have a list of where to network and grow business relationships with others. If you knew where to look across 14 Maryland agencies’ websites, or who to call or email at those agencies, the information you were looking for about how to start or operate your business was all there. Aside from checking name availability, make sure that yours is descriptive and easy to understand. Names like Johns Hopkins Medicine and Perdue Farms, two of the state’s biggest companies, have descriptive and recognizable names, for example. Make sure your name is catchy and perfectly identifies what your business offers.
Registering the legal name of your business is a requirement for every business structure except sole proprietorship and general partnership. Maryland Capital Enterprises offers free one-on-one counseling to future business owners and current business owners looking to expand. All businesses should consider a formal entity structure, but there are some that would do better as a corporation than other types.
The most common business structures are sole proprietorship, partnership, corporation and Limited Liability Company. Information like, when you’re starting out, how to write a business plan, how to register your business in the state, how to obtain the right licenses and permits, or apply for Maryland tax accounts and insurance. To better understand your state tax obligations as a startup, you should consult with an accountant familiar with Maryland tax laws. SDAT strongly recommends that all business ownerssign up for our distribution listto receive timely reminders to file these important documents or tax credit applications, or to receive general SDAT news updates. To view entity filings for free online and review the legal status of your business, access ourMaryland Business Express Entity Search.
Research suggests that starting a retail store, for example, costs about $48,000. Consider setting up a business bank account to keep your personal property and assets separate from the business. Large banks like Wells Fargo, Chase, and Capital One have all earned high rankings for business banking in the state. Many business elect to have an online presence via a website. Consider registering a company domain name and setting up social accounts at this stage, too.
See Maryland State Business Income Tax for more information on state business taxes in Maryland. If you will be selling goods in Maryland, you must register for a sales and use tax license with the Comptroller of Maryland. If you will have employees in Maryland, you must register with the Comptroller of Maryland for employer withholding. For both kinds of registration, you can use the online combined registration. How to choose the best ownership structure for your business. Here’s an overview of the key steps you’ll need to take to start your own business in Maryland.
For LLCs and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file with Maryland. Names can be checked for availability by searching the smart business corp business entity database. There also are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations). See How to Form an LLC in Maryland and How to Form a Corporation in Maryland for more information.
Many new entrepreneurs use equity financing for some or all of their start-up costs. There are differences in the difficulty and expense of setting up the various business structures. They also differ in how much administrative work and government filings they require on a regular basis, how the profits get taxed, and your liability exposure. The Maryland Business Express is a valuable free resource that our state provides to help entrepreneurs plan, start, and manage their businesses.
You can find a list of state-issued professional and occupational licenses at the Division of Occupational and Professional Licensing. The following resource is available how to start a business in California. Sign up for the newsletter and be entered to win a $50 gift card! Be the first to learn about special promotions and sales, women-owned businesses, and news from our non-profit partners. County Web Accessibility information including Alternative Format Requests for Disabled Users are provided on this page.
You might want to talk with a Maryland business attorney about the agreements and other documents you need for your company. Getting a DBA is often a better choice than changing your business’s legal name. If you want to rebrand your company or focus on another line of business, filing for a DBA is a simpler process than filing for a legal name change. A DBA can only have Inc. in the name if the business entity the DBA is attached to is a corporation.