The Limited Liability Company (LLC) is an extremely popular entity structure for most new businesses starting out in Maryland. The LLC offers great personal liability protection as well as having the opportunity to save on taxes each year. However, with so many options out there how does an individual start the process? The following article offers some helpful tips on how to form an LLC.
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The first step towards starting the process is to obtain a Maryland Limited Liability Company. An LLC is simply a company that is registered under Maryland law. A sole proprietorship is considered to be a limited liability company. Many small business owners use these for their general personal liability protection while not having to worry about taxes and working outside of the state. The best benefit of a sole proprietorship or LLC is the ability to pass laws and tax code through the business itself. Limited Liability Companies are run by a board of directors who represent the individuals or corporations involved.
One important aspect to consider is how to protect the LLC name. The most common way to do this is to request a PO Box from the local government in the county where the LLC is located. A qualified PO Box company in Maryland can help complete this task for an individual. Other suggestions include contacting the Maryland Solicitor's Office for assistance in finding a qualified PO Box or finding alternate contact information for the business name.
How to Form an LLC In Maryland
Next, an individual should choose which state they will file their documents and pay a nominal fee. Once this is completed an individual should submit a copy of their identification to the Secretary of State. A qualified person in the office can provide a form to be filed, or a copy of a signed power of attorney for the resident to sign. Once the paperwork has been submitted to the office and a fee has been paid the LLC will become active and can transact business as it would for its own registration with the secretary of state.
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Forming an LLC in Maryland requires one to obtain a Maryland Company Formation Certificate. Examples of the document that must be submitted include the statement of capital, Articles of Organization, Operating Agreement, and bylaws. A certified copy of the articles of organization should be received by the court within twenty-one days after the application has been filed. There are three categories that can be filed; limited liability corporation, limited liability partnership, and an election certificate.
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Forming an LLC in Maryland requires paying the filing fees, paying a deposit, and paying the costs associated with having the LLC registered. If all of these documents are received and verified satisfactorily then the LLC can go live. A complete understanding of the requirements is necessary before applying. It is always best to use the services of a qualified Maryland operating agreement lawyer. He or she will be able to assist in the preparation and filing process and answer any other questions that you may have.
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Forming an LLC in Maryland can also be accomplished online. Several web sites have sprung up over the years that not only provide useful information on how to file but also provide the forms. Many of these companies offer a free initial service search that will assist you in determining which options are most appropriate for your needs. You will need to pay a minimal filing fee and provide the web site owner with a phone number where he or she can be reached. If at any time you become unsure how to proceed, the web site owner can help you file the appropriate forms.
The fact is that most people find the filing process to be very cumbersome. This is especially true if they were required to seek the services of a lawyer to begin the process. By using an online filing service, the entire formation process can be completed within just a matter of minutes. When compared to the lengthy litigation process associated with incorporating a new business, the cost of employing the services of a professional service to complete the formation process in Maryland can prove to be a very wise decision.
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