Difference between revisions of "Create an LLC in Maryland"
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(Created page with " == General == * [https://businessexpress.maryland.gov/ Maryland Business Express] * [https://poboxes.usps.com/ USPS P.O. Boxes]] == Business Plan == * What is the product o...") |
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* [https://businessexpress.maryland.gov/ Maryland Business Express] | * [https://businessexpress.maryland.gov/ Maryland Business Express] | ||
* [https://poboxes.usps.com/ USPS P.O. Boxes]] | * [https://poboxes.usps.com/ USPS P.O. Boxes]] | ||
+ | * 20% fail within 1st year, 50% fail in 5 years! | ||
+ | |||
+ | == Structures == | ||
+ | * Sole Proprietorship | ||
+ | ** You get all profits, and you assume all debts | ||
+ | ** Just licenses & permits | ||
+ | * Partnership | ||
+ | ** General Partnership | ||
+ | ** Limited Partnership | ||
+ | *** Only 1 general partner with all control | ||
+ | *** Bankruptcy, lawsuit | ||
+ | *** Profits are passed through to regular tax returns | ||
+ | *** Must pay self employment | ||
+ | ** LLP | ||
+ | *** not responsible for actions of the other partners | ||
+ | * LLC | ||
+ | ** Pass through entity | ||
+ | ** Takes advantage of corporate and partnership | ||
+ | ** Protects personal assets | ||
+ | ** Depends on you you write your checks for the business - e.g., write a check for car payment using business account, then the car becomes business asset | ||
+ | ** self-employment medicare soc sec state federal taxes. | ||
+ | ** Stay in good standing as long as you file every year, $300 filing fee!!!! | ||
+ | ** When member leaves LLC some states may require the LLC to be resolved. | ||
+ | ** Good if you have personal assets you want to protect | ||
+ | * Corporations (S, C, B) | ||
+ | ** pays income tax on profits, so they are taxed twice | ||
+ | |||
+ | == Business Licenses == | ||
+ | * Jurisdiction (Fees are dift) | ||
+ | ** Federal | ||
+ | ** State | ||
+ | ** County | ||
+ | * Call clerk of the court of the county you want to start the business in | ||
+ | * WHAT IS EXPIRATION DATE | ||
+ | ** easier to renew than to apply for new one, e.g., liquor license | ||
Line 9: | Line 44: | ||
* what type of demand exists | * what type of demand exists | ||
* Who is your target customer | * Who is your target customer | ||
+ | * What is startup costs | ||
+ | * do expenses 3-6 months out | ||
+ | * What is cash flow |
Latest revision as of 14:52, 22 September 2022
General
- Maryland Business Express
- USPS P.O. Boxes]
- 20% fail within 1st year, 50% fail in 5 years!
Structures
- Sole Proprietorship
- You get all profits, and you assume all debts
- Just licenses & permits
- Partnership
- General Partnership
- Limited Partnership
- Only 1 general partner with all control
- Bankruptcy, lawsuit
- Profits are passed through to regular tax returns
- Must pay self employment
- LLP
- not responsible for actions of the other partners
- LLC
- Pass through entity
- Takes advantage of corporate and partnership
- Protects personal assets
- Depends on you you write your checks for the business - e.g., write a check for car payment using business account, then the car becomes business asset
- self-employment medicare soc sec state federal taxes.
- Stay in good standing as long as you file every year, $300 filing fee!!!!
- When member leaves LLC some states may require the LLC to be resolved.
- Good if you have personal assets you want to protect
- Corporations (S, C, B)
- pays income tax on profits, so they are taxed twice
Business Licenses
- Jurisdiction (Fees are dift)
- Federal
- State
- County
- Call clerk of the court of the county you want to start the business in
- WHAT IS EXPIRATION DATE
- easier to renew than to apply for new one, e.g., liquor license
Business Plan
- What is the product or service you'll provide
- what type of demand exists
- Who is your target customer
- What is startup costs
- do expenses 3-6 months out
- What is cash flow