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Create an LLC in Maryland (view source)
Revision as of 14:52, 22 September 2022
, 14:52, 22 September 2022no edit summary
* [https://businessexpress.maryland.gov/ Maryland Business Express]
* [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
* what type of demand exists
* Who is your target customer
* What is startup costs
* do expenses 3-6 months out
* What is cash flow
