Hot Entrepreneurship Summer

The beginning of January is not the time to make resolutions. You are bummed out from the cold and stressed out about debt. The summer provides a more hospitable climate for setting attainable goals and making progress toward them. Even better, the shorter deadline, by the end of the summer instead of this time next year, gives you a framework for reassessing your goals and your progress. Certain types of summer goals are even more appropriate to a summer-length trial run, especially those that involve entrepreneurship, and especially if your life generally has a different routine this summer. You are in the ideal position to form a business entity and act on the business idea you have had in mind for years this summer, especially if your current work schedule is connected to the school year. It is even better if your children are out of school for summer vacation and you want them to see firsthand how a business idea becomes a reality. If you have gotten this far in your entrepreneurship plans, then you know that most business ventures close within the first five years without ever becoming profitable. To maximize the chances that your summer business project will last into the fall, contact a Washington, D.C. small business lawyer.

The One Page Form With the Million Dollar Question

Bringing a business into existence in Maryland is easy. All you have to do is fill out the form on the Maryland Business Express website. Doing so is a prerequisite for all the other early steps, such as applying for a federal employer identification number (EIN). Maryland offers an array of business entity types, and you can register the following entity types online:

• Sole proprietorship
• General partnership
• Maryland limited liability company (LLC)
• Foreign LLC, which is an LLC formed in outside Maryland that also does business in Maryland
• Maryland stock corporation
• Maryland tax-exempt nonstock corporation
• Maryland religious corporation
• Maryland close corporation
• Foreign corporation, which is a corporation formed in outside Maryland that also does business in Maryland

Your choice of business entity determines taxation rules and paperwork filing requirements for your business. There is not one best entity type for every business, which is why there are so many choices of entity type. If you choose the wrong structure, it can lead to unnecessary costs. In Maryland, you can change your entity type after establishing your business, but it requires you to go through a lengthy conversion process. Therefore, you should think carefully about which entity designation would be best for your business venture before you register your business entity. Even the Maryland Business Express website recommends that you consult a lawyer before you begin the process of registering your business entity.

Contact Tobin O’Connor Concino P.C. About Establishing a New Business Entity

A Washington, D.C. small business attorney can help you take the preliminary steps to establish a new business in Maryland, including choosing an entity type.  Contact Tobin O’Connor Concino P.C.  in Washington, D.C. or call 202-362-5900.

Source:

egov.maryland.gov/BusinessExpress/Account/LogOn?ReturnUrl=%2fBusinessExpress%2fUBD%2fCreate#/