MARYLAND S SMALL BUSINESS RESOURCES ESTABLISHING A BUSINESS IN MARYLAND STEPS

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2 MARYLAND S SMALL BUSINESS RESOURCES ESTABLISHING A BUSINESS IN MARYLAND STEPS Research your idea and Develop a Business Plan Choose and Register a Business Name Choose a Business Entity Establish Tax Accounts Obtain State and Local Licenses and Permits Assistance and Resources

3 RESEARCH YOUR IDEA AND DEVELOP A BUSINESS PLAN Research and planning are critical Does your business idea make sense? Is it feasible? Develop a business plan to describe the business and project the path for the business Receive free business plan development assistance from the U.S. Small Business Administration Maryland Small Business Resource Centers throughout the State

4 CHOOSE AND REGISTER A BUSINESS NAME A Trade name is required for legal entities (corporations, LLC. and legal partnerships) Check name availability by performing a search with the Maryland Department of Assessments and Taxation (SDAT) Businesses can register online at Maryland Business Express

5 CHOOSE A BUSINESS ENTITY Consult with a professional accountant or attorney to choose a business entity. Corporation/S-Corporation - A corporation is more complex and generally suggested for larger, established companies with multiple employees. Limited Liability Corporation - An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Partnership - There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Sole proprietorship - A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. Cooperative - People form cooperatives to meet a collective need or to provide a service that benefits all member-owners.

6 ESTABLISH TAX ACCOUNTS Establish an Employer Identification Number (EIN) by contacting the Internal Revenue Service (IRS) Obtain State Business Identification Number by contacting the Maryland Comptroller s Office File Personal Property Returns with the Maryland Department of Taxation & Assessments (SDAT)

7 OBTAIN STATE & LOCAL PERMITS & LICENSES Local & State business licenses can be obtained from the Clerk of the Circuit Court in the county where the business is located. First-time license applicants must register with the Maryland Department of Assessments and Taxation before contacting the local Clerk of the Court. The State License Bureau is responsible for monitoring and enforcing the use of business licenses in Maryland. The Department of Commerce has a database to check County and State licensing

8 ADDITIONAL REGULATIONS The Maryland Department of Labor, Licensing & Regulation (DLLR) Division of Occupational and Professional Licensing- Regulates business occupations and professions. Division of Unemployment Insurance-Administers unemployment insurance laws. New businesses are required to pay unemployment insurance taxes and should contact the division to establish an account. Division of Financial Regulation-Regulates and licenses businesses in the financial industry e.g. mortgage companies, collection agencies, etc.

9 Department of Commerce The Office of Small Business Resources is committed to helping small businesses locate the tools needed to start, sustain, grow, and prosper. We are your advocate for navigating through services and resources available to you through government programs, private organizations, community partnerships, and business service providers.

10 ADDITIONAL RESOURCES & ASSISTANCE U.S. Small Business Administration (SBA) provides loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. Small Business Development Center (SBDC) Network- Center provides advice, counseling, training, and technical assistance support to entrepreneurs across the State. SCORE-is a network of retired industry experts available for mentoring entrepreneurs. State agencies: The Department of Labor Licensing and Regulation (DLLR), The Department of Assessment and Taxation (SDAT)

11 Resource Contact Information The Department of Commerce has a database to check County and State licensing ( Maryland Department of Assessments and Taxation (dat.maryland.gov) U.S. Small Business Administration Maryland Small Business Center ( Small Business Development Center (SBDC) ( hnology_development_center.php) SCORE-( Internal Revenue Service (IRS) (

12 Questions and Contact Information Stacey Harvey-Reid, Small Business Resource Representative 401 East Pratt Street Baltimore, MD Victor Clark, Small Business Resource Representative 401 East Pratt Street Baltimore, MD Thank you.