Maryland has a lot of resources for entrepreneurs. Let's take a look at some vital things for start-ups.
Determine what type of company you'll start.
“Meet with your accountant and attorney. Protect your personal assets and make sure you meet all local, state and federal requirements.”
According to the Maryland Department of Assessment and Taxation, the four most common business structures are the sole proprietorship, partnership, corporation and limited liability company. Each structure has certain advantages and disadvantages. Choosing the appropriate organizational structure for your business is one of the most important decisions made and may require advice from an attorney, accountant or other professional advisor.
Register your business
You’ll need to register your business with the State of Maryland. Utilizing their business express website, you'll be able to search and register trade names, find resources to guide you through your local requirements and the link to register for your EIN with the feds.
Develop your business plan
“Without a plan, there is no business”
Your business plan is a critical in starting any company. The development of your business plan lays out the process in which you'll conduct business and make money. Not having a plan hinders your chances of success. The U.S. Small Business Administration (SBA) provides detailed resources on business plans. The Small Business Development Center Network and SCORE also provide guidance on creating a business plan.
Once you get all set up complete all the paperwork, you're in it! Stay tuned for articles about managing your business, managing your money, customer acquisition and retention as well as a bit of encouragement along the way!