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How to Start a Business in Maryland

So you are starting your own business! This is an exciting time, when all the opportunities can make your head spin. However, there are several things you will have to do to make your business legal. Starting a business in Maryland can be easy if you learn about it ahead of time. Continue reading below to learn the basics of what you need to do to get a business going in Maryland.

When first starting a business, the government needs three main pieces of information from you: the name of the business, the tax account, and the Federal Identification Number of the business.

  • Business Name

For starters, you’ll need to give you business a name. You probably already have one in mind, but you need to do more than print out signs with your business name; you have to register for the name with the proper organization. If you’re ready to take this step, call the Maryland Department of Assessments and Taxation at (410) 767-1340. This applies to many types of businesses including LLCs and business trusts. This is a crucial part when learning about how to start a business. In Maryland, you will definitely need to do this step.

  • Tax Account

You will also be required to set up a business tax account. The Maryland Comptroller of the Treasury is the place you will need to contact in order to get this part done right. If you are comfortable using computers, you should look into the Combined Registration Online Application form. Finding out how to start a business in Maryland is quite simple, really!

  • Federal Identification Number

Another step is to take is to apply for a Federal Identification Number with the IRS. A
lot of people dislike this part of starting a business, but the IRS can actually benefit your business in some ways. You can often get rebates on items that were purchased for a business – from paper for the printer to the new laptop you need for work.

After these important stages of finding out how to start a business in Maryland are complete, you will still have plenty to do in order to start your business on the right track. There are a few things you need to be aware of before you open your doors for business. For instance, do you have a workable plan for your business year?

Get a Plan Together
Every person learning how to start a business in Maryland needs to make some kind of blueprint for his or her business. Whether you are in the world of Internet sales or the realm of dining, you must know what you are aiming at. Don’t start your year with a scattershot approach, hoping for some vague form of success! Your plan should include information about your profit goals for your business during the first year and any contracts that you will need to have in place.

  • Profit Goals

Take time to sit down and write out your goals for the first year of your business. Do you want to make a profit of $30,000, or maybe get publicity for your business through a popular local magazine? Do you want to be able to support yourself and your family on what your new business earns? You can only start working toward these goals if you recognize them.

  • Scrutinize Contracts

You should also be sure that all your contracts are in order between you and your place or business. You don’t want to end up booted off the premises due to a misunderstanding, or due to downright cheating. Also, find out if your contracts with any employees are tight enough to protect everyone involved.

These simple tips can make learning how to start a business in Maryland quite easy!