Maryland Business Express - A Great Resource for New Entrepreneurs
The Maryland Business Express is a valuable free resource that our state provides to help entrepreneurs plan, start, and manage their businesses. You can find useful information whether you want to start or grow a home-based business, buy an existing business or franchise, or open a branch office in Maryland for your out-of-state business.
A Maryland business attorney can help you prepare a business plan and comply with the state and federal regulations that apply to your industry. Here is a brief overview of the Maryland Business Express – A Great Resource for New Entrepreneurs.
Should I Create a Corporation, Limited Liability Company, Partnership, or Sole Proprietorship?
The Maryland Business Express can help you decide which form of business entity would be a good fit for your concept. Corporations, limited liability companies, partnerships, and sole proprietorships are four of the most common business structures. Maryland allows other business forms, depending on your situation.
There are differences in the difficulty and expense of setting up the various business structures. They also differ in how much administrative work and government filings they require on a regular basis, how the profits get taxed, and your liability exposure.
Can I Register My Business and Trademarks Online?
Yes, the Maryland Business Express lets you search online the business name you want to use against the existing Maryland business names and register the trade name for your business with the Maryland Department of Assessments and Taxation. Also, you can do online trademark searches and register your company’s unique logo or graphic symbol with the Maryland Secretary of State.
Does Maryland Have Financing Options for New Businesses?
Yes, the Maryland Business Express provides links to several of the state’s small business debt financing programs, like the:
Maryland Industrial Development Financing Authority (MIDFA)
Maryland Small Business Development Financing Authority (MSBDFA)
Maryland Economic Adjustment Fund (MEAF)
Military Personnel and Service-Disabled Veterans No-Interest Loan Program (MPSDVLP)
Small, Minority, and Women-Owned Small Business Loan Fund (VLT)
You can also explore getting debt financing from banks, savings and loan companies, and commercial finance companies. The federal Small Business Administration (SBA) does not lend money directly to small businesses, but they can help by providing credit insurance to lenders.
Many new entrepreneurs use equity financing for some or all of their start-up costs. Instead of going after traditional loans, the business owner asks friends, relatives, and professional venture capitalists to “buy-in” to the company – providing start-up money in exchange for a percentage of the ownership.
Additional Business Resources
Besides answering many frequently asked questions, the Maryland Business Express provides extensive resources for new business owners. The website includes sections about:
Planning your business, including market research, business planning, funding, licenses and permits, and finding a location.
Starting your business, such as selecting a business structure, getting a federal employer ID number, learning about taxes and insurance.
Managing your business, like hiring, managing, and training employees; searching and ordering copies of documents online; and getting certificates of status.
Growing your business, including government contracting, networking, county economic organizations, and international expansion.
Resources the federal government offers for entrepreneurs and small businesses.
Federal programs for small and disadvantaged businesses.
You might want to talk with a Maryland business attorney about the agreements and other documents you need for your company. Contact Steve today.
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