For many, part of the American dream is about starting your own business. If you work hard enough and smart enough, you just might make a bundle doing what you love. One roadblock holding many people back is not knowing how to start a business.

When you launch a startup business, you will likely need to recruit some serious talent to make the business venture work. You will want people who know what they are doing and are experts in their field. Usually, these people already have jobs, so you might have to lure them away from their existing job security.

If you are already doing business in Maryland or are considering doing so, there are many things you need to know. Whether you are a domestic company or a foreign business operating in our state, there is a great deal of information ​you need.

As you piece together your business framework, one of the first decisions you will make is your business structure. In Maryland, as in most states, the most popular business structures small business owners choose between are sole proprietorships vs. single-member LLCs.

Many founders assign equal equity splits before any measurable investment of time, energy, or money into the start-up. Often, early and equal equity splits presume to avoid later tensions and future disagreements among founders while creating a clear path for moving onto other operational decisions. While there are various ways to calculate the co-founder equity split, the only wrong answer is a hasty 50/50 split.

Moving forward with advice from a seasoned Columbia, Maryland business attorney is a smart approach to building your business. Together with good counsel, you will be able to frame your start-up and avoid these common legal problems.

A holding company is the parent company for one or more other companies known as subsidiaries. The parent company owns the shares and assets of the subsidiaries, but the parent company doesn’t participate in the day-to-day operations of each company. It just maintains oversight over the other companies.

If you are inspired to serve your community and help others, you might establish a nonprofit. A nonprofit organization gives you the ability to raise funds and provide a structure for accomplishing your mission. Consulting a DC fractional general counsel early in the process can help you ensure that you overlook none of the vital steps for starting your nonprofit.

This QuickStart guide for starting a business provides you with the basic steps to create a new company to protect your idea and give you the structure you need to turn your idea into a reality. A DC fractional general counsel can provide guidance and support throughout each step up the process.

Pass-through taxation refers to how income from some businesses is taxed. Many businesses in the United States operate as pass-through business entities. A DC fractional general counsel can help you determine if a pass-through business entity is right for your company.

Articles of Incorporation create the legal entity for a corporation. The bylaws define the corporation’s purpose. Articles of Incorporation contain very general information, while bylaws have specific rules and regulations of the business. Bylaws explain the roles and responsibilities of the people who manage the corporation and set rules for the general operation of the company. A corporation’s bylaws also establish shareholder ownership rights. The corporate bylaws establish a structure for the company to ensure that all divisions of the company operate smoothly.

A Limited Liability Company or LLC is a business entity organized under state law. The laws governing LLCs may vary slightly by state. The business is owned and managed by members who have limited personal liability as long as the members and the LLC maintain separation between business assets and personal assets. LLCs can have one member or multiple members. Many small business owners who do not want to remain sole proprietors or groups who do not wish to become partners choose an LLC as their business structure.

Choosing the type of business entity for your company has many consequences for your day-to-day operations and long-term growth. Deciding between a C-corporation and S-corporation can be confusing. Even though they are both legal entitles with some similarities, there are distinct differences that can benefit some companies. Our DC fractional general counsel explains the differences between the two legal entities and why your company may benefit from choosing one legal entity instead of the other legal entity in this article.

Many entrepreneurs discover that they need a competent general counsel at various stages in the business cycle. They need legal services to address matters related to intellectual property, employment matters, contract negotiation, contract review, litigation, and other legal issues. Few small-to-mid-size business owners have the budget to hire outside counsel a full-time, in-house counsel. Retaining a DC fractional general counsel for your company might give you the best of both options.

A nondisclosure agreement or NDA creates a legally binding, confidential relationship between your company and another party. NDAs are also referred to as confidentiality agreements because they require another party to maintain the secrecy of information disclosed in confidence by the other party. With an NDA, you can protect sensitive and valuable information related to your small business.

Purchasing business insurance is like paying for licenses and permits for your business. It is something you know you need. It is also a cost of doing business, but it is an expense you would rather do without. Without insurance coverage, a natural disaster, personal injury lawsuit, theft, workplace injury, or other catastrophe could cause devastating losses for the company. Many companies, especially small businesses, do not have the liquid assets to cover such losses. Insurance is the safety net that can help a business survive certain events and legal issues.

One of the most important considerations you will have as a start-up is choosing a business entity. This choice affects your tax liability, your ability to sell shares, and may even impact your ability to receive funding.

Starting a new business is exciting. You have an idea for a service or a product you are convinced consumers want. Before offering your product or service to consumers, certain practical and legal considerations must be addressed to protect your business interests and your personal interests. The decisions you make while setting up your new business venture have a significant impact on many short-term and long-term matters and issues.

At work, you may deal with leases, employment contracts, vendor agreements, non-disclosure agreements, and partnership agreements. If you need to review a contract, these seven pro tips from our experienced Maryland business attorney can help you cut through some of the legalese to identify the key terms contained in the contract.

The Fractional General Counsel Model utilizes an up-front fee structure customized to meet the needs of your particular business. This model is particularly beneficial for start-ups, who may not have the budget to hire a full-time counsel, but want to ensure their investment is protected. Check out our latest video on why more start-ups are using fractional general counsel.