Are you a Maryland entrepreneur looking to start or grow your business? If so, it's important to understand the basics of business terminology. In this blog post, we'll define 15 basic terms every Maryland entrepreneur should know. By understanding these terms, you'll be able to communicate more effectively with your accountant, Maryland business lawyer, and other professionals who can help you grow your business.

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.

Members of a limited liability company in Maryland enjoy certain financial protections, the most important of which is that people cannot sue them and take their personal assets, such as their home or bank accounts, to satisfy judgments against the limited liability corporation. As with many legal concepts, however, there are exceptions to this general rule.

Learn how to keep track of your business income and expenses, evidence for tax returns, where you should store records, the best ways to organize receipts so they are easy to find later.

Just as the September 11 attacks forever changed air travel, most people anticipate the pandemic will force us to adapt to a different way of doing business. Business is changing, and there will likely be a “new normal” after COVID-19.

Things that entrepreneurs do today can determine whether they will still be open in 2021 and whether they will enjoy success when the economy improves. Here are 5 traits or strategies that will determine success in 2021.

Businesses that have not yet accepted that the old ways will not return need to take immediate steps to contend with the new normal. If they are not willing to adapt, they may not survive.

Some financial analysts have predicted that the U.S. economy may be headed toward a recession. The financial hardship caused by the COVID-19 outbreak has been difficult for many companies. With a potential recession on the horizon, it is time to take steps to recession-proof your company.

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.

The first step in winding down your business is deciding it is time to close. For some business owners, deciding to close can be the hardest step in the process of exiting a business. Each business is unique. Once you decide to wind down your business, consulting with a Maryland business attorney can help ensure you take all necessary legal steps to close your business.

Our Maryland business attorney can help identify resources and explain various programs aimed at helping struggling businesses recover after COVID-19 or another crisis.

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.

In the past, there were times I felt overwhelmed and depleted by the sheer number of decisions needing my attention each day. Then I made simple, focused changes in my approach to business and life. My focus and work productivity improved by 80%, and my worries lessened by nearly the same. Let me share with you what I learned.

Your corporate policies and procedures govern numerous aspects of how your company operates and conducts business. The policies and procedures that your company develops protect your company, but they also protect the company’s employees, customers, and clients. Below are eight business matters that generally benefit from well-developed policies and procedures.

The Economic Injury Disaster Loan (EIDL) is a federal economic relief program for small businesses and nonprofit organizations if the current global pandemic of COVID-19 is causing them to lose revenue temporarily. Many companies and organizations are not allowed to do business as usual, if at all. This loan program provides funds that can cover rent, utilities, health care benefits, and fixed debt payments, as well as many other types of ordinary operating expenses.

Maryland is the sixth state to adopt a $15/hour State Minimum Wage for its workforce, behind California, Illinois, Massachusetts, New Jersey and New York. And while the increase will be phased into full effect gradually over the next 5-6 years, ensuring compliance requires an understanding of several factors:

Yes, it is wise to have a copyright policy for your website to protect the content you publish on your website. It is not mandatory to use a copyright policy for websites, but it can prevent people from stealing your work and using it for purposes that might be contradictory to your company’s vision and purpose.

As businesses seek opportunities for growth and relevance in today's marketplace, 2020’s top trends for small and midsize businesses blend solid basics with modern advances. Together with executive staff, tax planning professionals, and your Maryland business attorney, it is time to redefine your business plan by integrating time-proven strategies in a new and innovative way.

At some point, you and your business will need legal advice from a skilled, experienced attorney. However, many start-ups and small businesses have extremely tight budgets. Most entrepreneurs pay for legal services only after they realize they need an attorney. Unfortunately, they are overlooking a valuable asset for their company – a fractional general counsel.

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.