How Do I Form A Business?
Business ownership is both rewarding and challenging. Requirements to pay quarterly taxes, issues of adequate insurance, obtaining the financing necessary for a startup and the general day-to-day operations all create issues for resolution. Perhaps the most significant decision to be made is learning how to properly form your business.
Incorporation of businesses in Maryland requires proper completion of several forms. The forms are detailed and require a significant amount of information. Hiring a reliable attorney who has experience in matters of taxation is your best bet to ensure proper incorporation of your business. Issues to discuss when taking your vision to reality include:
- Classification: Businesses can take one of many forms. Among the forms a business can take are limited liability companies (LLC) and professional corporations (PC).
- Taxation of the company: You may elect to be a subchapter S corporation once incorporated. This designation is unique to the IRS and carries with it certain tax rules and regulations. A knowledgeable tax specialist who has legal knowledge can explain this designation to you and guide you to the proper choice as to whether you should designate your business as an S corporation.
- Articles of incorporation and bylaws: These are the rules and procedures that set forth how your business will operate.
The legal requirements for business formation are many, creating a need for a legal professional well versed in accounting and tax principles. For help forming a business, contact a skilled Bethesda business attorney. Our staff includes a CPA who offers advice on the interwoven issues that arise in business and accounting. Call today to schedule a free one-hour consultation.