Starting your own business can be one of the most exciting times in your life. It can also be one of the scariest. At DK Rus Law, our attorneys have worked with hundreds of different small business owners, and we’ve learned a few things. We wanted to take some time today to talk about a few things every prospective business owner in Maryland should know.
- Write A Business Plan
One of the first things you should do when starting a new business is draft a business plan. Your plan will outline how you foresee things going, and will have your values and mission statement clearly outlined. If you haven’t sat down and worked out a business plan yet, be sure to do so soon.
- Your Name is Important
Have you spent any time thinking about your business’ name? It’s a really important part of founding a new company. You want a name that’s unique, recognizable, and ideally clever. Once you think of a name, you can check with the U.S. Patent and Trademark Office to make sure the name isn’t already being used.
- What Kind of Business Structure Should You Use?
Before you can start officially registering your business, you need to decide on what kind of business structure is right for you. The four most common Maryland business structures are sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). We recommend you consult with a Maryland business attorney before choosing your business structure.
- Register Your Business With The State of Maryland
After you’ve decided on a business structure, it’s time to register your business with the Maryland Department of Assessments and Taxation. You can do this by using the Maryland Business Express online filing portal. Sole proprietorships and general partnerships may not be required to register with the state.
- Save Time and Energy By Working With an Experienced Maryland Attorney
At DK Rus Law, we have years of experience practicing law in Maryland, and have worked with small business owners from a variety of industries. Contact us today to learn about how our team of attorneys can help get your new business off the ground.