{"id":9143,"date":"2021-07-13T12:15:53","date_gmt":"2021-07-13T16:15:53","guid":{"rendered":"https:\/\/www.argentplacelaw.com\/?page_id=9143"},"modified":"2022-12-19T14:42:45","modified_gmt":"2022-12-19T19:42:45","slug":"new-business-formation-in-potomac-md","status":"publish","type":"page","link":"https:\/\/www.argentplacelaw.com\/potomac-services\/new-business-formation-in-potomac-md\/","title":{"rendered":"New Business Formation in Potomac MD"},"content":{"rendered":"<div class=\"post-bodycopy clearfix\">\n<h2><strong>Start Your LLC In Potomac MD With Argent Place Law<\/strong><\/h2>\n<p>Forming a new business in Potomac MD involves lots of options, regulations, and requirements. Argent Place Law makes sure that we understand your specific situation before we form your new business the right way. That&#8217;s one way we earn our reputation as <strong>The Law Firm For Entrepreneurs!<\/strong><\/p>\n<h3><strong>Basic Business Formation&#8211;LLC<\/strong><\/h3>\n<p>Here&#8217;s what we do to form your limited liability company (LLC). When you are the only owner, your business in Potomac will be classified as a &#8220;Single Member LLC,&#8221; and when there are going to be two or more owners of your business, your business will be classified as a &#8220;Multi-Member LLC.&#8221;<\/p>\n<ul>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpFirst\">Check Name Availability In The State And With The US Trademark Office<u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">Obtain EIN From The IRS<u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">File Articles Of Organization With The State<u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">Prepare Basic Operating Agreement<u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">Draft Initial Company Resolutions (Serves As A Template For The Future)<u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">Prepare Local Business License Form.\u00a0<a href=\"#License\">Learn More!<\/a><u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">Serve As Registered Agent For One Year Free ($180 Value).\u00a0<a href=\"#RA\">Learn More!<\/a><u><\/u><u><\/u><\/li>\n<li class=\"m_3781292172256453240MsoListParagraphCxSpMiddle\">Provide Instructions For What To Do Next, And Introductions To Other Professionals<u><\/u><u><\/u><\/li>\n<li>Prepare Maryland Business Tax Registration Form (if Necessary). <a href=\"#Tax\">Learn More!<\/a><\/li>\n<\/ul>\n<p>All of these steps are\u00a0<i>required<\/i>! Do not be fooled by another service provider into thinking that you can get by without doing one of these steps!<\/p>\n<p>We charge the low rate of $450 for all of these steps, and we collect the $100 State filing fee to remit that to the State on your behalf. So for only $550 you will have your new business in Potomac MD ready to operate. And you will establish an attorney-client relationship with The Law Firm for Entrepreneurs!<\/p>\n<h3><strong>Extra Options<\/strong><\/h3>\n<ul>\n<li>S-Corp Election. <a href=\"#SCorp\">Learn More!<\/a><\/li>\n<li>Q-Sub Election. <a href=\"#QSub\">Learn More!<\/a><\/li>\n<li>Detailed Operating Agreement. <a href=\"#OperatingAgreement\">Learn More!<\/a><\/li>\n<li>Fictitious Name Certificate (A &#8220;Doing Business As&#8221; Tradename). <a href=\"#DBA\">Learn More!<\/a><\/li>\n<li>Registration To Do Business In Another State. <a href=\"#ForeignReg\">Learn More!<\/a><\/li>\n<li>Ongoing General Counsel. <a href=\"#GC\">Learn More!<\/a><\/li>\n<\/ul>\n<p><strong id=\"License\" class=\"anchor-link-section\">Local Business License Form <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>Every county has its own business licensing process, which is really just a way for the local jurisdictions to set up tax records for your business. Some required business owners to appear in person (before Coronavirus), some require zoning permits, and all want to make sure you pay their taxes. Within Maryland, we can help you with the local business license form or (in some counties) even complete the process for you.<\/p>\n<p>Cost: Included with every new business formation<\/p>\n<p><strong id=\"RA\" class=\"anchor-link-section\">Registered Agent <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>Every state requires a business to have a Registered Agent, someone who lives in the state and who can accept official notices like renewal notices and lawsuits. The registered agent must be an owner or manager of the business or an attorney. Even if you are also an Maryland resident, we add value by keeping a renewal calendar (in case renewal notices are delayed or lost in the mail) and prompting you as much as necessary when your company is due for renewal. We\u2019re also in a position to work with you and explain your options if we receive notice of a lawsuit.<\/p>\n<p>Cost: Included with every new business formation. After the first year, our fee is $180\/year plus the government&#8217;s annual registration fee of $50.<\/p>\n<p><strong id=\"Tax\" class=\"anchor-link-section\">Maryland Business Tax Registration <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>This is required if your business is a multi-member LLC, or if it is a single-member LLC that elects to be taxed as a corporation at the IRS. In addition, this filing is required if your business will sell goods in Potomac MD. We will help you complete the form or file it on your behalf.<\/p>\n<p>Cost: Included with every new business formation<\/p>\n<p><strong id=\"SCorp\" class=\"anchor-link-section\">S-Corp Election <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>There are many reasons to file this election with the IRS, and for most cases we recommend it for our new business owners. If your tax professional recommends it, you may want your new business to be taxed as an S-Corporation with the IRS. If you engage us to do this, we will prepare and file the appropriate form with the IRS on your behalf. Be aware that the default taxation method at the IRS for single-member LLCs is that your business will be ignored (even though it has its own EIN&#8211;which is still required)&#8211;and the business income will be recorded on Schedule C of your personal tax return. Tax filings become slightly more complicated if you elect to have your business taxed as S-Corp, but this is usually outweighed by the potential tax savings. We are open to discussing this with you, or you may consult your tax professional.<\/p>\n<p>Cost: $180 if done at the same time as we form the new business, or $270 if we do it later.<\/p>\n<p><strong id=\"QSub\" class=\"anchor-link-section\">Q-Sub Election <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>Ready to take your tax game to the next level? In some situations, it\u2019s possible to merge two or more companies for tax purposes but not for legal purposes. This allows you to reduce the number of returns you have to file and (if one company has multiple subsidiaries) increase your ability to \u201cpool\u201d profits and losses between subsidiaries.<\/p>\n<p>Typically, this election is used when you have a series of several similar assets (rental properties, rental cars) or one valuable asset (an aircraft or watercraft) you want to protect. Each asset can have its own company for liability purposes, while you still only file one tax return.<\/p>\n<p>Cost: $360.<\/p>\n<p><strong id=\"OperatingAgreement\" class=\"anchor-link-section\">Detailed Operating Agreement <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>Our basic operating agreements use a very basic set of terms that are ideal for companies owned by a single owner or married couple. However, if you\u2019re getting in business with one or more partners who have separate lives (and may someday want to go a different direction), you\u2019ll want something more comprehensive. We will draft an operating agreement that spells out everything: how the business is managed, how profits are distributed, what happens if one partner dies or leaves, what happens if there is a disagreement, what happens if a partner wants to sell their interest, who controls the money, can new partners be added and how, and much more. We have extensive experience with writing these kinds of agreements and know the kinds of questions to ask. We will guide you.<\/p>\n<p>Cost: $1500<\/p>\n<p><strong id=\"DBA\" class=\"anchor-link-section\">Fictitious Name <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>What if you have an old company name or brand that needs a fresh coat of paint? What if you you\u2019re entering a new line of business, or want to have two or three lines of business within the same company? What if you want customers to be able to pay by check without needing to remember to put \u201cLLC\u201d at the end of the company name? Then you\u2019ll want a fictitious name, or &#8220;trade name.&#8221; A company can have as many of them as they want, and they cost less than changing the company\u2019s name outright. We typically can prepare these the same day they are ordered!<\/p>\n<p>Cost: $190 (includes government filing fee) for the first fictitious name, $100 for each additional fictitious name filed at the same time<\/p>\n<p><strong id=\"GC\" class=\"anchor-link-section\">Ongoing General Counsel <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>Many people hesitate to call their lawyer over small things, either for fear of wasting the lawyer\u2019s time or for fear of racking up fees. We know, however, that sometimes an ounce of prevention is worth a pound of cure, and while something can appear small, appearances can be deceiving. With this service, you get half an hour of \u201cphone time\u201d every month (typically two fifteen-minute phone calls) where we talk about you and your business. How are things going? Anything you\u2019ve been concerned about? What projects are coming down the pipeline? What did you decide to do about the situation we discussed last month? Don\u2019t underestimate the power of a little advice at the right time. Never be afraid to reach out to a lawyer. Retain us to be your General Counsel.<\/p>\n<p>Cost: $180\/month<\/p>\n<p><strong id=\"ForeignReg\" class=\"anchor-link-section\">Registration To Do Business In Another State <a href=\"#Top\"><span style=\"font-size: 14pt;\">^<\/span><\/a><\/strong><\/p>\n<p>When you set up a business in a particular state, it is automatically registered to do business in that state. However, if your company regularly does business in another state besides its \u201chome\u201d state, it should also register as a foreign company and obtain a <a href=\"#RA\">Registered Agent<\/a> in that state. While the procedure, paperwork, and costs vary from state to state, our attorney\u2019s fee remains the same. Failing to register in a state where you regularly do business can carry steep penalties if they catch you, so let us help you go from a \u201clocal\u201d company to a \u201cnational\u201d one!<\/p>\n<p>Cost: $360 plus the other State government&#8217;s foreign registration fee (varies by State)<\/p>\n<p><a class=\"back-to-top\" href=\"#Top\">Back To Top<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Start Your LLC In Potomac MD With Argent Place Law Forming a new business in Potomac MD involves lots of options, regulations, and requirements. Argent Place Law makes sure that we understand your specific situation before we form your new business the right way. That&#8217;s one way we earn our reputation as The Law Firm&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/www.argentplacelaw.com\/potomac-services\/new-business-formation-in-potomac-md\/\" class=\"excerpt-read-more\">Read More<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"parent":9146,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/pages\/9143"}],"collection":[{"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/comments?post=9143"}],"version-history":[{"count":1,"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/pages\/9143\/revisions"}],"predecessor-version":[{"id":11614,"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/pages\/9143\/revisions\/11614"}],"up":[{"embeddable":true,"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/pages\/9146"}],"wp:attachment":[{"href":"https:\/\/www.argentplacelaw.com\/wp-json\/wp\/v2\/media?parent=9143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}