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| | The Minding Your Own Business Network is not currently active and cannot accept new posts | | How to incorporate | Views: 843 | | Jun 06, 2006 10:24 pm | | How to incorporate | # | 
Jill Sinoa | | Hey all,
I'm in the process of starting a small business consultantcy and I'd like to know how do I get incorporated for a small propreitorship in Maryland? Where would I go? What do I need? And do I need incorporation or just some sort of license to do business as an indie professional? Any help would be appreciated.
JillPrivate Reply to Jill Sinoa | | Jun 07, 2006 1:41 am | | re: How to incorporate | # | 
DJ Nelson | | http://www.nolo.com/ That should put you on the right track. Also visit your states official website. Maryland.gov
Donyell
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Bold Business Talk
Unconventionally Honest Business Talk Radio
http://www.BoldBusinessTalk.comPrivate Reply to DJ Nelson | | Jun 07, 2006 4:03 pm | | re: How to incorporate | # | 
Colleen Connery | | Congratulations on this new endeavor. There are multiple ways of finding out the answers to your questions. Unfortunately, what's right for one future biz owner is not always right for another. Everyone's situation is different, and that's why it's wise to do your research.
The SBA is a great "free-ish" way of getting information. http://www.sba.gov/
I know there's an office in Baltimore, so you can check them out as a resource. If you go to http://www.sba.gov/starting_business/index.html there is a lot of information on how to start a business. There are also some SBA offices that have a division called SCORE. I don't know if Baltimore has one, but you can call the office and find out. This is a really great organization as it's a bunch of retired and successful business people lending their expertise to entrepreneurs as business consultants. You can go to them for free. They have a lot of amazing folks that can help you with all issue pertaining to starting and running a business. They have workshops such as how to write a business and marketing plan, how to implement the use of QuickBooks for your accounting, how to do successful networking to build your business, etc. So, they present a lot of great opportunities to learn.
There are also a lot of small business consultants popping up all over the place. One of my clients is here in San Diego and they will be offering their consulting to anyone around the globe via internet. There is probably a similar business in your neck of the woods. Look for small business consultants in your Chamber of Commerce, in your networking groups (LeTip, BNI, etc.) and you'll probably find someone to help.
If you happen to know a business attorney, I'd always recommend keeping them as a good resource. They charge for their time, but it's worth it to protect yourself. And finally, CPAs are WONDERFUL resources for this type of information as well. They can help you determine how to register your entity if you need to at all (C Corp, S Corp, LLC, LLP, etc.). They really understand the tax implications of creating an entity, how it pertains to you making money. Consult yours if you have one.
Hope this has been helpful. If you'd like to contact me for more info, I'd be happy to help. Cheers, Colleen
President/Creative Director
CoCo & Associates, Inc.
cocoassociates.com Private Reply to Colleen Connery | | Jun 07, 2006 5:06 pm | | re: re: How to incorporate | # |
TransactionBroker | | I used the company corporation at www.incorporate.com and it was quick, painless and very cost effective. they had people to speak with as well.
Randy Vanderhoff
www.endowyourvalues.comPrivate Reply to TransactionBroker | | Jun 07, 2006 5:16 pm | | re: How to incorporate | # | 
Chris Janssen | | Jill-
First of all good luck on your new venture. There is a lot of great advice here. The only point I would add is find a law firm that deals with this sort of business structuring. They will often be able to suggest the best course of action and get it done quickly and cost effectively. Dont' be afraid to ask for recommendations from former/current clients.
Take care,
Chris
Private Reply to Chris Janssen | | Jun 07, 2006 6:18 pm | | re: How to incorporate | # | 
Reg Charie | | > And do I need incorporation or just some sort of license to do business as an indie professional?
While I am not certain of the laws in the US, in Canada it is better to go for a Sole Proprietorship if you are working at a regular job and your small business, as incomes are combined and more can be written off.
It is also a lot cheaper. ($70 vs over $1500).
RegPrivate Reply to Reg Charie | | Jun 08, 2006 11:00 pm | | re: re: How to incorporate | # |
Jill Sinoa | | Hey guys, thanks for the advice. Yes, Reg, you are correct. I am trying to that route rather than get incorporated as that is a completely different ballgame.
thanks again.
JillPrivate Reply to Jill Sinoa | | Jun 08, 2006 11:15 pm | | re: re: re: How to incorporate | # | 
LaVerne Taylor | | This is taken from the Maryland Secretary of State website.
Sole Proprietorships, General Partnerships
Sole proprietorships or general partnerships require no legal entry formalities except compliance with State and local licensing and taxation requirements.
http://www.dat.state.md.us/sdatweb/checklist.html
Good Luck with your new venture. As a sole proprietor if someone wants to sue your business they can also have access to your personal income. You might want to speak with a corporate attorney or look into an LLC or partnership. Because the business income would be totally separate from you personal income and property. Establishing either form really isn't that difficult.
My husband and I are a Delaware LLC and we reside in Hawaii (until 2007). I did all of the formation documents myself. But I am also a legal secretary for a corporate attorney and I was able to ask him questions and get guidance. But if you contact the Maryland Sec. of State office business division I am sure that they would be happy to answer any questions that you might have.
Again Good Luck.
LaVerne
Private Reply to LaVerne Taylor | | Jun 09, 2006 2:09 am | | re: re: re: re: How to incorporate | # | 
Rob Taylor | | Hi Jill
Do you have an accountant that you like and trust? That is where I would start if you have one. They are often overlooked for this type of thing. They may not be able to do it but they will likely have most of the answers you are looking for. They are also a great resource because going Corp will have a bearing on tax. You may find L.L.C. is better.
I filed an S Corp several years ago. I was all gung-ho about incorporating in Delaware because you incorp there even if you live out of state but there laws are less strict or something. Then I was advised against it by my attorney. Actually 2 attorneys and both were in different states. I apologize but I do not remember why. I think it was because of home turf if I ever got in a legal battle. Usually both sides want to be in there home state so they do not have to travel for proceedings. If I won home turf then the proceedings would happen in Delaware since that is where the business was incorporated. Not good since I live in New York State.
I would talk to your accountant if you have one. If that is not possible then I would speak with an attorney. One of the benefits, as stated, is seperating your personal respources from the business. That way if someone wants to sue you they can't get the house, car, dog, etc...
Rob Taylor
www.enginesforwebsites.comPrivate Reply to Rob Taylor | | |
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