Incorporation
A professional corporation (PC) is a special type of corporation created for individuals who provide professional services in fields such as law, medicine, accounting, architecture and engineering. In Maryland, the process of forming a professional corporation is slightly different from forming a regular corporation, but it follows similar basic steps.
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Choose a Name For Your Professional Corporation in Maryland
Before anything else, choose a name for your professional corporation. The chosen name cannot be similar to an existing entity in Maryland and it must adhere to other requirements related to trade name registration. Once you have found a name that is not already in use, check the database of the Maryland Department of Assessments and Taxation to see if it is available and reserve your business name.
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Registered Agent for Your Professional Corporation
All corporations in Maryland must appoint a registered agent that has a physical address in the state. This registered agent serves as the point of contact for the Maryland State Department of Assessment and Taxation and for litigators. You can choose registered agents to hire that will do this for you, or serve it yourself or have a lawyer’s help.
Draft and File Your Articles of Incorporation
The next step is to draft and file the Articles of Incorporation with the Maryland Department of Assessments and Taxation. In Maryland, professional services businesses must include accurate details, signatures, and identification information for initial directors and officers of the corporation with their Articles of Incorporation.
Create Corporate Bylaws for Your Maryland Professional Corporation
Your next task will be to create bylaws which lay out the operational rules of the corporation. Maryland law requires that the bylaws of a professional corporation include a statement defining the parameters of the professional services offered by your business-a clear description of the services you will provide. It is advisable that you have an attorney assist in writing the bylaws.
File the Professional Corporation Initial Annual Report
Within one-year following the incorporation of your professional business, prepare and submit an Initial Annual Report with the Maryland Department of Assessments and Taxation. This annual report includes particulars about shareholder, managerial positions held in the corporation, and brokerage or professional certifications of such officers/directors engaged in your company.
Obtain Licenses and Permits
Most professional companies require complete licenses, registrations, and certifications – sometimes by the state of Maryland or additional legal entities-consistent with the type of service provided. Verify these before producing your articles of organization and yearly annual business submissions, because several government or specialty companies require permits and licenses as a basic qualification for contracting.
Obtain Local Business Licenses, Tax Registrations and Pay Required Tax
With the different county, health and zoning offices, neighborhood license services, and active product/securities/health permits, most businesses register at municipal, township, and county level in Maryland. You may additionally be answerable for estimated state tax approvals, and therefore, it’s important to get yourself educated with these and follow Maryland tax legislation if running a small business.
Conclusion
Starting a Maryland PC requires more than submitting articles of corporation, it comes with careful planning, deciding on operational strategies, and sticking to regulatory requirements promptly. However, having your team of skilled attorneys assist you throughout the corporation formation process offers you crucial advantages when starting out on high grounds for years. Follow these guidelines to form a professional corporation in Maryland.
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