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Why is Limited Liability Important?

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John and his wife, Mary, own a flower delivery business. They’re equal partners, sharing decision making and other responsibilities 50/50. They own a small building downtown for their shop, near the two-story townhouse they bought together, and in addition to the family sedan also own a delivery van with “John and Mary’s Flowers” written in […]

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What is an S-Corporation?

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An S-Corporation (S-Corp) is one of two types of corporations defined by subchapter of the tax code they are governed by. Like more common C-Corporations (C-Corp), or publicly-traded corporations, S-Corps provide limited liability to management and shareholders, protecting the personal assets of those who would otherwise face personal liability in case of a creditor’s claim. […]

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Maryland Business Contracts: The Importance of Grammar

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When your business is contracting with another business, employee, contract staff, or other client, it is important that each clause, and each sentence, is properly worded and has the appropriate legal grammar. The lack of a serial comma—aka Oxford comma—in a Maine milk company’s contract is now going to cost them millions of dollars. Read […]

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Final Step in Forming a Maryland S Corporation

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Once your company has been formed under the laws of Maryland there is one additional filing requirement that needs to be made with the IRS. Your S-Corporation Election must be completed and filed with the IRS within 75 days of the date the corporation was formed in Maryland. If your designation is not filed by […]

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