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Removing an LLC Member

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The easiest way change the LLC structure is to have the leaving members consent to terminate their status as members, then amend or draft a new LLC Operating Agreement deleting their names. You should review the filings with the secretary of state to make sure none of the removed partners signed any. If they did, […]

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Questions to Consider When Writing an LLC Operating Agreement

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Here are some questions to consider before starting your LLC and forming your Operating Agreement. Start Up: How much money is each member contributing to starting the business? Will someone contribute more? What if you need more money? Will you open the doors to outside investment? Will the members contribute more money? What is each […]

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How Do I Form an LLC in Maryland?

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To form an LLC in Maryland your attorney should first file Articles of Organization and a $120 filing fee by mail, or on-line, with the Maryland Department of Assessments and Taxation. The Articles of Organization must include the following information: 1) LLC name and address; 2) Purpose of LLC; 3) Registered agent’s name, address and […]

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What is an LLC?

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An LLC, which stands for Limited Liability Company, is a type of business entity that offers limited liability protection for its ownership and management. They are a type of business entity designed by the states to combine the limited liability protection offered by a corporation, with the “pass-through” single tax status offered by a partnership. […]

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What is the Difference Between an LLC and an S-Corp?

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Although S Corporations and LLCs share similar characteristics – both provided limited liability protection to ownership and management, and both are taxed by the “pass through” system like partnerships –LLCs are more flexible and have fewer restrictions than S Corps. The first major difference is that an S Corporation’s size and ownership composition are limited […]

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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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Maryland S Corporation vs. C Corporation: Taxation

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When considering whether to establish your Maryland business as an S corporation or C corporation, something you, your tax advisor and attorney should consider are the tax implications. Maryland corporate law does not make a distinction between S corps and C corps for purposes of corporate law, however the Federal tax distinction is significant. The […]

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