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Should I Transfer My Rental Investment Into an LLC?

If you are a property investor or thinking of becoming one, you may or may not be familiar with the benefits of forming an LLC. Purchasing property under your own name can expose you personally if the property is ever subject to liens, judgements, or lawsuits. Forming an LLC is a wise  way to protect […]

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SDAT Increases Business Personal Property Exemption

The Maryland State Department of Assessments and Taxation (SDAT) recently raised the exemption for all Maryland businesses on personal property assessment from $2,500 to $20,000.   HB268 took effect on June 1, 2022 and will save Maryland businesses from paying over forty million dollars in assessments. This legislation also prevents the SDAT from the collection […]

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Maryland Businesses May Now File up to 10 years of Overdue Annual Reports

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Maryland is now even more business-friendly! The Maryland Department of Assessments and Taxation (SDAT) now allows Maryland businesses to file up to 10 years of overdue Annual Reports and Personal Property Tax Returns. If your business is currently not in good standing because of unreturned Reports or Returns, you may now submit overdue annual filings […]

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Considerations When Naming Your Maryland Business

Selecting the right business name is an important step when starting a new business or expanding to a new state. In addition to picking the perfect name, you want to also make sure your LLC or corporation name complies with your state’s laws. This means that the name cannot conflict with a name already in […]

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May I Use a Business Name if it Exists but was Dissolved or Forfeited in Maryland?

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Yes, in Maryland, you can use any name that is not active. However, if a name is inactive because it was not in good standing, then that name cannot be used. If you use a forfeited name or dissolved company name, your new company will be issued a new ID number so there is no […]

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What is an EIN and am I Eligible?

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An Employer Identification Number (EIN) is a unique identification number assigned by the IRA for business entities. A “responsible party” must use his or her SSN in order to obtain an EIN, and there is no cost to the process. A “responsible party” is the person who owns or controls the business entity or who […]

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Maryland Small Business Owners Can Now File Tax Returns by June 17th

The Maryland Department of Assessments and Taxation (SDAT) recently announced that all domestic and foreign business entities Tax Returns are due no later than June 17th if the business requests a two-month extension period through the department’s Maryland Business Express site. Otherwise, if the business does not request an extension, all entities must file by […]

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Can an LLC Member Not Have a Vote?

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It is possible to specify the rights of members in the LLC Operating Agreement. It is possible to use the Operating Agreement to create separate classes of members, each with different economic interests but not voting rights. However, you may not retain voting rights for some members of one class, and none for others. You […]

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Business Name vs. Trade Name

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A business name is the official, legal name of the business entity, be it a partnership, LLC, or Corporation. You use your business name on government forms and applications. Limited partnerships, LLCs, and corporations establish their legal names when registering the business structure. The legal name is part of your articles of incorporation. Sometimes, a […]

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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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