How to Start a Business in Maryland and Why You Shold

How to Start a Business in Maryland and Why You SholdHow to Start a Business in Maryland and Why You SholdMaryland is a great place for women entrepreneurs to set up shop. The state ranks second in the nation for having the highest percentage of women-owned firms- about 39.5 percent of all Maryland businesses. Maryland ranks eighth in the nation for the percentage of women-owned firms with paid employees as well- 20.5 percent. The state can also boast afew other exciting entrepreneur-friendlystatisticsas well Its eighthin the percentage of Asian-owned firms as a share of all firms at 7.9 percent, and its fifthin the percentage of Asian-owned firms with paidemployees at 11.9 percent.Its 13th in the percentage of Hispanic-owned firms as a share of all firms at 7 percent, and 11th in the percentage of Hispanic-owned firms with paidemployees at 3.5 percent. Marylands Big on Venture Capital Deals Maryland ranked eighth among all states in the number of venture capital deals, and 15th in the dollar value of those deals. That translates to a total of 87 venture capital deals made in Maryland resulting in over $363 million in investment funding. Dont Give Up on Baltimore Despite sensationalized news stories in the media depicting the community struggles Baltimore has endured,the city has been ranked the second hottest startup city in the U.S. by Entrepreneur magazine. Popular Mechanics has ranked Baltimore the fifth Best Startup City in America, and the Businesswoman Power City Index says its the top-ranked city based on the number of women-owned businesses and the gender wage gap. There is more to Baltimore than what you see on the nightly news Getting Started If youre planning to start a business in Maryland, youll have to first register your business name. Youll must then register to pay taxes and obtain any necessary licenses and permits depending on the structure of your business and whether you intend to have employees. Business Licensing InformationL icenses for many types of business can be obtained from your local Clerk of the Circuit Court. A license is generally required if youreoperating a restaurant, if youre in retail sales, for laundry businesses, vending machine businesses and storage warehouses. But dont automatically assume that you dont need one just because your business doesnt fall into any of ansicht categories. Check with the Maryland court system to be sure. .Obtain a Federal Employer Identification Number (EIN)An EIN functions something like a Social Security number for businesses. Unless youre planning to operate as a sole proprietor, youll need one to file your businesss taxes, and youll probably need one to open a business bank account and other financial accounts as well. Tax Registration Information The states Comptroller website details tax information for Maryland business owners. You can complete Marylands Combined Registration Application for taxes online to determine what taxes your business mightbe a ssessed.Planning and Zoning Permits To obtain information on local zoning and building requirements, contact the planning and zoning department in the county in which your business will be located. You can find your local planning and zoning departments contact information in the states archives. Corporations and Partnerships You can find information and forms for forming a corporation, nonprofit organization, and/or a partnership on Marylands Department of Taxation and Assessments website. Information is included about articles of incorporation, how to close a corporation, and accessing trade name registration forms. Marylands Small Business Administration Center The Small Business Administration Center serving most of Maryland is Maryland District OfficeCity Crescent Building, 6th Floor10 South Howard StreetBaltimore, Maryland 21201Phone (410) 962-6195 Montgomery and Prince Georges Counties are serviced by the SBAs Washington, D.C. District Office. For all other locations, rea ch out to the SBA in Baltimore for guidance, assistance and even loan information to get your business off the ground.