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Maryland LLC Checklist

• Make sure your articles of incorporation are in order by checking with your state (especially if you used a third party). Make sure there are no mistakes.

• Check the Business name and primary address

• Check to see if you are listed as an authorized user and no one you didn\'t assign.

• Make sure you verify the resident agent and resident agent\'s address. This person will get all your important government correspondences.

• Amend and pay the amendment fee, if necessary. There is a $100 filing fee for articles of amendment. Expedited service is available for an additional $50. /https://dat.maryland.gov/SDAT%20Forms/llcamend.pdf

• Register a DBA (doing business as), if needed

• File for a DBA at https://egov.maryland.gov/businessexpress

• Obtain your Federal Employer Identification Number (FEIN)

• Apply for a Federal Employer Identification Number (FEIN) from the IRS. An EIN will be necessary to open a bank account or process payroll. https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

• Prepare your LLC Operating Agreement

• Get our Single-Member LLC template https://www.legitmybiz.com/product-page/single-llc-member-operating-agreement

• Get our Multi-Member LLC template https://www.legitmybiz.com/product-page/multi-llc-member-operating-agreement

• Open a Business Bank Account

• Select a bank and open the business bank account.

• Be aware of the fact that you must keep business and personal affairs separate in order to protect your assets.

• Obtain Licenses and Permits

• Sales Tax Permit https://www.marylandtaxes.gov/business/sales-use/index.php

• Basic Business License https://businessexpress.maryland.gov/start/licenses-and-permits

• Get a Business Phone Number

• Available options to consider

• Ring Central (also helps build business credit) https://www.ringcentral.com/

• Grasshopper https://grasshopper.com/

• Google Voice

• Get a Business Email

• Available options to consider

• Google Workspace https://workspace.google.com/

• Check with your Domain provider

• Set up an Accounting and Record-Keeping System

• Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.

• Create a system to store business receipts (physical or digital)

• Check out Wave Accounting as a possible low-cost accounting system for your new LLC. https://www.waveapps.com/

• Check out Square Payroll as a possible way to pay independent contractors like virtual assistants, bookkeepers, social media managers, etc. https://squareup.com/payroll/i/384AF4Y

• Obtain Business Insurance

• There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.

• Create Your LLC Binder or E-Folder

• Get a binder (or create an electronic folder) to hold important company documents.

• Annual Maintenance

• Mark your calendar for April 15th. This is when your annual report plus $300 filing fee is due to Maryland.

• Next Steps

• Download our free Schedule C Checklist to help prepare for the 2023 Tax Season https://www.legitmybiz.com/product-page/schedule-c-cheat-sheet

• Start gathering your LLC Startup Expenses (IRS allows you to deduct up to $10,000 in startup costs). This includes LLC registration fees. https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes

• Read IRS publication 587: Business Use of Your Home https://www.irs.gov/forms-pubs/about-publication-587

• Read IRS publication 535: Business Expenses https://www.irs.gov/pub/irs-pdf/p535.pdf

• Read IRS publication 583: Starting a Business and Keeping Records https://www.irs.gov/pub/irs-pdf/p583.pdf

• Contact us if you would like a Free Assessment of Your LLC.

• Ready to sign up for an assessment visit https://www.legitmybiz.com/llcassessment

• email: info@legitmybiz.com

• website: www.legitmybiz.com

This checklist was created by legitmybiz

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