Many people overlook how crucial their choice of business entity is to the long-term success of their business. There are accounting, tax, risk management, and practical considerations that should to be considered. Once an entity is chosen, it is also important to properly execute the business formation to ensure that business and legal interests are protected. If you would like to discuss your business formation options, call George R. Roles Attorney & Counselor at Law, at (443) 262-8501.
Types of Maryland Business Entities
Maryland law allows for the creation of a number of different types of business entities. There are pros and cons for each. The best choice for you will depend on business, legal, and practical considerations that you should discuss with a qualified Maryland business formation lawyer.
Popular types of business entities that are established in Maryland include:
- Sole proprietorship. The simplest option, but carries with it fewer protections.
- Corporation. A corporation is a legal entity separate from the shareholders that own it. There are three main types of corporations: C corporations (a separate taxable entity), S corporations (pass-through tax entities), and B corporations (public-interest corporations).
- LLC. Limited liability companies are in many ways more flexible than corporations, making them very popular.
- Partnership. Two or more people sharing ownership creates a partnership. Different owners have varying rights and powers in a "limited partnership."
- Non-profit. Maryland offers distinctive rules for the formation of non-profits.
These are just the most common business entities that are established in Maryland. There may be other types of business entities available to you. Experienced Maryland business formation lawyer George R. Roles can discuss all of your options with you.
Call George R. Roles, Attorney & Counselor at Law, to Discuss Your Business Formation Options Today
Selecting your business entity is an important decision. Consulting with an experienced attorney before doing so is important. If you would like to learn more about your business formation options and begin the process of effectively establishing your corporation, LLC, or partnership, contact George R. Roles, Attorney & Counselor at Law, at (443) 262-8501 today.
