Tips On Starting A Business In Prince George’s County, Maryland

Many people discover early on working for someone is not their cup of tea. Of course, it is necessary to earn a living wage to survive in today’s world, but this doesn’t necessary mean that it involves working for someone else. Being self-employed is something that most people only dream about, but it is a possibility for everyone.Overcoming The Challenges

If you are under the assumption that starting a business is impossible, you are sadly mistaken. However, it will be a challenging task, in fact it will probably be one of the most difficult tasks that you will ever undertake. Prince George’s County is a great place to start a new business. The county will make the transition as easy as possible, by working across state and county agencies to remove barriers to ensure a successful business.

If you do not have the financial resources to support an upstart, you should consider buying an existing business. Many business owners will put their property on the market, when they near the retirement age, which is a great opportunity to score an established, successful business.

Franchising

Franchising is very beneficial for both the buyer and seller. A franchise is an established product, with widespread brand name recognition. Buyers are provided with pre-opening and ongoing support, including site selection, construction, design, training, operation assistance and management and operating procedural training.

Business Structure

You will need to begin by selecting a business structure. There are four common types of business structures, including limited liability company (LLC), sole proprietorship, corporation and partnership. You will need to select the best option to suit your needs and preferences, which may require the assistance of a professional advisor or attorney. General partnerships and sole proprietorships do not require legal entry formalities, but they must comply with local and state taxation and licensing requirements.

Register The Business Name

Now, you will need to select a suitable business name. You must start by researching trade name availability or hire a professional to assist you with this process. To learn more about trade name availability please contact

Maryland Trade Name Search and Registration
301 West Preston Street
Baltimore, Maryland 21201
(410) 767-1340

Register The Trade Name

The trade name helps the public distinguish the business from other businesses. It is most often a pseudonym and differs from the business’ registered, legal name. Many business owners will opt to utilize a trademark or service mark, a unique graphic logo or symbol, to identify their services or products.

Trademark Division
Maryland Secretary of State
16 Francis Street
Annapolis, Maryland 21401
(410) 974-5521
Hours: Monday thru Friday – 8:30am-4:30pm

Obtain Tax Information

Businesses operating within the state of Maryland must pay an annual tax, which is based on the value of the business’ personal property, such as tools, equipment, furniture, machinery and fixtures. The Department of Assessments and Taxation is responsible for administering the valuation process, but the towns and counties collect the tax.

All limited partnerships, limited liability companies and limited liability partnerships are automatically registered, while other forms of businesses must obtain an identification number through a registration process with the Department of Assessments and Taxation.

Maryland Department of Assessment and Taxation
Business Personal Property Division
301 West Preston Street
Baltimore, Maryland 21201
(410) 767-1170

Business Licensing Process

Most businesses are required to obtain a Maryland business license, including wholesalers and retailers. Businesses that conduct specific activities, such as dry cleaning, amusements, plumbing, restaurants, farm machinery, garages, auctions, retail stores, chain stores, traders, warehouse storage and vending machines will require a state licenses.

To learn more about statewide licenses requirements, visit the Department of Commerce website.

Professional And Occupational Licensing

Individuals working in specific areas must obtain professional or occupational licenses. The Division of Occupational and Professional Licensing is responsible for regulating business professions and occupations. These individuals must meet educational requirements and work experience standards.

Maryland Department of Labor, Licensing and Regulation
500 North Calvert Street
3rd Floor
Baltimore, Maryland 21202
(410) 230-6231

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