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Maryland
Corporate Name Endings
- The name must indicate
the corporate status and contain the word "Corporation," "Incorporated,"
"Limited," or an abbreviation thereof. The name may also contain or
end with the word "Company," which can never be preceded by the word
"and" or the symbol "&." Names shall not imply any purpose that is not
authorized by the charter. They shall not be the same as, or deceptively
similar to, the name of other domestic corporations or limited partnerships,
limited liability partnerships, limited liability companies, qualified
foreign corporations, foreign limited partnerships, foreign limited
liability partnerships, foreign limited liability companies, or names
registered or reserved by any person or corporation.
Corporation Requirements
- Director Information
- Minimum Number
- Not less than three, unless there are only one or two shareholders
of record; then the number of directors may be less than three but
not less than the number of shareholders.
- Residence Requirements - No provision.
- Age Requirements - None.
- Directors are required to be listed in the articles
of incorporation.
- Officer Information
- Officers are
not required to be listed in the articles of incorporation.
- Stock Information
- An increase
in shares may cause an increase in initial filing fees.
- Corporation Records
- The stock
transfer ledger and the original or a certified copy of the articles
of incorporation must be kept at the principal office of the corporation.
Taxes and Fees
- Annual Statements
- Every business
corporation shall submit an annual report on personal property to
the Department of Assessments and Taxation. The Personal Property
Return is due by April 15th with an accompanying filing fee of $100.
Effective 1/1/04, the filing fee will increase from $100 to $300.
- Income Tax Rate
- The income tax rate is 7%.
- S Corporation
- S Corporation
status is recognized by the State of Maryland. A separate state
election from the federal election is not required.
- License Requirements
- Maryland requires
that you obtain a license and pay a fee if operating certain types
of businesses in the state. The following is a partial list:
- Barbers and barber schools
- Certified public accountants
- Construction
- Counselors
- Detectives
- Electricians
- Employment
- Finance companies
- Frozen dessert manufacturers
- Hawkers and peddlers
- Home improvement contractors and salespersons
- Insurance
- Lawyers
- Pharmacies and pharmacists
- Plumbers
- Securities brokers-dealers
For more information on taxes, visit
http://www.dat.state.md.us/
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