There may come a point when you as a business owner need to get rid of a trade name. The name may no longer apply to your company or you may be rebranding. Whatever the cause, it’s critical to understand how to properly delete a trade name.
Checking with the office of business registration in your state is the first step in deleting a trade name. The procedures and regulations for deleting a trade name vary by state. You have to submit a Trade Name Cancellation to the Maryland Department of Assessments and Taxation, for instance.
You must submit the required forms once you have ascertained your state’s requirements. For the most part, this entails completing a Trade Name Cancellation form and submitting it along with any necessary costs. The cost to terminate a trade name in Maryland is $25.
Notify your clients and suppliers as soon as your trade name has been formally discontinued. Many other channels, including email, social media, and even press releases, can be used to accomplish this. In order to minimize misunderstanding and make sure that everyone is on the same page, it can be helpful to let people know when you have rebranded or changed the name of your company.
Yes, a business license is necessary for the majority of firms in Maryland. Both newly established enterprises and those that are moving their ownership or location fall under this category. Depending on the kind of business and the area, different business licenses in Maryland cost different amounts. In Maryland, does your LLC need to be renewed annually?
Yes, LLCs in Maryland are required to submit an Annual Report each year and pay a $300 filing fee. Penalties and the termination of your LLC status may arise from your failure to submit the Annual Report and pay the required fee.
Yes, you can run a sole proprietorship and sell online. It’s crucial to remember that a sole proprietorship offers no liability protection. This indicates that your personal assets may be at danger if your company is sued.
Personal liability is a solo proprietorship’s biggest danger. You personally bear all business-related debts and legal responsibilities as a solo proprietor. This means that your personal assets may be at danger if your company is sued or goes into debt. Furthermore, a sole proprietorship may be viewed as a hazardous venture by lenders and investors, which might make it challenging to borrow funds or develop your business.