One of the greatest states in the US to launch a business is Maryland. Their laws are quite open to business, and the state has a great business climate. A Limited Liability Company (LLC) is one of the most common business structures that entrepreneurs choose to establish in Maryland. But in Maryland, do you need to renew your LLC annually? No, is the response.
Maryland does not require LLCs to renew their registration every year, in contrast to certain other states. You do not need to renew your LLC registration annually once you have done so with the Maryland Department of Assessments and Taxation (SDAT). Instead, to maintain the status of your LLC, you must submit an Annual Report to the SDAT each year.
You must include information about your LLC, including its name, the names and addresses of its members, and the contact information for its registered agent, in order to complete an Annual Report. The filing fee for the annual report is $300. Every year, the Annual Report is due on April 15th. You could incur fines and your LLC could be dissolved if you don’t submit your annual report by the deadline.
You can look out your company’s registration status on the website of the Maryland Department of Assessments and Taxation if you’re unsure. You can conduct a search for your company using either the name or the business entity number. Before conducting business in Maryland, you must register your company with the SDAT if you discover that it is not already registered.
You should file a trade name registration with the SDAT if you intend to conduct business in Maryland under a name different than the legal name of your LLC. The procedure for registering a trade name is quite easy and can be completed online. A commercial name registration costs $25.
Last but not least, even if you have an LLC, you still need a business license. You might need to obtain one or more business licenses depending on the kind of business you run and where it is located. To find out what licenses you require, you can contact your local government or the Maryland Department of Commerce.
In conclusion, even though your Maryland LLC does not need to be renewed annually, you still need to submit an annual report. If you intend to conduct business in Maryland, you must also register your company and trade name with the SDAT. Finally, even if you have an LLC, you still need a business license.
You can send in Form SS-4 by mail or submit an online application through the IRS website to get a tax ID number for your company in Maryland. Along with your personal information as the business owner, you will need to supply information about your company, including its legal name and address. Once you have it, you must use it for tax-related activities including paying employees and submitting taxes.