You’ve finally done it! You have a solid business plan, and now it’s time to register your business, but how? Running a company, even when it’s a small business, is a big task. Registering your Maryland business means that there are nuances that you need to pay attention to, especially when it comes to taxes. Today we’ll provide a quick guide on how to register your Maryland business and discuss some business insurance aspects as well.
Step 1: Register Your Business with the Maryland Department of Assessments and Taxation
Maryland Business’ express has an award-winning online filing portal that makes this step straightforward and manageable. It accepts filings for most entity types. After becoming approved, the Department of Assessments in Taxation will give you an SDAT identification number that will start with one of the following letters: D, F, W, L, T, or Z. An SDAT identification number helps the state of Maryland to identify your business uniquely. An SDAT identification number is different from the FEIN number that the IRS gives you, which financial institutions need so that you can open an account with them.
Remember to keep your identification numbers in order, because although they may look the same, they are different indeed. Also, depending on your specific field, you may need to register with multiple state, federal, and local agencies, so it’s crucial to keep these numbers straight.
Step 2: Obtain a FEIN from the IRS
The second step is to obtain a Federal Employer Identification Number (FEIN) from the IRS. You can apply for a FEIN by going onto the IRS website. Some of the reasons that you may need a FEIN are, but aren’t limited to:
- Being able to pay federal and state taxes
- Being able to receive a Maryland TAX ID number from Maryland Comptroller’s office
- Opening a Business Bank Account
- Hiring Employees
Step 3: Apply for Maryland Tax Accounts and Insurances
Depending on the type of Maryland business you own, you are liable for applying for specific taxes. For example, if you plan on charging a sales tax, then you have to register a sales and use tax license. If you’re in the industrial field, then, by law, you have to subject to Maryland’s unemployment insurance law. A lot of nonprofits and educational facilities have to do the same as well. These are two of many more examples that exist, and you can use the Maryland Comptroller’s website to apply for a variety of tax and insurance accounts in one swoop.
Step 4: Obtain Licenses and Permits
You can do this step in a one-stop-shop just like with Maryland tax accounts and licenses. An example of this is obtaining a permit to distribute food.
Step 5: Purchase Business Insurance
Here’s where we play a factor. If you own a start-up Maryland business, then you’re going to need business insurance, and we can help! Not only do we offer superior business insurance, but we provide individual policies if you plan on hiring employees. Call us so that we can discuss workers comp, property insurance, and more!
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.