Incorporation in Maryland

Find the right Business Incorporation attorney in Gaithersburg, MD

In Maryland, businesses are allowed to incorporate, thereby becoming their own legal entities. When an incorporated business acts, whether it is to buy and sell property, assent to contracts or exercise legal rights, the process is then attributable to the business itself and not its owners. The Maryland Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Maryland

An incorporated business enjoys certain benefits, the most important being a limit of liability for the shareholders. The most shareholders can lose is the amount they invest in the business. Without incorporation, the personal property of business owners is at stake should the company become unable to fulfill its debts. A corporation also allows creditors in the Gaithersburg area to assess the credit worthiness of the business as a whole rather than that of its owners, allowing the business to receive loans more easily. Lastly, the ownership stake in a corporation can be apportioned into uniform slices, known as "shares" of stock. This makes it possible to sell ownership investments in more manageable slices.

Costs of Incorporation

Incorporation comes at a price. First, Maryland may charge a filing fee to process applications for incorporation. Also, the corporation will pay taxes as its own entity. The individual incomes of the owners are still taxed also, and this can mean the same income is taxed twice, known as double taxation. With proper planning and assistance from a local Gaithersburg lawyer, you can avoid this disadvantage.

Talk to a Business Law Attorney now!

Life in Gaithersburg

Gaithersburg, Maryland is a city in Montgomery County. Its population is around 60,000 people. Gaithersburg, Maryland was founded in 1765, as a small agricultural community. By the late 1800s, BO Railroad had built a station in Gaithersburg, which accelerated its growth. The station was designed by an Ephraim Francis Baldwin, a famous architect known for designing ornate, Victorian-style train stations. In 1899, Gaithersburg was selected as one of six sites for the construction of the International Latitude Observatory, which was an international effort of scientists to precisely measure Earth's "wobble" on its axis of rotation. Six observatories were built in different parts of the world, on the exact same line of latitude. They would then all focus on the same groups of stars, and each one would measure the stars' apparent movement very precisely, using this data they could obtain very precise data about the movement of Earth's axis. The Observatory in Gaithersburg is an important site in the history of science. It has been designated a National Historic Landmark, and is a popular destination for science enthusiasts to visit. Modernly, Gaithersburg is very diverse, both economically, and demographically. For this reason, there are many competent lawyers of various specialties in Gaithersburg. This means that, if you are facing any type of legal issue, there is a Gaithersburg, Maryland lawyer who can help you with it.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Howard B.
Howard B.

Business - Litigation

Rye Brook, NY

Mark B.
Mark B.

Business - Litigation

Roseland, NJ

David A.
David A.

Business - Litigation

Walnut Creek, CA