Step By Step

Need an idea for a business? Try some of these resources:

- Interested in technology? Take a look at Technology Transfer

- Consider purchasing a franchise

- Want to team up with an inventor or other founder? Check out partnership meet-ups such as CoFoundersLab or see the areas newest startups at one of our monthly Columbia Tech Breakfast events

Steps and considerations in choosing your business name

Verify you're not violating another trademark by searching the US Trademark Database

Register your trade name in Maryland

Optional: Research and file a trademark for your business in Maryland and / or at the national level

Considerations for choosing your legal structure (Note: consult with an attorney or accountant for professional insight on the best legal structure for your business based on your plans and goals). Additional articles for choosing your legal structure:

- Choose Your Business Structure (Entrepreneur Magazine article)

- Should your business be an LLC or an S-Corp? and How to Incorporate (Inc Magazine articles)

File your Articles of Incorporation with the State of Maryland

Learn about and obtain your Federal Employer Identification Number

Register with the State of Maryland for income and personal property taxes (can also register for payrol witholding through same link)

The SBA website provides a thorough checklist for getting set up to hire your first employee and setting up your payroll system. 

Investigate and obtain Workman's Compensation insurance.

Make sure when you registeted with the State of Maryland you signed up for income tax witholding.

If you want help in issuing your payroll and making sure your taxes get paid, considering using a Payroll Service. The SBA website provides insights but make sure you compare several company's services and pricing before selecting one. Your best bet is to ask for referrals from business owners you know!