For many Maryland entrepreneurs, a franchise is the business of choice. It is a chance to start a new business with established products or services, marketing and trade name. The prospect may seem attractive, but it is important to conduct a substantial amount of due diligence before signing any documents.
Once the name of a limited liability company is secured, the required paperwork is filed and all of the fees are paid, many Maryland small business owners believe their legal obligations are fulfilled. However, when starting a new business as an LLC, there is another requirement -- creating an operating agreement. Certain elements must be included in this agreement in order to maintain the LLC's legal status.
Entrepreneurs face a myriad of decisions when it comes to starting their own businesses. For people in the Metro area who are looking to start a business, deciding where to do so is one of those decisions. It may be helpful to know that Bethesda was recently ranked number eight out of 463 cities in the United States for new business opportunities.
Entrepreneurs are often caught up in the excitement of starting a business and get ahead of themselves when it comes to the paperwork. If the appropriate paperwork is not taken care of before a new business gets off the ground, the business could fail without even having a chance to succeed. Maryland entrepreneurs would most likely benefit from finding out what legal paperwork they need and getting it executed before any problems arise.
One of the first considerations when starting a business in Maryland is how it will be structured. Making the decision to incorporate your new business involves more than just filing the Articles of Incorporation. Protecting yourself and the corporation involves additional considerations.
Making the decision to start your own business can be both exciting and frightening at the same time. When you choose to start a franchise as your new business, the amount of paperwork can be intimidating. A thorough review of all of the documents required and the steps that need to be taken is essential to understanding your rights and responsibilities under Maryland and federal law.
Taking an idea and turning it into a thriving company requires dealing with a significant number of legal and business issues. Understanding the laws that apply to the industry in which a Maryland resident is entering is critical. For instance, every new business that anticipates hiring employees needs to be aware of the Fair Labor Standards Act (FLSA) and its record keeping requirements regarding employee pay.
An owner of a Maryland business with a fiscal year that ended on Dec. 31 is most likely spending some time reviewing last year's finances during the month of January. As part of that process, it might be beneficial for an owner to review his or her business plan to see if any adjustments need to be made. This can include reviewing employee benefits and other incentives, customer service, customer satisfaction, and the company's financial strengths and weaknesses.
Since the start of the Great Recession in 2008, the outlook for small business owners was bleak. Any Maryland company that survived the recession was most likely forced to scale back an ambitious business plan in favor of being conservative and cautious. The latest Wells Fargo/Gallup Small Business Index reveals that, even though small business owners may remain cautious, there is reason to be optimistic.
In the past, small businesses in Maryland and elsewhere in the country used to receive discounts from health insurance carriers for healthy employees, while others were assessed a surcharge for employees who experienced numerous health issues. Beginning this year, the Affordable Care Act mandated that those discounts and surcharges cease. This will most likely require an adjustment to a company's business plan -- especially if it was receiving a discount.