No, but it’s a lot cleaner and easier for accounting and tax purposes if you do, since you need to separate out business expenses and income from your personal expenses. It’s a much better business practice as well since there may come a time when you’d like to obtain business financing,... View More

Definitely you should have a stockholders agreement, to cover disputes over major decisions, control of the company, how matters are resolved (majority vote or unanimous), restrictions on resale of stock or issuance of new stock to new owners; the authority of the president to fire or modify the... View More

Consult a lawyer. You can issue stock on behalf of the company as the director or officer, to yourself, by use of a bill of sale or stock subscription agreement. You need to check your articles of incorporation and any stockholder's agreement, by-laws, etc., to confirm how many shares of... View More

Yes, one person can hold more than one office in a company, and sign under both titles. To support the official appointment of the person to those offices, it may be beneficial to draft a resolution of the shareholders or board of directors making the appointment, and placing the resolution in the... View More

A vending machine license is not required if the following items are offered for sale:

Cigarettes - (Special laws govern the sales of cigarettes through a vending machine. For more information, contact the State License Bureau or the Clerk of the Circuit Court in the county in which the... View More

You do not need to establish a business to self publish a book, but there are several advantages to to doing so. For instance, you can deduct businesses expenses you may have incurred in making your book from your tax liability.

Sole proprietorships, partnerships, and LLCs each have... View More

Electing "close corporation" status does not alter the fact that a close corporation is also a "stock" corporation, as you put it. The benefit of electing "close" status is that a smaller corporation with fewer stockholders can maintain corporate status and management... View More

Ship chandler is a term that's used more loosely than traditional seagoing slots for which licensing credentialing is clear, such as second engineer for first officer. If the employer has any kind of requirement to maintain merchant marine credentialing, information on seagoing credentialing... View More

“Under the doctrine of ‘patent exhaustion,’” United States Supreme Court Chief Justice John G. Roberts Jr., wrote in a 2017 decision, “once a patent holder sells an item, it can no longer control the item through the patent laws.... The purchaser and all subsequent owners are free to use... View More

Until you turn 18, you are deemed a minor without legal capacity to enter into binding enforceable contracts. That means no other parties will agree to do business with you if they know you are a minor. Banks require that you show photo ID and proof of age, so you cannot open an account solely in... View More

There is no list of disqualifying convictions. Rather, the applicant's specific circumstances, nature of the crime, age of the conviction, etc., are all considered to determine if the applicant meets the good "character" requirement. Here is the explanation given on the MHIC... View More

No.

Maryland law does not require any identification of owners in the Articles. However, other important formation paperwork should identify the owning members, including the Operating Agreement and ideally Membership Certificates.

While not legal advice I hope that this general... View More

Articles of Organization do not ordinarily list who the business owners are, so in most cases they have no effect on who the member(s) might be. The member(s) should be identified in the Operating Agreement, in the membership certificates and on federal and state tax filings.

You are... View More

You may be able to create the LLC with your son as the sole member. However, if he is a minor, he is not capable of entering into contracts or be able to act as an "Organizer", the person who files the paperwork in Maryland to create the LLC. There will be other issues to consider... View More

It would seem you should be able to set up a Maryland entity that serves the function of the travel agency. Likewise, in stating the purposes for the formation of the company, you can list more than one purpose. If the marketing arm will be primarily functioning in Georgia, you would need to have... View More

It is just a courtesy form the state is sending out. However, it may be useful to have a certificate of good standing, particularly if you want to open a bank account for the new LLC.

A corporation is like a separate person. The fact that you have rights in the person does not give you rights in its property. Those rights are defined by corporate law, the articles of incorporation, the bylaws, and any applicable contracts

The IRS form you mention is for a business to elect to be taxed as a Subchapter S corporation. There are several other ways businesses might be taxed and several situations where a business might file this form. Part II asks information about whether the entity is an existing or new entity. An... View More

Say what? How can anyone know whether you "have a Maryland Consumer Loan license" or not? And why do you not know?

You can withdraw from the company, boot it out of your home, and demand liquidation of the assets, and either pay your co-owner their fair share of the costs they expended on the equipment, or otherwise buy out out the equipment. Meantime, start a new LLC and begin cabinet making under a new... View More