* The name must indicate corporate status. It must contain “corporation”, incorporated”, or “limited” or end with an abbreviation of one of these words. The name may also contain or end with the word “company” but never preceded by the word “and” or a symbol for it. Names shall not imply any purpose that is not authorized by the charter. They shall not be the same as, or deceptively similar to, name of other domestic corporations or limited partnership, limited liability partnership, limited liability company; qualified foreign corporations, limited partnership, limited liability partnership, limited liability company; or names registered or reserved by any person or corporation.
Articles of Incorporation Requirements
- Minimum Number – Three or more. If only one or two shareholders, the number of directors can be less than three but not less than the number of shareholders.
- Residence Requirements. – No provision.
- Age Requirements – None.
- Directors are required to be listed in the articles of incorporation.
- The officers are not required to be listed in the articles of incorporation.
- An increase in the shares may cause an increase in the initial filing fee.
- Every business corporation shall submit an annual report on personal property to Department of Assessments and Taxation. Annual return is due by April 15. Filing fee of $100 must accompany return.
Income Tax Rate
- The income tax rate is 7%.
For more information on taxes, visit www.state.md.us
- Shareholders have limited liability protection
- May be listed and traded as a publiccorporation on the stock market or “over the counter”
- Has a separate and independent tax status from its owners
- Profits are not subject to “double taxation”
- Corporate losses may be “passed through” to share holders
- Shareholders are afforded the same protection as C Corp.
- Contains characteristics of both corporation and partnership
- Shareholders may take advantage of “Pass-Through” taxation
- Limited liability for share holders
Not for profit corp
- Eligible for tax-exempt status
- Limited Liability protection
- Qualify for public and private gains