After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Maryland corporations.
Maryland corporate records
Maryland corporations must keep the following with their corporate records in written form or in a form that can be easily converted to written form:
- Books and records of its accounts and transactions
- Minutes of director and shareholder meetings
- Minutes of any meetings of committees exercising the powers of the board of directors
Maryland corporate taxes and fees
The following are taxation requirements and ongoing fees for Maryland corporations:
- Annual report. Maryland requires corporations to file an annual report (Personal Property Return) by April 15. The filing fee is $300.
- Taxes. For complete details on state taxes for Maryland corporations, visit Business Owner's Toolkit or the State of Maryland.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. Maryland requires a state tax identification number.
Maryland business licenses
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
Maryland recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional Maryland information
View the following additional resources BizFilings has for forming and maintaining companies in Maryland:
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