An LLC can be set up to exist indefinitely or to end its activities after a certain time, and it can enter contracts or carry-on other business as determined by its members. However, the law is very flexible about an LLC’s powers, meaning the actions it can take. The law also contains some requirements for operating an existing LLC in Maryland. An LLC may conduct activities related to any lawful business, purpose, investment, or activity, whether for profit or not for profit, except the business of acting as an insurer. Corporations and Associations Article, Limited Liability Company Act, Title 4A). In Maryland, detailed requirements for creating or forming an LLC are in the Maryland LLC Act (Md. What is a Limited Liability Company (LLC)?Īn LLC is distinct from other types of companies. If there is more than one member, then it is strongly recommended that all of the members sign an Operating Agreement, as discussed briefly at the end of this article. This article will be most helpful to a single owner, also called a “member,” who wants to form an LLC. This article does not, however, cover the many Maryland laws that you must follow in order to run a business and it does not cover the advantages, disadvantages, or requirements for other types of companies. This article provides a step-by-step guide to starting an LLC in Maryland, including the cost. This article will help you understand what a Limited Liability Company (LLC) is and why it may be a good option for you. Four of the most common are a sole proprietorship, partnership, limited liability company, and corporation. When you start a company, you can choose between several general types of companies. What is a Limited Liability Company (LLC)?.
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