Business As Usual In Maine
by Augustine Krie
http://www.ramaine.com
For those wanting to start a business in Maine, the state
government has made it very easy. Your business will fall
under two categories set up by the state of Maine. They
include new businesses and businesses previously registered
in one of the other states. Maine requires that all
businesses acquire a license provided by the state
government.
If you are planning to start a new business in Maine, you
need to determine what type of business you wish to start.
The options include corporations, nonprofit businesses,
limited liability companies (LLC), partnerships, and
limited liability partnerships (LLP). Each option focuses
on a different type of business and you should be well
versed on what each specific option entails to determine
which is the best for you. Different businesses will
require different features, so choose which type of
business carefully to ensure you are not delayed in
receiving the paperwork to make your business official.
Is your business suitable for a non-profit designation?
You'll need to be well educated in the specific regulations
governing this business tyep. The IRS looks upon these
types of enitities in a different light; however, if you
take advantage of this view it can lead to some difficult
consequences.
After determining the type of business you'd like to start
in Maine, you'll need to determine the new name for your
business. Do a nation-wide search to ensure that this name
is original and then you'll have to register it with the
state of Maine. If your business name idea is already taken
then, unfortunately, you'll have to choose another. You
won't be allowed to conduct business under the same
fictitious name. You'll be able to search your the state
records to determine this before registering with the state
of Maine.
A ficticious, or trade name, is the name you'll do business
under. Your trade name will be your business name minus the
suffix of Corporation, LLP or whatever business entity you
decide to choose. When you've decided upon that perfect
name for your business, you'll then be able to contact the
Maine Secretary of State and begin the required filing of
paperwork to begin your business venture.
It's possible that you may need to obtain special state
licenses depending on the type of business you plan on
running. Once you get your paperwork back from Maine's
Secretary of State, you'll need to register your business
with the Maine Revenue Service to obtain your tax number
and information on taxation. Sales tax must be collected
by entities selling goods and some services in the state
of Maine. You need to educate yourself whether this is
required for your particular business before beginning.
Knowing this ahead of time will greatly aide in saving you
headaches regarding properly filing taxes when they are
due.
As with starting any business, it's important that you
educate yourself before jumping in with both feet. You'll
want to talk to proper professionals for guidance. A good
business lawyer and accountant can help you acheive your
business goals both ethically and legally.
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