Legal Question in Business Law in Maryland
Entity
I am starting an online store selling adults products. I am needing help deciding on which entity is best for me, sole proprietorship or LLC. Once that is decided do I file for a TIN first or the business name......? Is there an order that these items need to be filed in and if so what is it? Thank you in advance for your advice.
1 Answer from Attorneys
Re: Entity
If you want to protect your personal assets from exposure to business debts, etc., and have a more formal business structure, an LLC is a good way to do it. You need to register with the State Dept. of Assessments and Taxation--there are forms for this. Once you are chartered, you apply to IRS for a TIN. You would be well advised to cosult with both a business attorney and a CPA before moving forward.
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