Legal Question in Business Law in Maryland
S Corporation
We own an S Corporation, incorporated in FL, that specializes in web design.
We now live in MD and are purchasing a retail shop (unrelated to web business). Can we use our existing S Corporation or do we need to create a new one?
2 Answers from Attorneys
Re: S Corporation
You will want to check the statute in Maryland to see if the organization is "doing business" there (which, it is likely, it is). Each State provides guidance on this. If the company is "doing business" in Maryland then you will want to follow the procedure to register the Florida organization to be "doing business" in the State of Maryland.
Re: S Corporation
You should first check your corporate charter to make sure that the corporate mission as stated is broad enough to encompass the operation of a retail business. Even if it is, you may want to form a new MD corporation, so as to avoid cross-business liability (i.e., debts from one business affecting the other).
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