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What laws govern Maryland Business formation?

Before launching a new business, entrepreneurs in Maryland must understand what laws govern their business and industry. Applicable laws may be at the local, state or federal level.

In Maryland, law topics that are relevant to business include antitrust, securities, general business, commercial, deceptive trade practice and corporation laws, among others. According to a document published by the Department of Business and Economic Development and the Maryland Office of the Attorney General, Business formation is governed under the laws of the state; in general, federal laws do not regulate business forms.

The state of Maryland recognizes a number of business forms to provide entrepreneurs with the flexibility needed to sustain business growth in the state. Businesses may form as corporations, general partnerships, limited liability partnerships, limited partnerships, limited liability limited partnerships or limited liability companies. Each type of business is regulated by specific rules regarding liability and taxation. Maryland law also allows for foreign or out-of-state companies that do business within the state.

Once a business forms in the state, it is subject to other laws. All businesses are subject to employment laws, which include things such as equal employment opportunity, health and safety standards, wage requirements and workers' compensation. Financial and public companies must consider securities laws, developers must consider resource laws and all companies must comply with state environmental regulations.

Other laws businesses in Maryland must consider cover topics such as franchising, consumer protection, assistance to agriculture and financial assistance. As you can see, business law in the state can be complex, which is why it's important to seek an understanding of relevant legal matters prior to Business formation.

Source: The State of Maryland, "Guide to Legal Aspects of Doing Business in Maryland" Aug. 15, 2014

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