LLC is short for Limited Liability Company. It is a stand-alone entity which is treated as separate from the person or people that own and operate it, thereby protecting them from personal liability.
What is a Sole Proprietorship?
A business entity that is wholly controlled by one person but one that does not provide any protection against personal liability.
What is a Partnership?
A business entity owned jointly by 2 or more people or partners is called a partnership. Each individual partner is liable and responsible for all aspects of the business operations.
Is there anything that needs to be kept in mind when choosing a name for an LLC?
As per the Maryland law, the name of an LLC name must contain one of the following: the abbreviation “L.L.C.,” “LLC,” “L.C.” or “LC” or “limited liability company” in complete. Also keep in mind that the name should not be similar to any other businesses which is already a part of the Maryland business name database.
What is a registered agent?
A registered agent is Maryland citizen over 18 or business entity located physically in Maryland that agrees to accept legal papers on behalf of the LLC in case it is sued.
How can an attorney be of help when negotiating a commercial lease?
Commercial leases have a higher degree of complexity and liability associated with them which an experienced attorney can help review and negotiate to your advantage.