Phase 1 — Foundation
- Choose Business Structure & Name
Select LLC or Corporation.
Confirm name availability with Maryland Business Express.
(Optional) Reserve name ($25).
- Secure Business Mailing Address
Use Anytime Mailbox for a Maryland street address (not P.O. Box).
Cost: $9.99–$19.99/month.
- Appoint Resident Agent
Must have a Maryland street address.
Can be you, a trusted adult, or a professional service.
- File Articles of Organization / Incorporation
Submit via Maryland Business Express.
Fee: $100 + portal fee (~$103 total).
Expedited: $50 extra; Same-day: $325 extra.
- Obtain EIN from IRS
Apply online.
Cost: Free.
Phase 2 — Capitalization
- Execute Capital Contribution Agreement
Each owner contributes capital (cash, property, or services).
Defines ownership percentages.
Contributions deposited into the Operating account.
- Execute Loan Agreement(s) (if applicable)
Lenders (inside or outside) provide funds under written terms.
Clearly states loan amount, repayment, interest, and maturity.
Keeps debt and equity legally separate.
Phase 3 — Banking Setup (STOP Method across 4 Platforms)
- Open Business Bank & FinTech Accounts
Savings → Bluevine (sub-accounts, 2.0–2.5% APY).
Taxes → Novo (use “Reserves” buckets for Federal & Maryland).
Operations → Stripe Treasury/Stripe Checking (all sales revenue flows here, pay bills & suppliers).
Petty Cash → PayPal Business (for small, daily transactions).
- Automate STOP Allocation
Each deposit (from Stripe or clients):
30% → Taxes (Novo).
10% → Savings (Bluevine).
5% → Petty Cash (PayPal).
55% → Operations (Stripe).
Phase 4 — Infrastructure
- Get Toll-Free (1-800) Number
Lean option: Twilio (~$2 + usage).
Full-service: Grasshopper (from $26/month).
- Register Maryland Tax Accounts
Sales & Use tax, payroll withholding (if applicable).
Cost: Free.
- Trader’s License (if retail)
Apply with County Clerk of Court.
Cost: $15–$800 (based on inventory).
Phase 5 — Ongoing Compliance
- Annual Report / Personal Property Return
Due April 15 each year.
$300 unless waived through MarylandSaves/qualified plan.
- Maintain Corporate Records
Keep signed copies of:
Articles of Organization/Incorporation
Operating Agreement / Bylaws
Capital Contribution Agreement
Loan Agreement(s)
Minutes of first meeting
✅ By following these steps in order, you will:
Establish your business legally in the Maryland Republic.
Secure ownership structure with capital contribution agreements.
Access funding with loan agreements.
Build strong financial discipline through the STOP method (Savings, Taxes, Operations, Petty Cash).
Stay compliant with Maryland law and annual filings.
