Starting a Business

Small Business. Big Potential.

• Open a Small Business Account
• Small Business Inquiry
• MECU Business Services
• IRS – A-Z Index for Business
• Maryland Checklist for new Businesses
• Small Business Resource Center

Let's face it: big banks cater to big business. Don't let them make you feel small. Let us be your financial partner and help you get your small business started. Here a few tips and resources to guide you along the way to owning your very own small business.

• Select your business structure - The first thing you need to is decide on a business structure. The most common forms of business structures are the sole proprietorship, partnership, corporation and limited liability company. Research each to determine which is most appropriate for your business.
• Create or register your business - What will you call your business? Make sure that you research your name to be sure it's available and then file all the necessary forms to make it your own.
• Obtain personal property tax information - Depending on what business structure you have chosen, you may need to obtain an identification number by registering with the Department of Assessments and Taxation, and file an annual personal property return each year on things like furniture, equipment and tools used for your business. You'll also need to register for a Tax ID number an employer identification number.
• Register a trade name - You can distinguish your business from other businesses by registering a trade name or a trademark. Whenever someone sees your name or your unique symbol or logo, they'll know it's associated with your business.
• Obtain federal, state, county, and local tax information - Every business needs to pay taxes on their earnings. Determine what types of taxes you'll need to pay by contacting the Internal Revenue Service (IRS).
• Check county and local zoning requirements - Make sure the location you choose for your business is properly zoned for your business activity. Contact the planning and zoning department in the county in which your business will be located for zoning information.
• Check State and Local License Requirements - Many businesses in the State of Maryland require a business license. Contact the Clerk of the Circuit Court in the county in which your business will be located to determine what type of license or permits you will need and apply for those licenses by completing the Application for Maryland Business License