How to Open a Retail Business in Wicomico County, MD

So, you are ready to spring into the wonderful world of being a retail business owner. Welcome to the American Dream.

Before you rent a space, load it with inventory, and swing open your doors to let in that first eager customer, you need to be sure that you have met all the "legal" requirements for Wicomico County.

The State of Maryland and Wicomico County in particular, is not a difficult place to open a business if you know in advance what to have at the ready.

Register a Trade Name and getting organized-

A Trade Name, or "doing business as" (DBA) name, will aid you in the future. Why, you ask? It will aid you in opening a bank account for your business and keeping your business and personal finances separated.

You can get an application for a trade name from the charter division of the State of Maryland Department of Assessments and Taxation.

If you are starting an LLC, Limited Liability Company, you will also need to complete and submit your articles of organization. If this is the type of company you chose to create, be sure you have this at the ready. I suggest once they have been returned to you from the state, stamped and signed, that you make a few copies and have the originals put in a safe secure location.

Time to get Tax ready-

The next step in the process is to get your Federal Tax Identification number. Commonly referred to as an Employer Identification Number, or EIN, it is issued by the IRS and you cannot do business legally without one.

Because you will be making sales in the State of Maryland, you will also need to register for Sales and Use Tax. To do this (and to register for other Maryland taxes that may apply based on sales of Alcohol or Tobacco) you need to fill out the Combined Registration Application.

Time to get Licensed-

Every County and local Municipality is different as to what Licenses are required for what type of business. For generalization purposes, I have outlined the extreme basics to get you started in the right direction.

In Wicomico County, you must take a trip to Salisbury, MD. There in the Municipal (or multi-purpose building) you will find the Clerk of the Circuit Court. The clerk's office will direct you as to exactly which business licenses you will require based on inventory, location, and type of business.

You are now a "legal" business owner, so what's next?-

With all the legalities out of the way, you are now free to get down to the business end of your retail adventure. Contacting suppliers, stocking shelves, hiring employees, and opening accounts are all waiting ahead of you.

Many suppliers will want you to have a Dunn & Bradstreet Number. While not a "requirement" of business it is a helpful way to keep track of that pesky thing called a credit rating.

With a bright future ahead, all that is left to do is jump in. Wicomico County is a wonderful outlet for business on Maryland's Eastern Shore. Catering to consumers from Maryland, Delaware, and Virginia it provides a vast scope of marketable possibilities. Good luck and good fortune in your business venture.

Resources-
Business License Information System- http://www.blis.state.md.us/BusinessStartup.aspx
IRS website- www.irs.gov
Comptroller of Maryland- www.marylandtaxes.com/default.asp