How to Start an LLC in Maine
With small businesses making up over 99% of all businesses in Maine, it is one of the best states to start an LLC. The state provides multiple financial and tax incentives. Small businesses in Maine can also receive various development funds, investment opportunities, and credit exemptions. Moreover, starting an LLC in Maine is fast, easy, and cost-effective.
So let’s find out how you can start an LLC in Maine in only 5 steps:
Pick a Business Name
Every new business in Maine needs a unique and distinctive name. Therefore, the first step involves brainstorming some business name ideas. Make sure the name you choose complies with Maine LLC names regulations and is available for registration.
While you can move on to the next step right away, it is advisable to reserve the business name first when starting an LLC in Maine. You can reserve your chosen Maine LLC name for 120 days for a small fee of $20. This provides you plenty of time to carry out the remaining steps. Click here for the Application for Reservation of Name. You can download it, fill it out manually, and mail it to the address of the Secretary of State or file it online at the Maine Secretary of State website.
Assign a Registered Agent
Assigning a registered agent is essential for starting an LLC in Maine. A registered agent is the official representative of an LLC on its behalf at the Secretary of State and is responsible for handling all documents and paperwork.
You or a business member can be your LLC’s registered agent. However, the state of Maine requirements for LLC registered agents require a physical street address within the state, among other eligibility criteria. If you and your business members don’t fulfill the requirements, you can hire a professional registered agent service to complete this step.
It is important to note that registering an LLC agent is a two-step process. You must submit a form naming your business’s LLC, and your agent must accept their position formally for the step to be completed.
File Certificate of Formation
To start an LLC in Maine, you must complete the step of filing a certificate of formation with the utmost attention. The certificate of formation is a document requiring basic information about the established business. While the step does not take long, the information entered must be true and free of mistakes. The information required by the Maine LLC Certificate of Formation includes the following:
Business name
Business designation as either a low-profit or professional LLC
Details of registered agent
Details of business members
Name and signature of the person filing this form
The Maine LCC Certificate of Formation also requires a cover letter. This cover letter must include the following:
Business or organization name
List of details included in Certificate of Formation
Name, phone number, and address of the registered agent as contact information
Special handling request if you require expedited filing
You can find the Maine Certificate of Formation form here. The form is downloadable since it can only be filed through the mail. The filing fee is $175. However, you can expedite the process for an additional $50. An additional $100 will allow you to get the form processed and start an LLC in Maine on the same day.
Create an LLC Operating Agreement
While most states do not require an LLC operating agreement, this step is essential to start an LLC in Maine. It is a document containing the details of the LLC’s operations, regulations, and procedures.
An operating agreement is helpful as it can protect you and your business from unwarranted demands and claims. A standard Maine LLC operating agreement contains information on business members' contributions, roles, and responsibilities, profit sharing, and voting rights. It also includes eliminating and adding business members and recruiting employees. If the business duration is temporary, it can explain the business's terms and process of dissolution.
Click here to find a free template for the Maine LLC operating agreement so you can easily make one for your business.
Register for Employer Identification Number
The last step to officially start an LLC in Maine involves registering your business with the Internal Revenue Service (IRS) to receive an Employer Identification Number or EIN. EIN is also sometimes referred to as a Tax ID Number. Without an EIN, you won’t be able to file business taxes, hire employees, or open a bank account.
Fortunately, completing this step is easy and free. Click on this link to get an EIN for your business.
That’s it! Your Maine LCC is now established. However, there is a difference between starting a business and starting a business successfully. Making the business legal on paper is vital, but it doesn’t bring any customers or earn you profit. For that, you must get a business website and market your business.
Get a Website and Market Your Business
The digital age has transformed how businesses run. In today’s times, audience searches for all their needs and wants on the internet. Hence, marking your business’s presence on the digital landscape is essential to get discovered by your customers. But as much as getting a website is essential, waiting for the audience to discover your business won’t get you or your business far. You must constantly market your business to gain new customers and maintain the initial ones.
So let’s see how you can complete this step efficiently:
You must find a host, secure a domain, build a website interface, design the website layout, write copy, and add images/videos to get a website. You must also optimize it frequently, so it shows on top of search engines. On the other hand, marketing the business will require creating social media profiles, running sponsored ads on local websites and newspapers, and making business accounts on platforms like Nextdoor, Yelp, etc. You must also create content for marketing and update all the platforms regularly to stay ahead of your competitors.
Surely, the final step of starting an LLC in Maine is the most difficult. But you can make it easy by heading on to Trady.com.
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Building a website with Trady.com and using its marketing services is like hiring a team of designers and marketers for a fraction of the cost. Start with Trady.com’s 14-day free trial to learn more.