Incorporate In Maine

Located at the Northeast tip of the United States, Maine is famous for its rocky coastline, its mountainous scenery and its seafood cuisine.

Ranked as the 41st most populous, the “Pine Tree State” is seen as one of the safest of all 50 US states in which to live. The state’s economy is based mainly on fishing, naval shipbuilding, agriculture, and tourism.

Benefits of incorporating in Maine:

Protection of personal assets

Entrepreneurs incorporating in Maine should feel confident knowing that their personal assets are protected. Corporations and limited liability companies separate the assets and liabilities of companies from the personal assets of the business owner.

Enhanced credibility

Whether starting a new business or incorporating an existing one, incorporation makes a business appear more credible to potential customers, suppliers and investors. You also have the security of operating under US law.

Your corporate name can boost your brand

Maine requires that C corporations and LLC not have names that are the same or could be confused with a business already in existence. To make sure your business name is eligible Inc. Plan can help you choose a unique C-Corp or LLC name. A distinctive corporate name enhances your company’s reputation and also helps protect the identity of your brand.

Tax flexibility and benefits

The state of Maine gives you the freedom to choose to operate your business either as a C corp or an LLC. However, the type of business entity you choose determines the nature of the taxes your incorporation will be submitted to. Maine law assesses taxes based on the company’s net income for C corps and taxes calculated according to the personal income of LLC members.

Residency Requirements

Maine does not have any residency requirements. Owners and directors do not need to live in state to legally operate a South Carolina company. Before your firm is legally eligible to operate make sure you possess all the required business licenses, permits, and tax registrations. Inc. Plan can help you stay in compliance with state law.

Other incorporating requirements

In Maine, both C-corps and LLCs must have one or more directors or members. Also, the state doesn’t require that officers or directors be listed in the incorporation documents.

Requirements for forming an LLC in Maine:

When forming a Limited Liability Company certain steps must be taken to keep the business in compliance on an ongoing basis.

Name requirements for LLCs

Maine LLCs are allowed name designations that end with the term “Limited Liability Company” or the abbreviations “LLC” and “L.L.C.”. Any variations of the words “Bank”, “Insurance” or “Trust”, and any name indicating a financial activity need a special approval from the state’s authorities.

LLC filing requirements

If you decide to form an LLC in Maine, then you are required to file a formation document called Articles of Organization. Additionally, Maine-based LLCs are required to submit an annual report that is due by June 1st.

Required information for the Articles of Organization

The Articles of Organization must contain the name and address of a registered agent which resides in Maine, and which is available to manage legal and tax business documentation. For more help with the incorporation filing or for registered agent services contact Inc. Plan (USA).

LLC taxes and fees

In Maine, in most cases, LLCs are classified as partnerships or C-corps for the state’s tax purposes. If it is treated as a partnership, the LLC will be taxed based on its members’ adjustable gross income and not on the company’s revenue. However, if the LLC is classified as a C corporation, then it will be taxed according to a regular C-Corp.

Requirements for forming a C corporation in Maine:

Each of the 50 American states has its requirements for incorporating. The essential requirements for C corporations established in Maine are as follow:

Name requirements for C corporations

The name designations allowed in Maine are “Company”, “Corporation”, “Incorporated” or “Limited”, along with their abbreviations. However, the name must not be likely to mislead the public and if it contains the terms “Bank”, “Banc”, “Insurance”, “Savings” or “Trust” the company needs an approval from the state’s authorities.

Filing requirements in Maine

In order to incorporate in Maine, entrepreneurs must file a formation document called Articles of Incorporation and an annual report due by June 1st.

Required information for the Article of Incorporation

The Articles of Incorporation require a listing of the company’s authorized shares and per value, as well as the name and address of a registered agent with a physical Maine address. Any increase in the share stock could affect the initial filing costs. Inc. Plan (USA) can help you with the necessary filings and also with qualified registered agent service.

Taxes and fees requirements

Both domestic and foreign C corporations must pay a corporate income tax at a minimum tax rate of 3.5% annually. The minimum tax rate applies to incomes up to $25 000. The corporate income tax is calculated based on the company’s taxable income generated within Maine.

If you are ready to get started you can fill out our application or call 1-302-428-1200 for a Free 30 Minute Live Consultation.

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