Maryland Corporation and Partnership Law Key Terms
Understand key terminology associated with Maryland corporation and partnership law proceedings
The laws governing corporation, partnership formation and business vary by state. Maryland's corporation and partnership laws and regulations are unique to the state. It's important to understand the terminology frequently used in Maryland corporation and partnership law. Understanding these key terms will ensure that your participation in a partnership or formation of a partnership in Maryland will follow all relevant laws and be beneficial to your business.
Limited partnership
Under Maryland law, a limited partnership is a partnership in which a general partner is in charge of managerial decisions and responsible for any incurred debts. All other partners are considered to have limited partnership that releases them from liability and debt responsibility, but also prevents them from making managerial decisions independently.
Try: MedLawPlus explains the benefits and restrictions of a limited partnership in Maryland.
Articles of incorporation
Articles of incorporation, also called articles of organization, are a list of details about your corporation or partnership including its tax status, size, function and mission purpose.
Try: The Maryland Department of Assessment and Taxation offers an articles of incorporation form to show you this step of the corporation process.
Maryland modified income
The Maryland modified income is a Maryland corporation's taxable income after the application of the state's 8.25% tax. Most corporations and partnerships are required to file a Maryland modified income, but some nonprofit organizations are exempt.
Try: The Comptroller of Maryland explains the Maryland modified income and why it's part of Maryland corporate and partnership law.
Real Estate Investment Trust (REIT)
A Real Estate Investment Trust (REIT) is a corporation that deals mainly in real estate activity and is essentially tax-exempt. Maryland audits these companies and collects taxes from them after payments are made directly to the REIT.
Try: This article from the Center for Tax Studies explains how REITs work and what Maryland laws apply to this type of corporation.
Annotated Code of Maryland
The Annotated Code of Maryland is the entire collection of codes, laws and statutes applicable to Maryland corporations and partnership formation.
Try: PeoplesLaw.org explains how to find sections of the Annotated Code of Maryland pertaining to corporations and partnerships and how the code is organized.
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