April, 2019 | Towson Tax Attorney

What is a Trust? The Basics of Forming a Maryland Trust

It’s common to hear attorneys and others refer to trusts, but you may not know exactly what they are or why they are needed. A trust is similar to an entity, such as a corporation or an LLC, in that a trust has a separate identity from either the person that formed it or the people it is intended to benefit. The trust may own property in its own name and may even have a separate tax ID for its dealings with the IRS.

Registering a Trade Name in Maryland

Depending upon your business and your company’s marketing strategies, you may at some time consider operating under a new or second name. In such cases, you should consider using a registered trade name for your business. Since businesses evolve and sometimes move into multiple, distinct lines of business, a trade name can sometimes allow you to market a new line of business without changing the name of the entity or forming a second entity.