Maine Business Facts
Small businesses make up a great part of Maine’s economy. In 2014, three-fifths of the private workforce comes from companies with less than 500 employees. One of the big challenges Maine is confronted with is the sparse population. Hence, the need to strengthen tourism in Maine is highly imperative.
Major Companies Headquartered in Maine
Maine is the headquarters of many major companies including L.L.Bean, DEXX Laboratories, Ahlstrom-Munksjö, TD Bank, and Hannaford Supermarkets.
Starting a business in Maine is easy because of the ready access to capital, collaborative environment, and supportive communities. For many startups, conforming to state regulations and obtaining mandatory licenses or permits is reasonably straightforward and simple.
There are 3 basic options: a Corporation, LLC or DBA. Click here to learn more about business entities.
Step 2: Choose a Business Name
Choosing a business name is easier said than done – many legal and business problems can arise from picking the wrong name (you can always change it later but the less times you have to do that the better). In Step 3 we’ll show you how to search for the name in Maine, but we highly recommend you do the following before searching Maine state databases:
NOTE: Familiarize yourself with the Maine naming guidelines. LLC entity names need to contain the words Limited Liability Company or the abbreviation LLC, and certain words are restricted or prohibited.
Restrictions on Maine Business Name & Business Purpose
Each state has its own requirements for registering a business. Now that you’ve chosen a business structure and selected your business name, here are the requirements to register your business in Maine.
How to form an LLC in Maine
How to Incorporate in Maine
NOTE: When registering a new company the Secretary of State can take several weeks to file the paperwork. You can expedite the process by hand delivering the documents directly to them or one of their field offices and paying an additional fee.
TIP: Check our order form to see how long Maine is currently taking to process regular and expedited orders.
How to File a DBA in Maine
Optional Considerations when registering a Maine business
Ready to register a business in Maine?
To keep business and personal expenses separate, you should open a separate account for your business. In addition, getting business credit cards is how you begin to build a company credit profile (corporation or LLC required) and can later qualify for larger loans and lines of credit. To open the account simply call your chosen bank and inquire on the steps to open a business bank account. Typically you’ll need a) your filed paperwork, b) your EIN and c) a company resolution authorizing your company to open the account (signed by the owners, members, officers or directors, etc.).
Top 5 Major Banks in Maine
TIP: Our business formation service includes a free banking resolution for your use.
Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).
TIP: We work with a company that can obtain and prepare business licenses and permits for you. Click here to learn more.
DBA: Your Fictitious Business Name should be valid for 5 years, with option for renewal.
LLC: Maine corporations are required to file a Periodic Report with the Maine Secretary of State by June 1 each year, in addition to general taxation. Information on your business’ taxes can be found here.
Corporation: Business in Maine should file a report by June 1 annually to the Division of Corporate and Consumer Services. LLCs and Corporations will pay a filing cost of $85.
Bureau of Corporations, Elections and Commissions (for Corporation and LLC filings)
101 State House Station
Augusta, Maine 04333-0101
Maine Taxation Departments
Maine Labor and Employment Departments
Maine Startup Resources
1. Small Business Administration (SBA) Maine District Offices
2. SCORE Maine
3. Maine Legal Statutes
6. Angel.co Maine Startups
7. Maine Business News
9. Maine Small Business Development Center
10. Maine Environmental Leader Program
Wow loved it thankyou! I dreaded making this for a month thinking it would be a hassle. It wasn't thanks to you guys!
Excellent in all aspects. Perfect for new business owners with limited resources but wants to start it off right.