Why do I need to start an Out-of-State entity in Maine?
- It is generally created for the extension of existing business in the state of Maine. In can be created as a foreign corporation, foreign nonprofit corporation, foreign limited partnership, foreign limited liability company, foreign limited liability partnership or a foreign association.
- A foreign entity cannot transact business in the state of Maine until file an application to obtain authority to start a business in Maine with the Maine Secretary of State.
- You cannot open a bank account in the Main without filing a foreign entity in Maine.
- An out of state entity doing business in this State without carrying an authority may not maintain a proceeding in any court in this State until it files an application for authority and pays the applicable filing fee to the Maine Secretary of state.
- A foreign corporation will be subject to a penalty, if transacting business in Maine without a business registration.
- You cannot hire and employee and withhold taxes.
What documentation do I have to get from from home state to transact business in the state of Maine under my existing company and can I choose a different business structure from home state?
- You have to get a certificate of existence or a certificate of good standing from your home state for the confirmation that your company is legally registered.
- No, you can only have the same entity structure as you have in your home state. You can only form a corporation in Maine, if your business is registered a corporation not a Limited Liability Company.
How to apply for a foreign corporation in Maine?
- You have to file an application for authority to do business in Maine along with the filing fee.
- It should be filed with the Maine Secretary of state.
- A certificate of existence will be submitted to the state along with the application and it should not a ninety day longer.
How long does the Maine Secretary of state takes to file certificate of authority?
It generally takes seven to ten working days.
Do I have to apply for a new EIN for my Maine foreign entity?
No, you will use home state EIN to open a bank account and getting licenses in the state of Maine.
How to maintain a foreign entity in Maine?
- Filing a yearly annual report in Maine to keep the foreign entity alive.
- Filing yearly state taxes if applicable with Maine.
- You will file a business discontinuation application with the Maine Secretary of state, if you are not longer doing business in Maine.
