This is a rider to the software/services master agreement order form. It provides that a related entity of the customer may use the software purchased from the vendor.
This is a rider to the software/services master agreement order form. It provides that a related entity of the customer may use the software purchased from the vendor.
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Limited Liability Companies (defined under Title 4A-101 of the Corporations and Associations Article of the Maryland Code Annotated) classified as partnerships, as defined in § 761 of the Internal Revenue Code, and not taxed as a corporation or disregarded as an entity.
A Maryland LLC is a business entity type that allows for pass through taxation like a sole proprietorship or partnership, but with the limited liability protection of a corporation.
Closed corporations are companies with a small number of shareholders that are privately held by managers, owners, and even families. These companies are not publicly traded and the general public cannot readily invest in them.
This business structure is sometimes referred to as a "closely held corporation." Close corporations are permitted to have one individual acting as all required officers and may also elect to have no board of directors. Close corporations are subject to restrictions on the number and identity of shareholders.
Maryland recognizes the federal S corporation election and does not require a state-level S corporation election.
The difference lies primarily in the way that ownership, by way of shares, is distributed. In a close corporation, shares of the corporation are generally held by only a small number of people and are not available for sale or purchase in the public markets.
A CC is similar to a private company. It is a legal entity with its own legal personality and perpetual succession and must register as a taxpayer in its own right. A CC has no share capital and therefore no shareholders. The owners of a CC are the members of the CC.
With fewer shareholders and a relaxed corporate structure, a close corporation provides each shareholder with more control over shares. For example, if one owner wants to leave the company, the other shareholders can better control those shares. More freedom.