ANNAPOLIS -- For the second year in a row, a bill will be pushed in the General Assembly that its backers say will be a boon to new firms, particularly high-tech start-up companies.
The so-called "limited-liability company" legislation was introduced during the most recent assembly session, but it died in committee.
"This form of business would spur the development of high-tech start-up companies, because it would make the research and development losses immediately available to investors as a tax write-off," said Stuart Levine, a Baltimore attorney who helped draft Senate Bill 345. A similar measure will be introduced into the House.
A limited-liability firm is basically "a partnership, with a corporate shell," Mr. Levine said. "It is an entity that has limited liability protection, just like a corporation does for its shareholders, but is taxed as a partnership under the provisions of the Internal Revenue Code."