How To Start A Small Business In Texas - Llc

how to start a small business in texas requires some knowledge of the state's requirements for business licenses and permits, as well as basic business law. Most small businesses use their main business name as part of advertisement and directly correlate it to the services and products they offer. Texas small business registration procedures can make navigating the entire process seem quite daunting at first.

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how to start a small business in texas

 

To get started, you will need to determine whether you will be able to register a corporation or sole proprietorship. Depending on your specific situation, this might be determined by the type of business structure you choose. If you elect to use a corporation as your mode of registration, you will need to provide a letter of authorization from your employer confirming that your intentions are not to become personally liable for the company's debts. You should always consult with an accountant or attorney before deciding on the structure to pursue.

 

Many small business owners elect to register a Limited Liability Company, also called an LLC. An LLC is a separate entity from its owners, though it shares the property and ownership with its registered agent and management. A shareholder in a corporation cannot be held personally liable for the actions of his LLC stock holders. A registered agent is an individual who acts on behalf of the owners of an LLC. He is also responsible for maintaining the correct list of LLC owners, including their addresses and phone numbers. It is important for the registered agent to remember that he is not a public official and can not perform professional services for the company.

How to Start a Small Business in Texas - LLC

 

Once you know the type of entity you wish to use, it is time to decide on the location. If you have a retail outlet, your sales tax rates are going to be significantly higher than a home-based business. There are several different ways to legally incorporate in Texas. The most popular choice is to select a Texas limited liability entity.

 

A limited liability company is a corporation that has one or more registered representatives. Unlike a corporation, a limited partnership does not need to meet any state or local requirements. Because it is a separate entity, the LLC enjoys many of the same tax advantages of a corporation, as well as advantageous management and tax strategies. In addition, the personal liability of the partners in a limited partnership is reduced, which makes it easier for them to deal with other business owners and creditors.

 

Limited liability companies have several advantages over corporations. While they do not have to pay self-employment taxes on their business profits, they are not considered a "personal" entity and as a result do not receive some of the protections offered by personal franchises. For example, in order to protect the intellectual property rights of an inventor, many times a corporation must pay several hundred thousand dollars in taxes each year. In contrast, a limited liability entity may only pay state and/or federal taxes on the entity itself, and any income or dividends paid to members of the LLC are deductible against income taxes.

 

As with any other form of business, how to start a small business in Texas requires careful planning and follow-through. All LLCs will require yearly financial reports, as well as public filings of its financial information. All LLCs will also require reports of its performance, including its success or failure in maintaining its registration with the Texas Corporation Commission. Any business plans that include specific goals and objectives will also need to be submitted to the Texas SBE for review and approval. Once approved, all income tax returns and related financial documents will need to be filed with the state in order to register the LLC.

 

As with all businesses, how to start a small business in Texas requires one to obtain appropriate licenses and permits, register the business, and follow state regulations for licensing. A limited liability company is not considered a corporation by most states, so it is important that all board members and officers of the LLC sign the Limited Liability Company D&A. In addition to paying state and federal taxes, an LLC will be responsible for paying each of its own corporate taxes.

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