Before you start a new business in Texas, there are several things to consider, including meeting with a CPA and attorney. First, determine your business structure. As we discussed in our last newsletter, the most common forms of business entities in Texas are: Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Partnership, Limited Liability Company and Corporation. Once you have decided on the proper business structure for your new business, you need to make the appropriate filings with either the Secretary of State or County Clerk’s office. Second, determine your the federal, state, local and employment (federal and state) tax requirements for your new business entity and comply with the requirements. Third, assess whether you need to apply for any licenses or permits for your new business. Finally, if you intend to hire any employees, review employment regulations and requirements in Texas. The Texas Workforce Commission has issued a guide (The Especially for Texas Employers) to help employers with Texas employment law.
If you or someone you know is considering starting a small business in Texas, have them contact us for a free initial consultation.