The latest reports have shown that the number of new businesses is stagnating nationwide and Texas is not an exception. (1) However, this doesn’t mean that you should give up on your dream especially if you have a solid business idea and you are determined to succeed. Launching a business in Texas is a smart idea for more than one reason. This is a state with low taxes, business-friendly laws, excellent infrastructure and other things that make it an ideal business location. In this article, we will highlight a basic guide to launching a business in Texas.
- Choose the best business structure
If you want to support the growth of your business, you should create an adequate structure from the start. There are a few different types of business structures including sole proprietorships, corporations, partnerships and limited liability companies. Select the one that suits your business needs and plans. If you make the right decision, you can expect tax breaks and a wide array of benefits. That’s why it’s a smart move to talk to a professional in this field. TaxPM is definitely the place where you can find such help.
Once you select the right business structure, you will have to register your business with the Texas Secretary of State. The only exception is sole proprietors, but they usually have to register with their counties of operation. It is possible to register a business over the Internet or use your local county clerk office. One of the crucial steps in this procedure is to find a unique name for your business. Do this carefully because a business name can be a deal maker or a deal breaker for many modern consumers. (2)
- Check the permits
The next step is to learn more about the permits, licenses, certifications, and registrations that your business might need. There is no general business license in Texas, but almost every industry comes with regulatory agencies. Those selling taxable goods or providing taxable services should apply for sales and use tax permit.
- Create bank accounts
When it comes to taxation, this is one of the most important steps. Companies need EIN (Employer Identification Number) provided by the IRS. Sole proprietors can use their social security number for tax purposes. It’s possible to get an EIN online.
- Start promoting your business
There are thousands of businesses in Texas which means that you have to do something to get noticed. The last step of the process is to start promoting your new business. The good news is that there are many different marketing options for businesses today. So, you can use some classic forms of marketing like newspaper ads or TV commercials, but you can also use Internet marketing which has proven to be even more effective today.
If you want to speed up this process and finish it in the best possible way, feel free to contact TaxPM – our experts will be glad to help you.