Lone Star Start Up: Pointers for Launching A Business In Texas
If you’re a Texan who has an amazing product, marketable skill, innovative concept, or simply a burning desire to be your own boss, you may assume starting your own business will be tough and expensive. It doesn’t have to be if you do your homework and lay a foundation for success. Here are four things you need to do to get started.
1: Determine your business structure and name. Tip: Partner with a great tax attorney in the beginning. This person will be able to explain exactly what you need to do to make your dream a reality.
2: Learn about your tax responsibilities. Big Brother always gets a cut and doesn’t take it well if he’s slighted in any way. A tax attorney will set you up to fulfill your tax obligations and help you with all of the necessary filings. These initial attorneys’ fees represent money very well spent!
3: Figure out what licenses and permits you’ll need. Every business must meet different requirements. You may need a building permit, health permit, zoning permit, tax permit, building license, certificate of occupancy, etc.
4: If you have employees, find out if you’ll need to pay them as contractors or employees. It’s critical to get this step right, otherwise the IRS or workforce commission can come back for back taxes. You can find information on how to do this at the Texas Workforce Commission website.
Once you and your business attorney work through these early details, you’ll be much closer to the true excitement of your long-anticipated Grand Opening!