How To Start Small Business In Texas – Have a great business idea, but not sure how to go from idea to owning and managing your own business in Texas? You’ve come to the right place! There are many important aspects to running a company, and like any state, Texas has its own laws and regulations to consider.
In this guide to starting a business in Texas, we’ll cover all the important details about owning a business in this state. We believe that after reading it, you will have a strong understanding of the necessary steps.
How To Start Small Business In Texas
The first step in starting any business in any state is to plan what products and services you will sell, prepare an operating budget and decide how you want to market your company.
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When creating your business plan, you need to do market research. The market research you do will help you determine marketing and sales strategies. This will help you know who your target audience is, the need for your product or service, the market size, location and price. It is important to do this before or at the same time as your business plan, because you need to make sure you have a direction and foundation for your business. Investors or lenders often use your business plan, so you want to make sure your market research and business plan are complete.
Your business plan doesn’t have to be fancy, you just need to make sure you take enough time to consider these important aspects before starting your business. To get started, SBA.gov has a great free tool that can guide you through writing a business plan.
Your business name is a very important feature because it is often the first impression you make on potential customers. This will also determine the direction of your brand.
Before deciding on a name, you should make sure it still exists. In Texas, you can conduct a business name search to make sure your chosen business name is still available through the Department of State website. If you have a name you’ve chosen, but aren’t ready to file the formation paperwork, you can reserve a business name using this form. A subscription costs $40 and is valid for 120 days.
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If you are thinking of creating a website for your business (we discussed this in step 6), you may also want to make sure you have the domain name you want. Even if you don’t plan on building your website right away, it might be a good idea to go ahead and buy it so that no one else can find it.
There are also some legal aspects depending on whether you choose to be a corporation or a limited liability company (for example, an LLC must include “LLC” or “limited liability company” in the business name and a corporation must include “incorporated,” “corporation,” “inc.” or ” Corporation”).
Beyond basic legalities, you should focus on clearly identifying what your company does on behalf of your business. You might consider incorporating your values into your business name, such as using the word “green” to denote environmental friendliness.
Finally, choose a name that you personally like and are proud of, and one that both sounds good out loud and looks good on paper.
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One big piece of advice we have for naming a business is to not settle on one idea until you’ve created or named your company.
A registered agent in Texas is the person or service responsible for receiving and sending your important government documents to you. If you plan to operate your business as a sole proprietorship or general partnership, you can skip this step and step #4.
According to the Texas Secretary of State, “The Texas Business Organizations Code (‘BOC’) requires every domestic or foreign entity to maintain a registered agent and office in Texas.”
Business owners, officers and members of LLCs can serve as registered agents as long as they have a physical address in the state. However, a business may not serve as its own registered agent in Texas.
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This position is important for any business in Texas because without a registered agent, you can lose your good standing in the state, see your business go bankrupt in the state, or even go unrecognized. Pending a lawsuit against your company.
While the Secretary of State’s office does not provide a list of commercial registered agents, there are many companies that can provide registered agent services in the state.
Hiring an online service to handle this requirement will eliminate unnecessary messages and help keep fewer items on your plate. Choose us at ZenBusiness to be stress free.
It is important to choose the right business structure that works best for you and your business goals. Most entrepreneurs choose to become a limited liability company (LLC) or a corporation. Setting up an LLC or corporation creates an entity completely separate from yourself and provides liability protection.
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If you’re only operating a sole proprietorship or general partnership, you don’t need this step (or many of the ones in this guide, including choosing a registered agent), because business structures don’t require any formal formation. Process.
LLC is the most common option, in part because it is simple. There is not much paperwork, and the maintenance requirements are basically the same as the annual report.
An LLC combines the flexibility that comes with the management of a general partnership and the protections that corporations provide. Starting an LLC is easy, you just need to register your company with the Texas Department of State. You will fill out a certificate of employment that will ask you to provide general information such as your business name, registered agent and management style. You need to pay certain fees and make an operating agreement.
If you are considering forming a Texas LLC, we have a comprehensive guide that will walk you through the process of forming your LLC and what to do after you form your LLC. Additionally, LLC owners still receive the personal property protections that make a corporation attractive as a business form.
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For some entrepreneurs, a corporation is the best option. There is more effort to establish and maintain one in the state of Texas. To form a Texas corporation, you must file your articles of incorporation with the Texas Secretary of State, which requires the same general business information, but you must provide information about authorized shares.
In addition to registering your business, you must create bylaws, create a board of directors, and hold annual meetings. Corporations are often a better choice for larger businesses because they allow for more growth and investment than LLCs do. If you are considering forming a Texas corporation, we have a comprehensive guide to guide you through the process of forming your corporation.
If you want to learn more, check out our “LLC vs Corporation: What’s the Difference?” Text. Whatever type of business structure you choose to form, you can find all the relevant forms on the Texas Department of State’s website or have a professional business formation website do it for you.
Let us keep your incorporation paperwork to $0 + state fees with ZenBusiness so you can focus on building your business. Choose your package to get started or learn more about our services.
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Most businesses operating in Texas require an Owner Identification Number (EIN). It’s free to access and required for many different aspects of your business.
Anyone who is a responsible party to the organization must register for an EIN. A responsible entity is one that “ultimately owns or controls or exercises the most effective control over the entity.” It must be an individual and cannot be any other entity.
An EIN is required if your business is required to pay federal taxes. The EIN number can be used for your business licenses and permits filed with the Texas Comptroller’s Office and determines whether you pay certain Texas state or city taxes.
You’ll also need an EIN if you plan to hire employees, open a business bank account, or use a self-employed retirement 401(k). It’s also a good idea to get an EIN for privacy reasons, so you’re not constantly filling out paperwork with your Social Security number.
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Getting an EIN takes about 5 minutes. You need to visit the IRS website and get your EIN right away.
Nowadays, even local businesses must have a website, as the Internet is your first point of contact with most of your customers. Your site doesn’t have to be fancy, but you should think about your Dora name, and make sure it’s something memorable and easy to spell without mistakes.
Creating websites has never been easier. A lot of software is very intuitive and customizable.
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