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How to start a business in Texas

How to start a business in Texas

Do you want to start a business in Texas but you aren’t sure where to start?  Below are the 10 steps (in sequential order) I took to start my business.

Also, if you are considering starting a business in Tarrant County check out my friends at Knowledge For Success (KFS). Their 10-week course titled “New Quest” provides 42 hours of in-depth training. I took this class in 2008 and it gave me the foundation, and confidence, I needed to become a business owner.

FAQ: Should I incorporate?

While incorporating isn’t required, it does help minimize your personal risk and has other benefits. I recommend meeting with an attorney, and also an accountant, to determine which legal entity is best for you and your unique business.

10 Steps to Start a Business

Step  Action Time
1

File for an LLC, preferably through an attorney.

I used The Dodge Legal Group, PC.

2 – 7 days
2

Find out which of your services are taxable by calling the Texas State Comptroller’s office at 800-252-5555.

TIP: Take good notes, get the name and email of the person you talked with, then email him/her a summary of your conversation, and ask them for a confirmation…in writing.

< 1 hr
3 Apply for an EIN with the IRS
     a. File online at www.irs.gov/businesses
     b. Or you can call 800-829-4933 to file by phone
< 1 hr
4 Get your NAICS code; look up online here: http://www.naics.com/ < 1/2 hr
5 Apply for a Sales Tax Permit: http://www.window.state.tx.us/taxpermit/ < 1 hr
6

File for a DBA (Assumed Name) with the Tarrant County Clerk office.

Tip: You can download the form online, but you must pay in person and sign the form in person.

< 1 hr
7 Set up a business bank account. < 1 hr
8 Set up an accounting system, preferably with the advice of an accountant. I use Quickbooks Pro software. < 2 hrs
9 Schedule dates on your calendar to pay your quarterly state and federal taxes. < 1/2 hr
10 Conduct business, have fun, and make a lot of money!

 

 

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Paula Hill - Website Designer & Marketing ConsultantHi, I’m Paula Hill, Website Designer, Marketing Consultant, and Trainer.

I love the sport of Marketing and want to help you get new customers!