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
File for an LLC, preferably through an attorney.
I used The Dodge Legal Group, PC.
|2 – 7 days|
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|
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!||∞|