No one understands how exciting, yet difficult forming a new business can be more than the Texas business formation lawyers at Cagle Carpenter Hazlewood. Many of the decisions made during this period will have a significant influence on the ultimate success of a company, making it extremely important to take into consideration factors that will affect the company in both the short and long term. Because of the considerable complexity that all of these considerations can involve, it is often necessary to have the assistance of a qualified attorney when forming a new business.
At Cagle Carpenter Hazlewood, we know just how much the business formation process can matter for a new company. That’s why we are committed to helping our clients at every step of the process. Our team of qualified Texas business formation lawyers takes an extremely involved approach to our clients’ cases, making sure that every aspect of the business formation process fits exactly with the vision of the company’s founders. Contact us today to speak with a qualified member of our legal team and learn more about what we can do for you in the beginning stages of your business.
Four Tips for Forming a Business in Austin, Texas
Starting a business is an important decision that can set you on an exciting path of entrepreneurship for years to come. Choosing Austin as your launching point can benefit your business greatly, as this up-and-coming city is booming with opportunity. However, it can be an overwhelming journey if you’re not armed with the right information and resources for guidance. Here are four tips that will help you form your new business in Austin with ease and clarity:
Choose the right business structure.
It’s important to exercise due diligence and research these various business types in depth, because your business structure will set the foundation for your management, liability, taxation, formality of operation, and many other factors. The business structure you choose may depend on the number of persons involved, the desired flexibility of the business, and the ultimate vision for the business.
Be aware of tax responsibilities.
When you start a new business, there will be a variety of overlapping tax requirements and responsibilities that are important to understand and abide by. The three main levels of taxation you will be concerned with are the Federal, State, and City levels.
- Federal Tax: For information about federal tax, you’ll want to research the IRS (Internal Revenue Service). Their website provides everything you’ll need to know about paying your federal taxes as a small business owner.
- State Tax: After federal tax, you’ll want to become familiar with the taxes for the State of Texas. Head over to the Texas Comptroller of Public Accounts website, where you can find information about state taxes for your business.
- Austin Tax: Finally, you’ll pay local business taxes in Austin if you own tangible property in Travis County and use that property for income-generating business purposes. You’ll want to get in touch with the Travis County Appraisal District (TCAD) for more information.
Get the right licenses.
While the State of Texas doesn’t require a general business license for businesses to operate, you may need to acquire a license depending on your particular products or services. Make sure that you check with any regulatory agencies that might have licensing or permitting requirements for the type of business you plan to run. To do this, get in touch with the local city government in Austin to speak to an official about licensing requirements for your business. Having the proper licenses and permits in place is key to making sure your business can run legally.
Understand your business employer requirements.
Did you know that each state has its own individual requirements for employment? It’s crucial to understand the requirements in Texas so you can stay in compliance with the laws of the state. A great resource to cover employer requirements in Texas is Texas Wide Open for Business, which walks you through everything from labor and safety laws to everything else you need to know about wages and hiring and firing employees.
Our Practice Areas
When it comes to business formation in Texas, there are a wide range of options available to most entrepreneurs. At Cagle Carpenter Hazlewood, we are prepared to help clients with any of their business formation needs, including:
- Startup assistance
- Medical/legal professional entity formation
- Limited liability company (LLC)
- Limited liability partnership (LLP)
- S corp
- C corp
- General partnership
- Limited partnership
- Sole proprietorship
- Shareholder meetings
As each of these types of businesses and facets of a formation have their own unique intricacies, having the help of experienced attorneys can be invaluable and better ensure you make the decisions that are geared toward helping your company become as successful as possible. There is no “one-size-fits-all” model when it comes to business formation, and at Cagle Carpenter Hazlewood, we are dedicated to providing you with the personalized attention you deserve so that your company’s unique needs are met.
Business formation doesn’t have to be a difficult process. With the assistance of a qualified legal professional, you can understand all of the available options and which choice is right for you. Contact an Austin business formation attorney at Cagle Carpenter Hazlewood today to speak with a knowledgeable member of our legal team and learn more about your options.