Operating a small business is an elusive practice for many, but the effort can come with huge rewards. Individuals determined to take the plunge and become an entrepreneur in Texas are required to complete four basic steps.
- First, you need to file a business name with the county and/or state and decide what kind of legal structure it will be.
- Determine the required taxes you need to settle within the jurisdiction of your business, including taxes owed to the federal government.
- Depending on the chosen business type, you will need to secure business permits and licenses, including registrations and authorizations for your business.
- Lastly, as a future employer, you will need to meet the state and federal requirements concerning employment laws.
Forming a small business is exciting, especially if it will help you fulfill your dreams. If you are ready to enter the business world, seeking the advice of an experienced business attorney is important. An attorney can offer you assistance and guidance along the way. Find out how an attorney at Adam Pugh in Austin may work for you today by calling (512) 472-2431.
A Limited Liability Company, or LLC, is a business structure that blends features of a partnership and corporation. Texas law initially requires potential entrepreneurs to provide a name for their chosen LLC.
Entrepreneurs who choose to form an LLC should understand that their business name must contain the abbreviation “LLC.” For example, John might use “John Law Firm LLC” as his law firm name. There are several ways to write the LLC abbreviation, such as L.L.C., L.C., or LC. The abbreviated form of limited and company such as Ltd., LTD, and Co., can also be used in forming business names. The business names should be unique in nature and not resemble existing company names. One way of checking a business name’s availability is by searching the Texas Secretary of State online research tool SOSDirect. Entrepreneurs are given 120 days to reserve a business name after filing the Form 501. Entrepreneurs are subjected to a $40 fee for filing the Form 501 through mail or SOSDirect.
If you want to know more about LLC’s, or if you have decided to open up your own business in Austin, get in touch with the Adam Pugh business lawyers. Find out how we may help you start your business by calling (512) 472-2431.