Are you new to the Lake Travis area and thinking about starting a business?
There are a few basic steps and key decisions that you’ll need make. Not to worry, we have everything you need to get started as a business owner in the Lake Travis area.
Here are the basic steps to starting your own business:
1. Legal Structure
You’ll want to determine the legal structure of your business. There are several legal structures available for operating a business in Texas (LLC, S-Corp, LLP, etc.). It’s always a good idea to consult with a CPA or attorney when figuring out your business structure.
2. Naming Your Business
After you have decided on your business structure, you’re ready to choose a name. All businesses operating in Texas must register with the Secretary of State or the County Clerks Office. You’ll want to verify that your business name is not already being used.
Business organization name availability or information about a specific entity may be obtained from the Secretary of State.
The search is only for business names registered with the Secretary of State and does not include business names registered only with a County Clerk. Here is where you can search for business names registered with the Travis County Clerk.
3. Registering Your Business
If you’re creating a brand new business entity, you’ll want to get an Employer Identification Number, also known as a EIN. You can do this all online by filling out an application on the Internal Revenue Service website.
4. Licenses and Permits
You do not need a general business license in the State of Texas, but there could be some licensing and permits required depending on the type of service your business will be providing. Check out the list of required Occupational Licenses and Permits.
5. Tax Responsibilities
There is NO state income tax in the State of Texas! But we do have plenty of other taxes to make up for that. And just like determining the legal structure of your business, it’s best to get help from a CPA or attorney to make sure you comply with all the federal, state, local and employment tax obligations.
6. Employer Requirements
Will your business have employees? There’s a lot to figure out when it comes to the labor, safety, and tax obligations as an employer in the State of Texas. Check out the regulations administered by federal and state agencies at Texas Wide Open For Business and the Especially for Texas Employers from the Texas Workforce Commission.