Do you want to start a business in Texas but you aren’t sure where to start? Here are the 10 steps (in sequential order) I took to start my business way back in 2008.
Should I incorporate my business? 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. (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 hour)
- Apply for an EIN with the IRS. File online at www.irs.gov/businesses Or you can call 800-829-4933 to file by phone (1 hour)
- Get your NAICS code; look up online here: http://www.naics.com/ (1/2 hour)
- Apply for a Sales Tax Permit: http://www.window.state.tx.us/taxpermit/ (1 hour)
- 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 hour)
- Set up a business bank account. (1 hour)
- Set up an accounting system, preferably with the advice of an accountant. I use Quickbooks Online software. (2 hours)
- Schedule dates on your calendar to pay your quarterly state and federal taxes. (1/2 hour)
- Conduct business, have fun, and make a lot of money