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DETERMINE THE LEGAL STRUCTURE OF YOUR BUSINESS
Decide which form of ownership is best for you : Sole Proprietorship , Partnership , Limited Liability Company ( LLC ), Corporation , or S-Corporation .
See page 22 .
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REGISTER A BUSINESS NAME (“ DOING BUSINESS AS ”)
Depending on your legal structure , you will need to register your business name with Tarrant County and / or the State of Texas . You can visit the Tarrant County Clerk ’ s Office for more information on Assumed Names or “ Doing Business As ” ( DBAs ).
See page 24 .
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REGISTER FOR FEDERAL , STATE AND LOCAL TAXES
In most cases , businesses will need a Texas State Tax ID Number if you plan on selling tangible property , leasing tangible personal property or selling taxable services in Texas ( sales tax permit ). Additionally , most businesses will need a Federal Tax Identification Number ( EIN ) to file taxes at the federal level or for other functions such as applying for a business bank account or hiring employees . If you have a commercial business location , you will also be responsible for property , equipment and inventory taxes ( business personal property ).
See page 32 .
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OBTAIN APPROPRIATE BUSINESS INSURANCE
Learn about the different types of insurance needed to sell products or services . In some cases , businesses are required to have bond or general liability insurance .
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OBTAIN BUSINESS LICENSES AND PERMITS
Get a list of federal , state and local licenses and permits required for your business . For example , if you are seeking to open or expand a food establishment , you may need a health permit . See page 18 . Or , if you plan to operate a home-based business , lease a facility , or renovate a building , you may need to apply for a permit .
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UNDERSTAND EMPLOYER RESPONSIBILITIES
Learn the legal steps you need to take to hire employees . There are multiple laws relating to employment of personnel including social security and medicare taxes . You also may be liable for workers ’ compensation and unemployment taxes .
See page 34 and 36 .
See page 12 .
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