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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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