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Steps To Starting A Small Business In Texas – Texas limited liability companies (LLCs) provide a flexible business structure that combines aspects of partnerships and corporations. This legal business entity provides tax advantages while limiting the tax and paperwork burden associated with a corporate structure.
If you’re ready to form an LLC for your Texas business, this simple guide will set you on the right path.
Steps To Starting A Small Business In Texas
You only need 4 easy steps to start a Texas LLC. Follow this guide to create your new business entity in the Lone Star State.
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First, you’ll need a unique name for your new business. If you choose a name that is too similar to an existing Texas company, the state will reject your LLC application. The state maintains a database called the Texas Taxable Entity Search where you can check the names of potential LLCs to see if they are taken. You can also make sure that the appropriate domain name is available.
Texas regulations require the inclusion of limited company or limited liability company in the business name. You can also use one of these abbreviations instead: Ltd. Co., LC, L.C., L.L.C., or LC.
The state also restricts LLCs from using certain words. You need documentation to use terms describing a financial institution (credit union, bank) or legal service (attorney, attorney). The name of the LLC cannot contain names that reflect government agencies such as the FBI or CIA.
When you find the right name, you can reserve it for 120 days while you prepare the registration documents. You must submit Form 501, Reservation or Renewal Form, along with a $40 fee, to the Texas Secretary of State’s office. This is easy to do online through the state’s SOSDirect portal.
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If you want to do business under a name other than a legal LLC name, you can also register an assumed name, or a “doing business as” (DBA) name. You submit Form 503, Certificate of Assumed Name, to SOS along with a $25 fee.
You must appoint a registered agent to receive pleadings and other legal documents for your business. The registered agent must be available during normal business hours at a physical address in Texas.
One of the LLC’s owners or employees can fill this role as long as they have a Texas mailing address in addition to a PO Box. You can also hire a professional registered agent service with a Texas location, which can cost up to $300 per year.
Next, you’ll fill out Form 205, Certificate of Formation of a Limited Liability Company. The form requires the following information:
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Form 205 requires a $300 filing fee. When the state approves your application, you will receive a copy of the certificate in the mail.
You can complete your formation certificate online through the state’s SOSDirect portal. You may also fax your documents to (512) 463-5709 or mail them to the Corporations Division, PO Box 13697, Austin, TX 78711-3697.
You do not legally need an operating agreement for your Texas LLC, but having one can help you avoid conflicts in the future. This document sets out policies and procedures, such as how to resolve financial disputes, to guide your LLC. If you do not have an operating agreement, the courts will apply Texas law as the default to resolve disputes that arise between members.
Once your LLC is up and running, it’s time to start building the rest of your business infrastructure. These are the next steps in the solution.
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Once you have your official Texas LLC Certificate of Formation, you can use it to obtain an Employer Identification Number (EIN) from the IRS. This nine-digit code identifies your LLC for tax purposes. You’ll also use it when you set up new bank accounts and apply for business credit cards and loans.
To maintain the limited personal liability you receive from your LLC, you must keep your business finances completely separate from your personal accounts. At a minimum, you should have a designated LLC checking account and credit card for company expenses.
You can use the bank you already use for your personal accounts, but it also makes sense to shop around. Factors to consider include the interest rates you’ll earn on your checking and savings accounts, the interest you’ll be charged on the company’s credit card, transaction fees and other fees, and the incentives and bonuses you’ll receive for opening a new account. .
Your company does not need a general business license to operate in Texas. However, you may need specific licenses and permits depending on the type of LLC, industry, municipal location, or other factors. You can get more information about the documentation your individual business may need from the Business Permit Office at the Texas Office of Economic Development and Tourism.
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You will also need to create a mental system so that your LLC can receive credit card and other information from your customers. Makes it easy and affordable to set up your custom online platform, whether you’re creating a legal entity for an existing business or starting a new LLC from scratch.
We adhere to the highest level of card industry data security standards (PCI DSS) to protect sensitive business and customer data from tracking and fraud. Your LLC will benefit from high-tech security measures such as tokenization to hide stored credit card numbers and 3D Secure 2.0 to verify customer identity.
Creating a separate legal entity for your business provides important protection for your personal assets. It can also increase your profile among potential customers, vendors, lenders and other key stakeholders. Texas has a simple online portal where you can fill all your details and form an official LLC.
Once you’ve completed the four steps to forming a Texas LLC, the partnership will provide you with powerful services at an affordable price. You can get many methods of ment in many ways, from branded online ordering to link security.
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Provides the platform your Texas LLC needs to obtain a credit card. In fact, we allow you to receive in many different ways, including debit cards, digital wallets and more. You can create a custom checkout page or send secure links so your customers can connect and access their invoices in minutes.
You must complete a Certificate of Formation to form an LLC in Texas. This document requires basic information about your business, its purpose and its owners (also known as members). You must also name a registered agent to receive the legal documents for your LLC. This person or business must have a Texas mailing address (not a PO Box).
According to the Texas Secretary of State, it takes five to seven business days to process your LLC registration when you file online. However, mailed and faxed applications take approximately 70 business days to be approved. If you want to send a physical document but need a faster turnaround, you can pay $25 for expedited processing (12 to 14 business days).
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Andrea Miller Andrea Miller has been a writer and editor for over two decades. Majoring in business and finance, he has written for some of the top websites in the financial sector. Outside of work, she spends most of her time with her family and enjoys hiking, yoga, and reading.
We offer a flexible service solution for LLCs of all sizes. We provide the security your customers expect along with an intuitive, customizable infrastructure where you can track all your transactions. Our platform can grow with your business. Setting up a real estate management company is often a complex process, fraught with legal and regulatory hurdles. Once you consider the various stakeholders you need to consider, it can be difficult to find the first steps to starting a property management company.
To help you avoid common mistakes made by real estate managers, we here at Upkeep Media discuss how to start a Texas rental management company, the factors you’ll need to succeed, and the state regulations you need to follow. by.
A real estate management company manages various types of real estate on behalf of owners and occupiers. A property manager helps maintain the property and essentially acts as an intermediary between owners and tenants.
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As part of your day-to-day operations as a property manager, you will meet with a diverse group of stakeholders, including owners, tenants, potential tenants, and contractors hired to perform maintenance and repairs.
As a property manager, it’s your job to manage these (sometimes competing) interests to ensure the property is profitable, well maintained, legally compliant and comfortable for your tenants.
There are a number of legal and ethical considerations for property managers to consider, but we will discuss these factors later in the article.
Running a real estate management business can be a very rewarding career choice, both personally and financially. Property management companies can vary greatly in size, from sole operations to large property management facilities that manage large multi-tenant complexes or resorts.
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As a property manager, it is important to protect yourself from risk and manage your business as efficiently as possible to maximize your earning potential.
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