You’ve dreamt about starting your own new business for a long time and now it’s time to make that dream a reality. Follow the five simple steps below to get started. Decisions during this time can be crucial in the success of your new business, make sure you fully understand the process or seek counsel from experience lawyers and accountants. Notary Publics are also required for all forms filed with Hidalgo County. Come see us when you’re ready for Step 2.
You’ll need to decide what type of new business structure best fits your needs. Consultation with an attorney and accountant might be needed during this step of the process. Sole proprietorship; General partnership, Corporation; Limited Liability Corporation; Limited Partnership; and Limited Liability Partnerships are clearly defined for you by the Texas Secretary of State.
Now that you know your new business structure you can move on to the next step in the process, filing your Assumed Name Certificate with your local County Clerk. Come see us once your form is complete, but unsigned because you’ll need to sign it in front of a Notary Public for it to be certified. Download this form provided by Hidalgo County.
Request an Employer Identification Number from the Internal Revenue Service (IRS). Your EIN is used to keep track of your business, similar to a person’s tax records being tied to their social security number. You’ll need your EIN in order to open business bank accounts, get credit for your new business, or to file important IRS documents. Follow the simple 3 step process found on the IRS’s website to apply for your EIN.
You got your EIN, now you can register your new business officially with the State of Texas and obtain your sales permit. You might have to obtain certain licenses and pay specific taxes, like the franchise tax payable by all corporations in Texas. For more information, visit the Texas Comptroller of Public Account’s website.
As an employer, you’ll need to determine federal and state employer obligations. From Worker’s Compensation Insurance, withholding taxes from your employees, to the registering for unemployment, it’s your responsibility to know what is required of you to remain compliant. Both the State of Texas and the Internal Revenue Service have webpages available for reference.
These five steps are what you need to get your new business off the ground. We’re here when you are ready to get “step 2” signed. We are located directly across the HEB on South Closner boulevard. If you have questions, you are welcome to call or fill out the form on my contact page. I will contact you within the business day.