How Do I Start a Business?
The idea of running one's own business is very enticing to many individuals. The nature of your business is limited only by your imagination. That said, you will want to make money at your enterprise, so it is important to plan everything out with the assistance of a Conroe business lawyer ahead of time.
It's likely that you have a fair idea of the type of business you wish to create already. Your dream may be to open a custom glass company or photo restoration shop. Your first task in starting your way to the proverbial American Dream is to choose the best legal structure for your business. This is very important, for the type of business you create will have significant implications, including taxes. For instance, a corporation is best suited for certain enterprises, but this entails what in essence is double taxation.
Your Conroe business lawyer can discuss the options before you. Texas recognizes the following business structures:
- Sole proprietorships
- General partnerships
- Limited partnerships
- Limited liability partnerships
- Limited liability corporations
- S Corporations
- C Corporations
The Importance of Planning
Once you have decided upon the business structure best suited to your needs, you need to create a business plan. It is vital that you take into consideration all aspects of running your business. The majority of businesses fold within the first couple of years, and often this is due to poor planning that leads to financial insolvency.
The business plan will articulate:
- The purpose of your business
- How your business will be managed
- Whether employees will be hired, and how many
- A marketing analysis to determine whether the location you have chosen is optimal
- A marketing plan
- Projected profits for the first year
You will need a name for your business that is unique from others. If you decide to use a fictitious name, such as “Mastercraft Sheet Metal,” you will need to file an Assumed Name Certificate in the county where you will do business as well as with the Texas Secretary of State.
In order for the state to recognize your business you will need a business address. If you plan to run a sole proprietorship out of your home, check with your city clerk's office to see whether local zoning will allow this. You then will need to file with the state comptroller of public accounts and the IRS to set up a tax account. Check with your city clerk to determine what permits and/or licenses are necessary.
All this may seem overwhelming. Indeed, creating a business can be quite a task. However, with proper planning and assistance from an attorney you will have a good chance of success with your enterprise.
We Have the Resources and Knowledge You Need
If you are planning to start a business it is very important that you work with a Conroe business lawyer who has the experience, knowledge, and dedication to help you toward a successful venture. Call Peterson Law Group today to arrange a consultation at 936-337-4681.