We at B&J Bookkeeping & Taxes can perform all sorts of services for our clients. In addition to expert bookkeeping and tax return services, we can help you set up your own business. But each state differs. So below we will show you how to start a business in Texas.
The Benefits of Starting a Business in Texas
As a long time business in Texas, we know all the ups and downs. For example, there are over $2.4 trillion dollars floating around Texas, which is larger than the economizes of Canada and even Russia. A few of the top reasons to start a business here include:
- No state income Texas.
- Lower taxes compared to other states.
- Fewer permits and licenses needed compared to other states.
- Lower regulations than other states.
- A wonderful workforce to choose from including full time, part time, and contract employees.
Did You Know? Over 500,000 people filed a new business application in Texas in 2023? Additionally, our very own Harris County had the most at 92,970. Source: U.S. Chamber of Commerce
How to Set Up a Business in Texas
Many of you may be tempted to start your business paperwork online. Many sites, such as Legal Zoom, allow you to do so completely 100% online – for a nominal fee. However, it does come with strings attached, this fee can be collected each year, despite if the business turns a profit or not. They give minimal help on selecting your type of business, such as corporation, LLC, or other. And once you sign on the dotted line with them, it is difficult to turn back.
What is the best way to start a business in Texas?
We highly recommend consulting with a business professional located in Texas who has a solid track record of successfully starting businesses in the state, with a strong background in the practice, as well as many satisfied clients. We also recommend choosing someone with a brick and mortar practice you can visit in person. Finally, it is also advantageous to select someone who can also do your taxes to make sure you take the least liability while taking the most credits and deductions available to you.
There are six main types of businesses you can file for all across Texas, each with it’s own pro’s and con’s. Source: Texas Secretary of State
Can I Just Work for Myself in Texas?
Yes, you can work for yourself without doing any of the above and just use your social security number when asked. You could file your yearly taxes as an individual. However, this comes with two major disadvantages:
- You will pay more in taxes, even though your work will be identical.
- You may not be taken seriously by certain clients, employers, etc.
More on How to Start a Business in Texas
Ready to start your own business in Texas? We at B&J are experts in helping you select the right type of business and help you file all the correct paperwork the first time. We can also help you manage your books, take care of your payroll, and file all of your taxes. Contact our office or call us at 281-894-6494 if you live in the Texas area and need help setting up your business.
