Corporate America has been in a downsizing trend for several years now, thanks in large part to the recession we experienced in our recent history. But while big businesses remain cautious and reluctant to expand, the rate of start-up businesses continues to grow. According to the U.S. Small Business Administration, small businesses employ more than half of all U.S. workers, account for more than half of all retail sales and occupy between one-third and one-half of all commercial space available within our borders.
Where to begin?
If you’re thinking current economic conditions may be right for you to start your own small business, make a checklist of information to you should gather before you seek funding or invest your nest egg. Topics to research include:
- Who makes up your market?
- Are there identifiable trends in the industry right now?
- How much capital will it take to start your business?
- What are your licensing and registration requirements and how long will it take to accomplish them?
- Will you have partners or investors?
- Which type of legal business entity best fits your current needs?
An experienced Texas business lawyer understands the nuances of variation between various business entities such as LLCs, corporations, partnerships and sole proprietorships.
Don’t forget the taxes
In addition to federal business tax rules and regulations, be aware that every state has its own taxing authority and rules for doing business in the state. Make sure you are in compliance with federal law and the state laws where you do business.
For more information and step-by-step assistance starting a business in Texas, contact an experienced Bryan, Texas business attorney at Peterson Law Group. Our attorneys can answer your questions and help you get started on the right foot. Call us at 979-703-7014 to schedule a consultation.