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How to Start a Company in Texas (view source)
Revision as of 17:32, 19 October 2016
, 17:32, 19 October 2016→Step 2: Tax Responsibilities
'''Determine the potential tax responsibilities of the new business on the federal, state, and local level.'''
At the federal level, the Internal Revenue Service will be the tax collection agency. You will need to [https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply -for-an-ein apply] for a Employer Identification Number (alternatively called Federal Tax Identification Number) so that the IRS can identify your business.
The state of Texas imposes a state sales tax on "all retail sales, leases and rentals of goods, and services that are expressly enumerated as taxable under the Texas Tax Code." Additionally, any taxable business chartered, organized, or doing business is subject to a state franchise tax. That said, most small businesses are exempt from this kind of tax.
Lastly, the Texas Workforce Commission will collect Unemployment Insurance tax from most businesses.
==='''Step 3: Business Licenses and Permits'''===
