Creating a start-up in Texas | Hines & Maxwell, PLLC
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Creating a start-up in Texas

You have a business idea, some funds and a goal detailing where you would like to be in five years. But you might feel overwhelmed by getting your business up and running. It's natural to be afraid of failure and worried about the financial impact of making a mistake.

In business, you can only go so far to mitigate risks. No matter how strong or successful the business may be, there will always be certain risks. However, sticking to a process and making sure that you have everything covered will allow for much more control, especially in your first year of business.

Starting a business in Texas: the initial preparations

The first step needs to be the formation of a business plan. This will be vital in order for you to secure funding, hire employees, prioritize tasks and know what you are aiming for in the future.

Formally establishing your business

After you have made these preparations, it is time to legally establish your business. You will have many choices when it comes to what type of business you want to start. Usually when setting up a start-up, you will choose between a Limited Liability Company (LLC) and a Sole Proprietorship.

Starting a LLC

LLCs are very popular as business structures, especially for those that want to create start-ups. This is because they give the business owner a huge amount of personal protection. Your business assets and your personal assets are completely separated.

Starting a Sole Proprietorship

There is no necessity in filing documents if you want to be a sole proprietor, but you many want to file a "doing business as," otherwise known as a DBA form. Sole Proprietorships are quite simple, but they have limitations because you won't be able to operate with partners.

Start out on the right foot

In order to get the best possible start in your new business, you should conduct research into lending institutions that will support your business endeavors. Local Texas banks might be beneficial and offer personalized perks for new customers. But don't discount what bigger banks have to offer as well.

If you want to create a start-up in Texas, it is important that you have not overlooked any legalities and that you are well-informed about the process.

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