Setting up an LLC can often be daunting, to say the very least. Every state has different filing requirements and associated fees. Additionally, when you want to set up an Llc In Texas, you will want to work on certain steps only for the specific requirements in that state. There are many things that you will need to take into consideration before you start the process. Hopefully this article will give you insight into what you need to do and what it will take to start your journey to setting up your llc in texas.
First, an LLC is a company comprised of one or more individuals. A sole proprietorship is one type of LLC, while a partnership is another. An LLC may also be referred to as a corporation, since it is formally recognized as a separate entity from its owners. All LLCs are typically registered with the secretary of state in Texas.
The first step in starting up your business in Texas is to obtain your LLC's certificate of incorporation. A complete copy of this form is located on the web at the Texas Secretary of State's website. If you are registering with your own corporation, the papers must be filed with the corporation registry. You can find out what is the difference between a sole proprietorship and a corporation by reviewing the articles of organization of the LLC.
Setting Up Your Own LLC in Texas
Your next step is to choose your individual officers for your LLC. These include your manager, members, and shareholders. This includes the names of all the LLC's financial members as well. In addition to your officers, you will also choose an accountant or a lawyer to serve as your business secretary. If you elect to incorporate as a professional entity, as many people do, then you will have your own accounting firm, which is generally incorporated as a corporation and reports to the office of the Secretary of State.
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Once you have completed the basic steps, you will want to make sure that your paperwork is in order. First, check to see that your LLC has been granted an operating authority - this gives you the power to do all of the business activities that your LLC was created to perform. You will need to get your operating authority documents, along with all of your other filings, from the office of the Secretary of State in Texas. Your operating authority will be issued by the court if it is in your best interest to do so. Then, you will need to select your LLC's registered agent. Your registered agent should be someone who lives in Texas and is an adult.
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It is important to remember that your IRS identification number is different than your business name. In order for your LLC to maintain tax-exempt status, it must be registered as a non-profit entity. If it is a business, then it must register for tax exemption with the IRS and keep records of all of its income, purchases and sales. When you set up your LLC, it is likely that it will also provide you with a tax exempt number, also called an IRS tax identification number or an IRS tax certificate. Your tax certificate will allow the IRS to track your yearly tax return, which is what you are most interested in when you set up your own llc in Texas.
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The next step is to select a legal name for your LLC. You must file a Texas fictitious business name application with the Secretary of State, and you must file this application on your state corporation commission. Your fictitious business name application will include the name of your LLC, its address, its corporation ID, and its trade name. Your trade name is the name under which you will use to do business. Your LLC will also need to select a registrant, which is an individual or company that will assume the identity of your LLC when it starts doing business. All of these documents are filed with the Secretary of State along with your application.
The next step is to file your Articles of Organization. An Articles of Organization is not required when filing an original form of corporation, but it must be filed with your Texas Limited Liability Company certificate. This document will list each member of your LLC, its members, and its memberships. It will also describe the nature of your business and how your LLC is to be operated. Your Articles of Organization should be filed with the office of the Secretary of State in Austin.
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