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Starting a new business can be a daunting challenge for even the most enthusiastic entrepreneur. With the right tools for administrative and regulatory needs, you can prepare your business for success while you focus on the creativity and passion that lead you into your venture. Consult an experienced Texas business attorney to access all the tools your business will need for success. You can use risk management, regulatory compliance, tax strategy, and other tools to save your business significant time and expenses in the future.
To form a legal business entity in Texas, entrepreneurs must file incorporation documents with the Secretary of State’s office. The documents you need to file will depend on the type of business entity you’re forming. An experienced business formation attorney can help you determine which type of business entity is best for your business.
After a business entity is formed, it can be subject to ongoing filing requirements, such as board meetings or shareholder meetings (the minutes to which the Secretary of State might require you to file in order to maintain the company’s corporate status). A business law attorney will also ensure that your business is in compliance with all ongoing filing requirements.
New businesses face many financial risks in the marketplace. Some of these—such as weather conditions and other force majeure—you cannot remove. Others, however, you can mitigate with appropriate risk management strategies. For example, Texas requires that most employers purchase worker’s compensation coverage. By implementing safety and logistical planning, you can reduce your risk of worker’s compensation claims, and your business may pay lower premiums. Meanwhile, the employer saves the expense of employees missing work—or decreased productivity—due to injuries.
Effective tax strategies can also reduce the operating expenses of a new business. You can reduce the overall tax liability of your business by finding all available deductions and choosing the best multiple deductions that apply to a given asset. Long-term tax planning is also important to the success of a new business. Many businesses access unique deductions during the first year or two of operation (such as those applicable to first-time business owners or initial business expenses). Be prepared, however, for your company’s tax liability to increase once these deductions are no longer available. Strategic planning can also include changes in equipment, location, or operations that allow the business to access different deductions. With a clear idea of your goals, a business tax professional can work with you to craft the tax strategies that are right for your business.
The Weisblatt Law Firm offers a wide array of advising services that will help build a successful business from the ground up. Call (713) 352-0847 or contact us online to schedule your free phone consultation today. Attorney Andrew Weisblatt has more than 25 years of experience advising business owners about tax strategy, cost containment, business operations, regulatory compliance issues, and other important legal matters.