The first and most important step for individuals interested in establishing a business is to schedule an appointment with their local SBDC Office, listed below are the topics that can be among those discussed:
1 Deciding on the legal structure of the business:
- Sole Proprietorship
2 Contacting the appropriate local/state/federal or other agencies to register a business:
- Depending on the structure you choose, your counselor can suggest appropriate ways to pursue registration of your new business.
3 Contact the Comptroller of Public Accounts for determination of appropriate state taxes to be collected for a business (retail/wholesale).
- Texas State Comptroller of Public Accounts – 4682 E. University Blvd., Suite 200Odessa, Texas 79762-8104 Tel: (432) 550-3027
4 Contact the Texas Workforce Commission for information on all aspects of hiring and employment.
- Texas Workforce Commission: 400 OAK STABILENE, TX 79602-1520
- See: http://www.twc.state.tx.us/
5 Contact the Internal Revenue Service (IRS) to obtain taxpayer identification number.
- Depending on the business structure this can also be the taxpayer’s social security number. Application for this number is made on Federal FormSS-4 which may be obtained from the IRS.
Internal Revenue Service: (800) 829-1040. Or online: http://www.irs.gov/businesses/small/
6 Credit Reports and Scores
- If you are seeking finance to start or expand your business, your (and/or your business partners’) FICO credit score can make or break yourrequest for finance. If any of these scores are below 700, it likely that a program of credit repair will need to be considered. We strongly recommend getting a copy of your report and score before attending your first counseling session with us. Free report and competitively priced credit scores can be accessed at http://www.ftc.gov/freereports