If you're planning on starting a business in Lubbock, Texas, one of the things you'll need to decide is what type of legal structure your business will have. There are several different options available, but we recommend looking at LLCs and S corps.
An LLC in Texas provides limited liability protection for their owners, meaning that the owner's personal assets are protected in the event that the business is sued. LLCs also offer flexibility when it comes to taxation, another important consideration when starting a new business.
One of the key benefits of setting up an S corp in Texas is that you can avoid double taxation on your business income. This is because the S corp is a separate entity from you, the owner, and the income and losses from the business are passed through to you on your individual tax return. This can be a big advantage for small businesses because it helps keep your taxable income down. Additionally, S corps offer some limited liability protection to their owners.
Figure Out the Time You Have to Devote to a Business
Another important factor to consider when deciding what type of business to start is how much time you have to devote to it. Starting a new business takes a lot of time and effort, so if you're already stretched thin with other commitments, it may not be the right time for you to start your own company.
Work with Professionals
Professional help can be extremely valuable when starting a new business, especially if it's your first time venturing into entrepreneurship. There are many different professionals who can help with various aspects of starting a new business, from accounting and bookkeeping to marketing and website design. Hiring someone to help with the day-to-day operations of your new company can free up your time so that you can focus on more important tasks, like growing your customer base and generating revenue.
Starting a new business is a big decision. There are many factors to consider when deciding what type of business is right for you. But by taking the time to carefully weigh all of your options, you can ensure that you choose a business that's well-suited for both your needs and the needs of your potential customers. And once you've made that decision, there are plenty of professionals in Lubbock — including those you’ll meet through the Lubbock Chamber of Commerce — who can help turn your dream into reality.
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