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Starting a new business in Texas? Here's how to go about it

Many businesspeople in Texas would agree that coming up with a business idea is one thing but actually implementing that idea and watching the business take off is another. Many people fail to launch their new business because they don't know how to make their idea a reality. That is why it is essential to formulate a game plan and then follow through with it.

The first step in forming any successful small business is to create a business plan. The business plan should map out the business's objectives and how the person intends to achieve them. Formulating such a plan will also help with funding efforts while keeping the employees on the same page.

It is also a good idea to choose a legal structure for the business before going forward. Choosing a legal structure for the new business is probably the first legal decision that the new business owner will make, so it is important to remember to choose wisely. Some of the common choices for legal structures are those in which the person is the sole proprietor, while others may include limited liability corporations and partnerships. The option that the business owner chooses should be based on factors such as tax structure, liability issues and investment needs. If one is confused about which legal structure suits the needs of the business best, it is probably in the owner's best interest to consult a small-business attorney.

In addition to advising the business owner about legal structures, a business lawyer can help the owner gain a better understanding of which licenses and permits are required for the business and other legal requirements. This can help the owner to make informed decisions and focus their energy on growing the business.

Source: Small Business Administration, "Thinking About Starting a Business?" Accessed on July 1, 2015

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