Renowned entrepreneur Mike Vestil releases a new guide for businesses wishing to attain LLC status in Texas without paying the commonly high registration fees.
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The newly published guide covers everything from filing certificates of formation to obtaining business licenses and opening business bank accounts. It is part of a series of guides that detail the registration process for all states, offering a useful summary of essential paperwork and processes for LLC applicants.
More details can be found at https://www.mikevestil.com/guides/how-to-start-an-llc-in-texas-for-free/
The guide explains that, while most individuals are liable for state registration fees—typically $300 in Texas—veteran-owned businesses are eligible to have filing fees waived as of January 2022. These companies can also access a five-year exemption from franchise taxes.
A certificate of formation, the guide explains, contains basic information such as the name and address of the business, its purpose, and the address and contact details of the registered agent. Company owners can act as their own agents, which reduces costs, but applicants must have an address in Texas and be available at that location during working hours to receive important legal, financial, or tax documents.
Mike underlines the importance of obtaining a certified copy of the certificate of formation as official proof of certification and registration with the state authorities. This typically costs an additional $30.
Another important aspect of LLC formation is opening a dedicated business bank account. Mike explains that this separates one's business and personal assets, which has important implications for liability. Such accounts can help reduce tax liabilities and make it easier for potential investors to conduct due diligence.
Other necessities include filing an annual report with the state controller's office, which provides updates on any changes in ownership or business activities.
Mike highlights some of the advantages of attaining LLC rather than corporation status. For example, LLCs enjoy "pass-through" taxation, which means these companies do not have to file corporate tax returns and, crucially, their members are not liable for the company's debts. Corporations must also have a board of directors that decides how the company is run, whereas LLCs can rely solely on their members to make operational decisions.
The guide states, "If an LLC or a corporation isn't suitable for your needs, you can also establish other types of businesses in Texas. These include sole proprietorships and partnerships. Both offer benefits and drawbacks depending on your company's operations and how many people are running it."
For more information, go to https://www.mikevestil.com/
Contact Info:
Name: Mike Vestil
Email: Send Email
Organization: Mike Vestil
Address: 1309 Coffeen Ave , Sheridan, WY 82801, United States
Website: https://www.mikevestil.com/
Source: PressCable
Release ID: 89138416
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