Business Planning in Austin
How a Consultant Can Help
One of the biggest mistakes you can make when starting a new business is trying to do everything on your own. Business laws vary by state, and licenses and fees may vary by county or municipality. Because it's so important to dot every "i" and cross every "t," it's a good idea to get help from an experienced attorney or business planning consultant. The Duke Firm, PC is a business planning law firm. We can help you with any business contracts and agreements.
Some of the issues new business owners must deal with include:
- The type of Austin incorporation. What makes the most sense for your situation? Sole proprietorships, partnerships, corporations, and limited liability companies have their own advantages and disadvantages.
- Equipment purchases or leases. Will you be better off purchasing equipment outright or leasing it through the business? How should the purchase or lease be handled on your books?
- Rental or property purchase. Will you need a place to greet customers? Display merchandise? If you do need a physical location, an attorney or business consultant can help you negotiate the most appealing lease or purchase terms and see that your long-term interests are protected.
- Taxes. The type of incorporation will determine how your income taxes are calculated, but there are also other licensing fees and taxes to consider. If you sell goods to the public, you'll need to collect and pay state sales taxes. Knowing how much, how often, and what tax to pay can be difficult to determine on your own.
- Insurance. The choices are many, ranging from umbrella and other liability coverage to inventory protection and business interruption. If you own a building, sufficient property coverage will also be necessary.
- Employees. If you hire others, you'll have to deal with wage and hour laws, unemployment taxes, workers' compensation insurance, withholding and reporting, employee benefits, and similar functions. Detailed record keeping and proper government reporting is a must.
