Getting Started as a Sole Proprietor in Dallas: What You Need to Know
Being a sole proprietor in Dallas, Texas can be rewarding and lucrative3 min read
Being a sole proprietor in Dallas, Texas can be rewarding and lucrative. But just like any other business venture, it’s important to make sure you understand all of the ins and outs of business law in the Lone Star State before getting started. To help you out, we’ve put together the following guide to help you get up and running.
In this article, we’ll discuss:
• What It Means to Be a Sole Proprietor
• What You Need to Do to Get Started
• How to Obtain Operating Licenses and Permits
• What to Do if You Don’t Have an Employee
• How to Get Professional Legal Advice
Getting started as a sole proprietor may seem like a daunting task, but with a bit of research and preparation, you’ll soon be ready to run your own business in Dallas.
What It Means to Be a Sole Proprietor
A sole proprietor is someone who is in business for themselves and who is not considered an employer of any kind. A sole proprietorship is a business structure in which one person owns, manages, and assumes all of the responsibility for an enterprise. The owner is solely responsible for any debts, liabilities, and risks that may arise from operating the business.
You may be a sole proprietor if you sell merchandise or services on your own, such as a freelancer, consultant, entrepreneur, real estate investor, Uber driver, etc. If you’re a sole proprietor, you’ll essentially be self-employed.
What You Need to Do to Get Started
When getting started as a sole proprietor, it’s important to make sure that you understand all of your responsibilities and obligations. In order to do this, you’ll need to know what paperwork needs to be filed, what taxes and permits are necessary, and which applicable laws your business must adhere to.
Before starting your business, you’ll need to take the following steps:
• Select a business name and register it with the state
• Obtain an Employee Identification Number (EIN)
• Apply for a Texas Sales Tax Permit
• Obtain any necessary local business permits
How to Obtain Operating Licenses and Permits
Depending on the type of business you’re running, you may need to obtain certain operating licenses and permits from the state and local governments. This usually applies to businesses that require you to use specialized equipment, or to provide services that require certification or licensing. Consulting with a business lawyer can be helpful here.
What to Do if You Don’t Have an Employee
If you don’t have any employees, you won’t need to bother with things such as workers’ compensation, payroll taxes, or even a Human Resources department. However, if you do plan to hire employees in the future, make sure that you understand all of the applicable laws and regulations.
How to Get Professional Legal Advice
As a sole proprietor, understanding and complying with the relevant laws and regulations can be challenging. Hiring a business attorney to help you can be a wise choice. A business lawyer can help you make sure that all of your paperwork is in order, answer any questions you may have, and protect your interests. If you’re located in Dallas, you can find experienced legal counsel with the help of UpCounsel. Whether you need a one-time consult or an entire freelance legal department, UpCounsel’s network of experienced lawyers has you covered. From small businesses to the Fortune 1000, groundbreaking companies of all sizes trust UpCounsel and its attorney community to provide high quality, cost-effective legal services. Access to high quality attorneys on demand, Business attorneys have an average of 14 years of experience, Profiles of our online attorneys display client ratings and reviews of recent work.
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