FREQUENTLY ASKED QUESTIONS
The items listed in this section are meant
to serve as a resource for you and are not an exhaustive list. This
information is subject to change without notice. Please contact
one of the professionals at Wheeler Fairman & Kelley for assistance.
1. What are some common types
of business entities formed?
2. Now that I have started my business,
which intitial documents should I file?
3. Do I need to collect and remit sales
tax?
4.
What do I need to consider when I hire employees?
5.
Which employment tax forms might I need to file?
6.
What are some other helpful links that will help me run my business?
| 1.
What are some common types of business entities formed? |
SOLE
PROPRIETORSHIP
Form
1040, Schedule C
Single
member, limited liability company
PARTNERSHIP
Form
1065
General
partnership or joint venture
Limited
partnership
Limited
liability company (more than one member)
CORPORATION
Subchapter
C - Form 1120
Subchapter
S - Form 1120S (must file Form 2553 with IRS) |
| 2.
Now that I have started my business, which intitial documents
should I file? |
1.
Establish an Employer Identification Number (EIN) with the
Internal Revenue Service (IRS). The
form is available online from the IRS.
2. Apply for a business bank account using your EIN.
3. Apply for a business credit card with your bank.
4. Check with local and state authorities to determine whether
any licenses or permits are required to conduct your business. |
| 3.
Do I need to collect and remit sales tax? |
This
is a complex area that may require research. You may contact
the Texas
State Comptroller's Office or one of the professionals
at Wheeler Fairman & Kelley for
more information. |
| 4.
What do I need to consider when I hire employees? |
1.
Each employee should complete Form I-9 and Form W-4.
2. If hired in Texas, the employer should submit a Texas New
Hire form.
3. Contract workers should complete Form W-9.
4. Register with EFTPS to transmit your federal payroll tax deposits. |
| 5.
Which employment tax forms might I need to file? |
Form
941, Employers Quarterly Federal Tax Return
Form
C-3, Texas Employers Quarterly Report (and/or other states
of operation)
Form
940, Employers Annual Federal Unemployment Tax Return
Forms
W-3 and W-2, Wage and Tax Statement
Links
to employment related documents can be found here |
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