In an effort to help guide your process, we put together this manual by collecting information from various sources on how to start a business – federal, state and local requirements - and paired it with the corresponding points of contact. These are our recommendations based on all the information we sifted through, and cer
Business Startup Guide
275 S. Kansas, Ste. B | Weslaco, TX 78596| 956-968-2102 | www.weslaco.com
Getting Started
Hello! You've downloaded this booklet because you're either considering starting a business or you've already made the decision to pursue entrepreneurship. How exciting!
In an effort to help guide your process, we put together this manual by collecting information from various sources on how to start a business federal, state and local requirements - and paired it with the corresponding points of contact. These are our recommendations based on all the information we sifted through, and certainly not an exhaustive list of steps. We recommend that you seek legal counsel for licensing, permits and your company's legal establishment.
Business Law Firms
Law Office of Cynthia L. Benavides, P.L.L.C. 107 W. 6th Street Weslaco, TX 78596 (956) 854-4363
Jones, Galligan, Key & Lozano, L.L.P. 2300 W. Pike, Ste. 300 Weslaco, TX 78596 (956) 968-5402
The Chapman Firm PLLC 3410 Far West Blvd. Ste 210 Austin, TX 78731 (512) 872-3840
Choose a location
Research the best place to locate your business You'll need to register your business, pay taxes, and get licenses and permits in the place you choose to locate your business. Where you locate your business depends in part on the location of your target market, business partners, and your personal preferences. In addition, you should consider the costs, benefits, and restrictions of different government agencies. (U.S. SBA) Weslaco EDC Property Search: http://www.weslacoedc.com/property-search
Region-specific business expenses When you calculate your startup costs, take into account the way different expenses might cost more or less depending on your location. Costs that can vary significantly by location include standard salaries, minimum wage laws, property values, rental rates, business insurance rates, utilities, and government licenses and fees. (U.S. SBA)
Local zoning ordinances If you buy, rent, build, or plan to work out of a physical property for your business, make sure it conforms to local zoning requirements. Neighborhoods are generally zoned for either commercial or residential use. Zoning ordinances can restrict or entirely ban specific kinds of businesses from operating in an area. You might have fewer zoning restrictions if you base your business out of your home, but zoning ordinances can still apply even to home-based businesses. Zoning laws are typically controlled at the local level, so check with your department of city planning, or similar office, to find out about the zoning laws in your area. (U.S. SBA)
Planning and Code Enforcement City of Weslaco 255 S. Kansas Weslaco, TX 78596 956-968-3181 www.weslacotx.gov/
Real Estate Companies
Davis Equity Realty 2300 W. Pike Blvd., Ste 101 Weslaco, TX 78596 (956) 969-8648 www.davisequity.com
Davis Real Estate, RGV, LLC 2300 W. Pike Blvd Ste. 103A Weslaco, TX 78596 (956) 968-4571 www.davisrealestate.com
Medina Real Estate 309-A West Pike Weslaco, TX 78596 (956) 968-8900 www.medinarealestatetx.com
Walker Realty 2114 W. Sixth St. Weslaco, TX 78596 (956) 968-8317 www.walker-realty.net
State and local government incentives
Some state and local governments offer special tax credits for small businesses. You might also find state-specific small business loans or other financial incentives. Incentive programs and benefits are often related to job creation, energy efficiency, urban redevelopment, and technology. Visit local SBA Offices, Small Business Development Centers, Women's Business Centers state and local government websites to find more information. (U.S. SBA)
Federal government incentives
The federal government offers benefits to small businesses that contract with the government and are based in underutilized areas. Check into the Historically Underutilized Business Zones (HUBZone) program to see if you qualify for preferential access to federal procurement opportunities. (U.S. SBA)
Weslaco Economic Development Corporation 275 S. Kansas, Ste. A Weslaco, TX 78596 956-969-0838 www.weslacoedc.com
U.S. Small Business Administration 2422 E. Tyler Harlingen, TX 78550 956-427-8533 https://www.sba.gov/offices/district/tx/harlingen
UTRGV Small Business Development Center 1407 E Freddy Gonzalez Dr Suite 1.200 Edinburg, TX 78539 956-665-7535 https://www.utrgv.edu/sbdc/
Business Structure
You need to choose the type of legal, for-profit business entity you want your business to be, which depends on a few factors. This includes what kind of business you're starting, whether you'll have employees and your comfort with liability. Some structures are free to register, others have a low fee and are subject to the state franchise tax. (U.S. SBA) Sole proprietorship A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business. Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships. Sole proprietorships can be a good choice for low-risk businesses and owners who want to test their business idea before forming a more formal business. (U.S. SBA)
Partnership Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP). Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner -- the partner without limited liability -- must also pay selfemployment taxes. Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won't be responsible for the actions of other partners. Partnerships can be a good choice for businesses with multiple owners, professional groups (like attorneys), and groups who want to test their business idea before forming a more formal business. (U.S. SBA)
Limited liability company (LLC)
An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets -- like your vehicle, house, and savings accounts -- won't be at risk in case your LLC faces bankruptcy or lawsuits. Profits and losses can get passed through to your personal income without facing corporate taxes. However, members of an LLC are considered self-employed and must pay selfemployment tax contributions towards Medicare and Social Security.
LLCs can have a limited life in many states. When a member joins or leaves an LLC, some states may require the LLC to be dissolved and re-formed with new membership -- unless there's already an agreement in place within the LLC for buying, selling, and transferring ownership.
LLCs can be a good choice for medium- or higher-risk businesses, owners with significant personal assets they want to be protected, and owners who want to pay a lower tax rate than they would with a corporation. (U.S. SBA)
Corporation
C corp
A corporation, sometimes called a C corp, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable. Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.
Unlike sole proprietors, partnerships, and LLCs, corporations pay income tax on their profits. In some cases, corporate profits are taxed twice -- first, when the company makes a profit, and again when dividends are paid to shareholders on their personal tax returns.
Corporations have a completely independent life separate from its shareholders. If a shareholder leaves the company or sells his or her shares, the C corp can continue doing business relatively undisturbed. Corporations have an advantage when it comes to raising capital because they can raise funds through the sale of stock, which can also be a benefit in attracting employees.
Corporations can be a good choice for medium- or higher-risk businesses, businesses that need to raise money, and businesses that plan to "go public" or eventually be sold. (U.S. SBA)
S corp
An S corporation, sometimes called an S corp, is a special type of corporation that's designed to avoid the double taxation drawback of regular C corps. S corps allow profits, and some losses, to be passed through directly to owners' personal income without ever being subject to corporate tax rates.
Not all states tax S corps equally, but most recognize them the same way the federal government does and taxes the shareholders accordingly. Some states tax S corps on profits above a specified limit and other states don't recognize the S corp election at all, simply treating the business as a C corp. (U.S. SBA)
There are special limits on S corps. S corps can't have more than 100 shareholders, and all shareholders must be U.S. citizens. You'll still have to follow strict filing and operational processes of a C corp.
S corps also have an independent life, just like C corps. If a shareholder leaves the company or sells his or her shares, the S corp can continue doing business relatively undisturbed.
S corps can be a good choice for a business that would otherwise be a C corp, but meets the criteria to file as an S corp.
B corp
A benefit corporation, sometimes called a B corp, is a for-profit corporation recognized by a majority of U.S. states. B corps are different from C corps in purpose, accountability, and transparency, but aren't different in how they're taxed.
B corps are driven by both mission and profit. Shareholders hold the company accountable to produce some sort of public benefit in addition to a financial profit. Some states require B corps to submit annual benefit reports that demonstrate their contribution to the public good.
There are several third-party B corp certification services, but none are required for a company to be legally considered a B corp in a state where the legal status is available. (U.S. SBA)
Close corporation
Close corporations resemble B corps but have a less traditional corporate structure. These shed many formalities that typically govern corporations and apply to smaller companies. State rules vary, but shares are usually barred from public trading. Close corporations can be run by a small group of shareholders without a board of directors. (U.S. SBA)
Nonprofit corporation
Nonprofit corporations are organized to do charity, education, religious, literary, or scientific work. Because their work benefits the public, nonprofits can receive tax-exempt status, meaning they don't pay state or federal taxes income taxes on any profits it makes. Nonprofits must file with the IRS to get tax exemption, a different process from registering with the Texas Secretary of State.
Nonprofit corporations need to follow organizational rules very similar to a regular C corp. They also need to follow special rules about what they do with any profits they earn. For example, they can't distribute profits to members or political campaigns. Nonprofits are often called 501(c)(3) corporations -- a reference to the section of the Internal Revenue Code that is most commonly used to grant tax-exempt status. (U.S. SBA)
Cooperative
A cooperative is a business or organization owned by and operated for the benefit of those using its services. Profits and earnings generated by the cooperative are distributed among the members, also known as user-owners. Typically, an elected board of directors and officers run the cooperative while regular members have voting power to control the direction of the cooperative. Members can become part of the cooperative by purchasing shares, though the number of shares they hold does not affect the weight of their vote. (U.S. SBA)
Pick a business name
You'll want to choose a business name that reflects your brand identity and doesn't clash with the types of goods and services you offer. Once you settle on a name you like, you need to protect it. There are four different ways to register your business name. Each way of registering your name serves a different purpose, and some may be legally required depending on your business structure and location. (U.S. SBA)
Entity name protects you at state level An entity name can protect the name of your business at a state level. Depending on your business structure and location, the state may require you to register a legal entity name. Your entity name is how the state identifies your business. Each state may have different rules about what your entity name can be and usage of company suffixes. Most states don't allow you to register a name that's already been registered by someone else, and some states require your entity name to reflect the kind of business it represents. In most cases, your entity name registration protects your business and prevents anyone else in the state from operating under the same entity name. However, there are exceptions pertaining to state and business structure. (U.S. SBA) Texas Secretary of State Formation of Texas Entities FAQs
Trademark protects you at a federal level A trademark can protect the name of your business, goods, and services at a national level. Trademarks prevent others in the same (or similar) industry in the U.S. from using your trademarked names. For example, if you were an electronics company and wanted to call your business Springfield Electronic Accessories and one of your products Screen Cover 5000, trademarking those names would prevent other electronics businesses or similar products from using those same names.
Doing Business As (DBA) doesn't give legal protection, but might be legally required. You might need to register your DBA -- also known as a trade name, fictitious name, or assumed name -- with the state, county, or city your business is located in. Registering your DBA name doesn't provide legal protection by itself, but most states require you to register your DBA if you use one. Some business structures require you to use a DBA.
Even if you're not required to register a DBA, you might want to anyway. A DBA lets you conduct business under a different identity from your own personal name or your formal business entity name. As an added bonus, getting a DBA and federal tax ID number (EIN) allows you to open a business bank account.
Multiple businesses can go by the same DBA in one state, so you're less restricted in what you can choose. There's also more leeway in the clarity of business function. For example, a small business owner could use Springfield Electronic Accessories for their entity name but use TechBuddy for their DBA. Just remember that trademark infringement laws will still apply. (U.S. SBA)
An LLC, corporation, limited partnership, limited liability partnership, foreign filing entity or other incorporated business that regularly conducts business or renders professional services in Texas under a name that is different from its legal name MUST file an assumed name certificate (aka DBA) with BOTH (1) the county clerk of the county in which the business has a registered or principal office AND (2) the Texas Secretary of State.
An unincorporated business that regularly conducts business or renders professional services in Texas under an assumed name must file an assumed name certificate in the office of the county clerk in EACH county in which you: (1) has or will maintain business or professional premises; or (2) conducts business or renders a professional service, if the person does not or will not maintain business or professional premises in any county.
Secretary of State Corporations Section P.O. Box 12887 Austin, Texas 78711-3697 (512) 463-5701 www.sos.state.tx.us
Hidalgo County Clerk Office Recording Department 317 N. Closner Blvd. Edinburg, TX 78539 Main Office (956) 318-2100 Toll Free (888) 318-2811 https://www.hidalgocounty.us/161/County-Clerks-Office
McAllen Substation 419 W. Nolana, Ste. B McAllen, TX 78501
When choosing your DBA, consider spelling, capitalization and punctuation. It should be easily identifiable, clear, and concise. Before filing at the Hidalgo County Clerk's office you'll want to search the Hidalgo County online database to make sure your business name isn't taken. You can also call to request a search or stop by the main office in Edinburg or the McAllen substation. Filing a DBA will cost $23.50 for one owner, and an additional .50 for each owner. You will also need to get the form notarized offsite, so be prepared for that extra trip! It wise to also do a general Google search. Every little detail matters! You don't want a name that might get easily confused with another business, especially if the business and/or name has a negative connotation.
Domain name protects your business website address If you want an online presence for your business, start by registering a domain name -- also known as your website address, or URL.
Once you register your domain name, no one else can use it for as long as you continue to own it. It's a good way to protect your brand presence online.
If someone else has already registered the domain you wanted to use, that's okay. Your domain name doesn't actually need to be the same as your legal business name, trademark, or DBA. For example, Springfield Electronic Accessories could register the domain name techbuddyspringfield.com.
You'll register your domain name through a registrar service. Consult a directory of accredited registrars to determine which ones are safe to use, and then pick one that offers you the best combination of price and customer service. You'll need to renew your domain registration on a regular basis.
Each of these name registrations are legally independent. Most small businesses try to use the same name for each kind of registration, but you're not normally required to.
Register your business
Your location and business structure determine how you'll need to register your business. Determine those factors first, and registration becomes very straightforward. For most small businesses, registering your business is as simple as registering your business name with state and local governments. (U.S. SBA)
In some cases, you don't need to register at all. If you conduct business as yourself using your legal name, you won't need to register anywhere. But remember, if you don't register your business, you could miss out on personal liability protection, legal benefits, and tax benefits. Register with federal agencies (U.S. SBA) Most businesses don't need to register with the federal government to become a legal entity, other than simply filing to get a federal tax ID. Small businesses sometimes register with the federal government for trademark protection or tax-exempt status. If you want to trademark your business, brand or product name, file with the United States Patent and Trademark office once you've formed your business.
If you want tax-exempt status for a nonprofit corporation, register your business as a tax-exempt entity with the IRS. To create an S corp, you'll need to file form 2553 with the IRS.
Register with state agencies (U.S. SBA) If your business is an LLC, corporation, partnership, or nonprofit corporation, you'll probably need to register with any state where you conduct business activities. Typically, you're considered to be conducting business activities in a state when: · Your business has a physical presence in the state · You often have in-person meetings with clients in the state · A significant portion of your company's revenue comes from the state · Any of your employees work in the state
Some states allow you to register online, and some states make you file paper documents in person or through the mail.
Most states require you to register with the Secretary of State's office, a Business Bureau, or a Business Agency.
Get a registered agent (U.S. SBA)
The Texas Business Organizations Code ("BOC") requires every domestic or foreign filing entity to maintain a registered agent and office in Texas. The BOC also permits the filing of an appointment of agent for service of process by an unincorporated nonprofit association. Additionally, the Texas Finance Code permits a Texas financial institution to appoint an agent for service of process.
Click for more info: https://www.sos.state.tx.us/corp/registeredagents.shtml
If your LLC, corporation, partnership, or nonprofit corporation conducts business activities in more than one state, you might need to form your business in one state and then file for foreign qualification in other states where your business is active.
The state where you form your business will consider your business to be domestic, while every other state will view your business as foreign. Foreign qualification notifies the state that a foreign business is active there.
Foreign qualified businesses typically need to pay taxes and annual report fees in both their state of formation and states where they're foreign qualified.
To foreign qualify, file a Certificate of Authority with the state. Many states also require a Certificate of Good Standing from your state of formation. Each state charges a filing fee, but the amount varies by state and business structure.
Check with state offices to find out foreign qualification requirements and fees.
File state documents and fees (U.S. SBA)
In most cases, the total cost to register your business will be less than $300, but fees vary depending on your state and business structure.
The information you'll need typically includes:
· Business name · Business location · Ownership, management structure, or directors · Registered agent information · Number and value of shares (if you're a corporation)
The documents you need -- and what goes in them -- will vary based on your state and business structure.
Register with local agencies
Planning and Code Enforcement City of Weslaco 255 S. Kansas Weslaco, TX 78596 956-968-3181 www.weslacotx.gov
Stay up to date with registration requirements
Some states require you to provide reports soon after registering depending on your business structure. You may need to file additional documentation with your state tax board or franchise tax board. These filings are typically referred to as Initial Reports or Tax Board registration, and most often need to be filed within 30-90 days after you register with the state. Check with your local tax office or franchise tax board, if it applies to you.
Hidalgo County Tax Office 2804 S. Business Hwy 281 Edinburg, TX 78539 (956) 318-2157
Tax ID numbers
Your state tax ID and federal tax ID numbers -- also known as an Employer Identification Number (EIN) -- work like a personal social security number, but for your business. They let your small business pay state and federal taxes. (U.S. SBA)
Get a federal tax ID number Your Employer Identification Number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. It's free to apply for an EIN, and you should do it right after you register your business. Your business needs a federal tax ID number if it does any of the following: · Pays employees · Operates as a corporation of partnership · Files tax returns for employment, excise, or alcohol, tobacco, and firearms · Withholds taxes on income, other than wages, paid to a non-resident alien
Uses a Keogh Plan (a tax-deferred pension plan) Works with certain types of organizations Apply for an EIN with the IRS assistance tool. It will guide you through questions and ask for
your name, social security number, address, and your "Doing Business As" (DBA) name. Your nine-digit federal tax ID becomes available immediately upon verification. https:// sa.www4.irs.gov/modiein/individual/index.jsp Change or replace your EIN If you already have an EIN, you might have to change or replace it with a new one if certain changes have occurred with your business.
Types of business changes that might require you to change or replace your EIN are: · Name change · Address change · Changes in ownership · Changes in management · Change in tax status
Your requirements will depend on your business structure and the kind of change that occurred. Check with the IRS to determine exactly whether you need to change or replace your EIN.
Find information on federal taxes, business tax credits, employment taxes and more here: www.irs.gov/businesses
Get a state tax ID number for state income and employment taxes
Employers can contact the Texas Workforce Commission to obtain a Texas Tax ID number and information on tax credits for employees employed by the business.
Texas Workforce Commission Tax Office 400 E Hackberry Ave, McAllen, TX 78501 Hours: 8 am to 5 pm (956) 984-7280
Licenses and permits
Most small businesses need a combination of licenses and permits from both federal and state agencies. The requirements -- and fees -- vary based on your business activities, location, and government rules. (U.S. SBA)
Federal Licenses You'll need to get a federal license or permit if your business activities are regulated by a federal agency. Check to see if any of your business activities are listed here, and then check with the right federal agency to see how to apply. (U.S. SBA)
State licenses and permits Texas imposes 6.25 percent state sales and use tax on all retail sales, leases and rentals of most goods, as well as taxable services. City of Weslaco sales tax is 2% for a total of 8.25%. Obtain a sales tax permit and process state sales tax information online or in person: Texas Comptroller of Public Accounts 3231 N. McColl, Ste. A McAllen, Texas 78501 (956) 687-9227 https://comptroller.texas.gov/taxes/sales/
Some licenses and permits expire after a set period of time. Keep close track of when you need to renew them -- it's often easier to renew than it is to apply for a new one: TDLR Programs
A variety of small fees are associated with obtaining various business filings and trademarks, such as a change of registered agent or a limited partnership periodic report. Download fee schedule here.
Building permits and fire code
Planning and Code Enforcement City of Weslaco 255 S. Kansas Weslaco, TX 78596 956-968-3181 http://www.weslacotx.gov/departments/planning-and-ce?sub=planning-and-zoning-division
Workers' compensation (Texas Dept of Insurance)
In Texas, private employers can choose to carry workers' compensation insurance coverage, but it is not required in most cases. A workers' compensation insurance policy provides lost wages and medical benefits to employees injured on the job. Except when gross negligence results in a fatality, coverage limits liability if an employee sues your business for damages.
Small employers can choose whether to offer health insurance to their employees. Texas insurance law defines a small employer as a business with two to 50 employees, regardless of how many hours the employees work. Businesses with fewer than 50 full-time equivalent employees don't have to pay a penalty for not providing health insurance. Federal law defines a full-time employee as one who works at least 30 hours during a typical week. The law counts each 120 hours worked in a month by part-time employees as one full-time equivalent employee.
If you provide health insurance, you must offer it to all of your employees who work 30 hours or more each week. You must also offer coverage for their dependents. Business owners can enroll in their small-employer health plan if at least one of their employees also enrolls. The employee can't be a business owner, partner, or family member.
www.tdi.texas.gov
Texas Workforce Commission
The Texas Workforce Commission (TWC) and 28 local workforce development boards have teamed up to form Texas Workforce Solutions, to provide support services and administering unemployment benefits and tax programs. A few services to keep in mind:
Skills for Small Business provides training funds for businesses with fewer than 100 employees-- $725 for full-time existing employees and double that amount for full-time, new employees to aid in upgrading skills, preparing new hires, and increasing competitiveness. Training is also available at local colleges.
Skills Development Funds are collaborative training programs customized to specific business needs. Companies can apply for this fund grant and customized curriculum.
The Work Opportunity Tax Credit Program offers a tax credit reducing the federal tax liability of employers if they hire someone from target groups, such as SNAP recipients, ex-felons, veterans, and residents of rural renewal counties.
Unemployment Tax (Texas Workforce Commission)
The Unemployment Tax program collects wage information and unemployment taxes from employers subject to the Texas Unemployment Compensation Act (TUCA). The taxes support the state's Unemployment Compensation Fund, a reserve from which unemployment benefits are paid to eligible workers who are unemployed through no fault of their own. Unemployment taxes are not deducted from employee wages.
Most employers are required to pay Unemployment Insurance (UI) tax under certain circumstances. The Texas Workforce Commission uses three employment categories: regular, domestic and agricultural. Employer tax liability differs for each type of employment.
Liable employers must register with TWC to create a tax account and in each calendar quarter, report wages paid to employees and pay taxes due. For state unemployment tax purposes, only the first $9,000 paid to an employee by an employer during a calendar year constitutes "taxable wages." Quarterly wage reports and taxes must be filed and paid by the last day of the month following the end of the calendar quarter. For detailed information see Reporting & Determining Taxable Wages, Employer's Quarterly Wage Report Filing Options and Payment Options for Unemployment Tax.
Learn more: https://twc.texas.gov/businesses/unemployment-tax-basics
Business Banking
Open a business account when you're ready to start accepting or spending money as your business. A business bank account helps you stay legally compliant and protected. It also provides benefits to your customers and employees. (U.S. SBA)
Benefits of business bank accounts As soon as you start accepting or spending money as your business, you should open a business bank account. Common business accounts include a checking account, savings account, credit card account, and a merchant services account. Merchant services accounts allow you to accept credit and debit card transactions from your customers. (U.S. SBA) You can open a business bank account once you've gotten your federal EIN. Find an account with low fees and good benefits - Some business owners open a business account at the same bank they use for their personal accounts. Rates, fees, and options vary from bank to bank, so you should shop around to make sure you find the lowest fees and the best benefits. (U.S. SBA) Here are things to consider when you're opening a business checking or savings account: · Introductory offers · Interest rates for savings and checking · Interest rates for lines of credit · Transaction fees · Early termination fees · Minimum account balance fees
Here are things to consider when you're opening a merchant services account: · Discount rate: The percentage charged for every transaction processed. · Transaction fees: The amount charged for every credit card transaction. · Address Verification Service (AVS) fees. · ACH daily batch fees: Fees charged when you settle credit card transactions for that day. · Monthly minimum fees: Fees charged if your business doesn't meet the minimum required
transactions.
Payment processing companies are an increasingly popular alternative to traditional merchant services accounts. Payment processing companies sometimes provide extra functionality, like accessories that let you use your phone to accept credit card payments. The fee categories that you need to consider will be similar to merchant services account fees. If you find a payment processor that you like, remember that you'll still need to connect it to a business checking account to receive payments. Get documents you need to open a business bank account Opening a business bank account is easy once you've picked your bank. Simply go online or to a local branch to begin the process. Here are some of the most common documents banks ask for when you open a business bank account. Some banks may ask for more. · Employer Identification Number (EIN) (or a Social Security number, if you're a sole
proprietorship) · Your business's formation documents · Ownership agreements · Business license
Banks
Frost Bank 533 N Alamo Rd Alamo, TX 78516 (956) 973-3317
Greater State Bank 255 S. Texas Blvd. Weslaco, TX 78596 (956) 973-4782
International Bank of Commerce (IBC) 606 S. Texas Blvd. Weslaco, TX 78596 (956) 968-5551
Lone Star National Bank 214 S. Texas Blvd. Weslaco, TX 78596 (956) 973-7700
Lone Star National Bank-North 620 W. Expressway 83 Weslaco, TX 78596 (956) 447-4304
Navy Army Community Credit Union 701 N. Airport Dr. Weslaco, TX 78596 (956) 447-0064
Banks (cont.)
Plains Capital Bank 911 W. Expressway 83 Weslaco, TX 78599 (956) 973-3070
Rio Bank 1000 N. Westgate Weslaco, TX 78596 (956) 968-3717
Rio Bank Weslaco East 3124 E. Bus. Hwy. 83 Weslaco, TX 78596 (956) 968-8645
South Texas Federal Credit Union 401 N. Westgate Weslaco, TX 78596 (956) 969-2595
Texas National Bank 621 S. International Blvd. Weslaco, TX 78596 (956) 520-7035
Texas Regional Bank 400 N. Westgate Weslaco, TX 78596 (956) 351-4690
Vantage Bank 400 N Texas Blvd. Weslaco, TX 78596 (956) 968-1511
Business Insurance
Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you're not protected with the right insurance. (U.S. SBA)
Pick the type of business insurance you need The protections you get from choosing a business structure like an LLC or a corporation typically only protect your personal property from lawsuits, and even that protection is limited. Business insurance can fill in the gaps to make sure both your personal assets and your business assets are fully protected from unexpected catastrophes. In some instances, you might be legally required to purchase certain types of business insurance. The federal government requires every business with employees to have workers' compensation, unemployment, and disability insurance. Texas Department of Insurance https://www.tdi.texas.gov/pubs/pc/pcgenliab.html
In 2018, the Weslaco Fire Department improved its insurance rating from a class four to a class three. This is based on factors such as distance between hydrants, fire department response times, age of equipment, water distribution and firefighter training. The rating places the Weslaco Fire Department among the top 6 percent of ranked departments nationwide, according to a summary report prepared by the Insurance Services Office in Austin.
Six common types of business insurance (U.S. SBA) After you purchase insurance that's required by law, you can find insurance to cover any other business risk. As a general rule, you should insure against things you wouldn't be able to pay for on your own. Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you. Here are six common kinds of business insurance to look for.
Insurance type
General liability insurance
Product liability insurance Professional liability insurance Commercial property insurance
Home-based business insurance
Business owner's policy
Who it's for
Any business.
Businesses that manufacture, wholesale, distribute, and retail a product. Businesses that provide services to customers.
Businesses with a significant amount of property and physical assets.
Businesses that are run out of the owner's personal home.
Most small business owners, but especially home-based business owners.
What it does
This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.
This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm.
This coverage protects against financial loss as a result of malpractice, errors, and negligence.
This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.
Coverage that's added to homeowner's insurance as a rider can offer protection for a small amount of business equipment and liability coverage for thirdparty injuries.
A business owner's policy is an insurance package that combines all of the typical coverage options into one bundle. They simplify the insurance buying process and can save you money.
Four steps to buy business insurance (U.S. SBA)
Assess your risks. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. If you need help, the National Federation of Independent Businesses (NFIB) provides information for choosing insurance to help you assess your risks and to make sure you've insured every aspect of your business.
Find a reputable licensed agent. Commercial insurance agents can help you find policies that match your business needs. They receive commissions from insurance companies when they sell policies, so it's important to find a licensed agent that's interested in your needs as much as his/her own.
Shop around. Prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance offers from several different agents.
Re-assess every year. As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, you should contact your insurance agent to discuss changes in your business and how they affect your coverage.
Insurance Agencies
Allstate Insurance - Myriam Guerra 909 W. Business Hwy. 83 Weslaco, TX 78596 (956) 969-3291
Hope Insurance Agency LLC 128 W 5th St. Weslaco, TX 78596 (956) 329-5312
Etiel Reyes Farmers Insurance Agency 1600 N. Westgate Dr. Weslaco, TX 78599 (956) 969-0107
Golden Outlook Insurance Services, Inc. (956) 346-7845
Smith - Reagan Insurance Agency, Inc. 148 N. Sam Houston San Benito, TX 78586 (956) 399-1353
State Farm Insurance - Ruben Cardenas 603 N. Texas Blvd. Weslaco TX 78596 (956) 968-4554
Tamez Financial Group 1022 S. Texas Blvd. Weslaco, TX 78596 (956) 973-1904
Jeff Everitt & Associates, Inc. 901 S. Texas Weslaco, TX 78596 (956) 968-5954
Independent Insurance Agents of the Rio Grande Valley Weslaco, TX (956) 212-6587
McAfee Insurance Agency 321 2nd St. Mercedes, TX 78570 (956) 565-2481
Montalvo Insurance Agency 208 S. Texas Blvd. Weslaco, TX 78596 (956) 968-5521
Shepard Walton King Insurance Group 121 W. Pecan McAllen, TX 78501 (956) 682-2841
State Farm Insurance - Julian Garza 1529 W. Exp. 83, Ste A Weslaco, TX 78596 (956) 447-9704
Join the Chamber
Once your business is registered, all your permits and licenses are in place, and you're getting ready to open, what's the next step?
JOIN THE CHAMBER OF COMMERCE, OF COURSE!
The Weslaco Area Chamber of Commerce, and all chambers of commerce for that matter, are about creating a positive business environment in the city and facilitating connections for its members. We're here to serve the great city of Weslaco and do our part to celebrate the growth in new businesses, as well as the member businesses who have been a staple in Weslaco for 50+ years. The Weslaco Area Chamber of Commerce hosts a variety of programs like speed networking lunches, seminars, forums and ribbon cuttings--all providing opportunities for you to connect with other Chamber members and potential clients. Creating a healthy workforce is another goal of the Weslaco Area Chamber of Commerce, and is promoted through programs like the annual Business Expo and Job Fair, as well as the high school mentorship program nCourage and the Young Entrepreneurs Summer Camp. Leadership Mid Valley, sponsored by the Weslaco Area Chamber of Commerce, is an eight-month program for anyone interested in learning more about the MidValley and everything it has to offer. These are just a few of the ways we serve our members and the community at large, and we want to invite you to be part of this organization. Visit www.weslaco.com to learn more and become a member.
Microsoft Publisher 2016