Planning ahead for opening a retail store in Texas
Category: Business and Money > Small Businesses
Asked by: houstonray-ga
List Price: $15.00
18 Sep 2004 20:16 PDT
Expires: 18 Oct 2004 20:16 PDT
Question ID: 403104
I live in Houston, Texas and would like to open a retail store in about 18 months, so I am in the early planning stages now. I need info on what order things should be done. For example, I need to register a DBA but I don't have a location yet and obviously won't for another year or so. Do I have to have that first? I need to talk to wholesalers to get prices to plan expenses but most won't give me price info without a tax id number. Can I get a tax id number if I don't actually have the business up and running yet? Can someone please suggest an order on how to do things? I've found the links to getting my DBA, and I've done tons of research on marketing and the ins and outs of owning a store, but now I need the nuts and bolts basic stuff I need to do first. This will be a retail store in a strip shopping center selling mostly home decor type items and will be located in Harris County, in Houston, Texas. Thank you in advance.
Re: Planning ahead for opening a retail store in Texas
Answered By: taxmama-ga on 22 Sep 2004 04:36 PDT
Hi Ray, You've done a lot of homework. Good. Here's what I would recommend. First decide what business format you will use - sole proprietor (just you), partnership, LLC, corporation, trust, etc. It wouldn't hurt to hire a good tax professional at this point to help you with the decisions, and other start-up arrangements. Once you know the business entity, you can get a tax identification number. With that tax ID number you can open a bank account. With that bank account, you can deposit money - either as a loan or a capital contribution. Your Tax Pro can help you decide which it should be. Be aware, once you've started the company, you may have some annual filing requirements, but they won't be complicated if you don't have a full-fledged business yet. Often, as with a sales tax ID number, you'll just be filing tax returns with zeroes until you start selling. Most of your expenditures, at this stage, won't be deductible. They are considered start-up expenses, until your business is ready to open. I hope this gives you a starting point. Best wishes Your TaxMama-ga
rated this answer:
Great and quick response and followup answered quickly as well. Good job taxmama!
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