Welcome to your daily briefing on small business developments in Texas. Today we're covering 5 key stories including updates on texas small business headlines, background & context. Let's dive in.
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A DBA allows a company to do business under a name that’s not its legal name. Find out how to get a DBA in Texas, legal requirements, and more.
Relevant to small business professionals operating in TX.
Explore the official website of the Texas Alcoholic Beverage Commission. Get help and information for your business and help us protect public safety.
Relevant to small business professionals operating in TX.
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The federal EIN identifies the business to the IRS for payroll, federal tax filing, and bank-account opening. State tax IDs are separate, often required for state payroll, sales tax, and unemployment-insurance accounts. Some states issue multiple IDs for different functions. Using the EIN alone leaves state obligations unfiled.
State agencies catch missing registrations through cross-checks with the federal EIN database, often years later, with penalties and interest accruing the whole time.
Most small-business credit cards — even those issued in the company name — carry a personal guarantee in the application terms. Default by the business becomes personal liability. This applies to most issuers including those marketed as "business credit builders.".
Owners assuming corporate-veil protection on business cards can be blindsided by personal collections actions years later. The card's branding does not match the legal exposure.
Buy-sell agreements among co-owners specify what happens at death, disability, or departure — but only matter if there is a funding source to actually execute the buyout. Common defects: insurance policies that lapsed, valuation methods that produce numbers no one can pay, and trigger events that include voluntary departure without a payment plan.
Without funding, the surviving owner faces a co-owner's heirs as the new business partner. Most buy-sell disputes that reach litigation are not about the agreement's terms but about the absence of a funding mechanism.
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