Texas Small Business Startup Package for S-Corporation

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State:
Multi-State
Control #:
US-P107-PKG
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Description

The package is designed to assist an S corporation in running the corporation by providing a large selection of necessary and commonly used forms at a greatly reduced price. The forms provided are valuable tools to ensure the smooth operation of typical business affairs. Purchase of this package is a savings of over 75% off the price compared to purchase of the forms individually!


The documents in this package include the following:



Profit and Loss Statement - This is a general Statement of Profits and Losses for a company. It lists in detail, all profits, or gains, as well as all losses the business may have suffered. This form can be used by any type of company, whether a corporation or a sole proprietor.







2553-S Corp Election for Small Business - This form is used to be treated as a subchapter S corporation by the IRS.



General Trademark License Agreement - This form is a Trademark License Agreement. The licensor is the owner of certain trademarks and the licensee desires to use the trademark on the terms and conditions set forth in the agreement. The licensor agrees to grant to the licensee an exclusive worldwide right and license to use the trademark in connection with the licensee's product.



Investor Stock Purchase Agreement - This is a form authorizing the sale of stock to investors in a company. Detailed provisions cover the representations and warranties of both parties, as well as the specifics of the transaction.



Amendment to Bylaws - This is an Amendment to the Bylaws form, to be used across the United States. This is to be used as a model, and should be modified to fit one's own personal needs.


Job Invoice-Short - This form is a job invoice form. It contains provisions for a job description, starting date, completion date, date and hours worked, list of materials and costs, and an itemized statement of total due for materials, labor, and other.








Employment Agreement - General - This form is used when an Employee agrees to be employed by Employer, and the Employer agrees to employ the Employee, for the purpose of performance by and on behalf of Employer services as may be reasonably requested from time to time by the Employer. The agreement contains provisions for compensation, confidentiality, non-competition and breach of contract.



Employment Agreement with Covenant Not to Compete - This form is used when an Employee agrees to be employed by an Employer, and the Employer agrees to employ the Employee, for the purpose of performance by and on behalf of the Employer as may be reasonably requested from time to time by the Employer. This agreement contains a covenant not to compete clause.



Self-Employed Independent Contractor Employment Agreement General - A company agrees to hire a contractor to perform work on the terms and conditions set forth in the agreement. The contractor agrees that all financial and accounting records will remain the confidential property of the company. The form also provides that the company will reimburse the contractor for all reasonable and necessary expenses incurred by the contractor with the performance of his/her duties.



Secrecy, Nondisclosure and Confidentiality Agreement by Employee or Consultant to Owner - The first party has possession of proprietary information and know-how relating to an idea, product or service, and wishes to employ the second party but desires that the second party agree not to disclose information learned by second party during such employment. Both parties agree that all information, ideas, products or services, processes, written material, samples, models and all other information of any type, whether written or oral, submitted to the second party by the first party is now, and will remain, the property of first party.



Drug Testing Policy Disclosure and Consent Form - This form explains the drug testing policies of a particular company and includes a consent form.



Employee Permission to Do a Background Check - This is a form signed by an employee or prospective employee granting an employer permission to do a background check.



Employment Position Announcement - This form is a business type form that is formatted to allow you to complete the form using Adobe Acrobat or Word. This form allows an employer to announce that applicants for a position with the company are being sought.


Consultant Agreement - This form is a Consultant Agreement for use with consultants exposed to commercial trade secrets or other confidential information as part of their work with a business.


Internet Use Policy - This agreement is to be signed by an employee upon the request of a company concerning the proper uses of internet access. The agreement defines acceptable uses and states that the inappropriate use of the Internet may lead to denial of access or other action by the company.



Also included in this package are: Employment Termination Agreement, Cash Disbursements and Receipts, Check Request form, Daily Accounts Receivable, Yearly Expenses by Quarter, Petty Cash Form and Purchasing Cost Estimate

In Texas, starting a small business as an S-Corporation can be a complex process. To simplify the process and ensure compliance with state laws, several Texas Small Business Startup Packages specifically tailored for S-Corporations are available to entrepreneurs. These packages offer a comprehensive set of services and resources essential for establishing and running a successful business entity. One popular option for small business owners in Texas is the Basic Texas Small Business Startup Package for S-Corporation. This package covers all the fundamental requirements needed to legally establish an S-Corporation. It typically includes services such as business name search and reservation, preparation and filing of the Certificate of Formation, obtaining the Federal Employer Identification Number (VEIN), and drafting corporate bylaws. This package lays a solid foundation for your S-Corporation by ensuring all the key legal and administrative aspects are covered. For those requiring additional services and guidance, the Deluxe Texas Small Business Startup Package for S-Corporation provides an extended range of benefits. In addition to the services offered in the basic package, this option includes assistance with obtaining state licenses and permits specific to your industry, facilitating the preparation of initial financial statements, and guiding you through the process of registering for a state sales tax permit. The deluxe package aims to offer comprehensive support to new S-Corporations, ensuring they have the necessary tools to succeed while complying with all legal requirements. Another specialized option is the Professional Texas Small Business Startup Package for S-Corporation. Tailored specifically for businesses in professional fields such as law, medicine, or accounting, this package provides additional assistance in adhering to industry-specific regulations. This package typically includes services such as drafting professional service agreements, obtaining professional licenses, and ensuring compliance with the Texas State Board of Public Accountancy, State Bar of Texas, or State Board of Medical Examiners, depending on the profession. It is important to note that each Texas Small Business Startup Package for S-Corporation may vary slightly among service providers. Businesses should carefully review the included services and choose a package that aligns with their specific needs. By utilizing these packages, entrepreneurs can save time, money, and potential headaches while ensuring their S-Corporation is set up correctly and ready for success in the Lone Star State.

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FAQ

Like an LLC, an entity that elects S corporation status is a pass-through entity. So the owners of the entity are taxed individually on its profits and losses. Unlike an LLC, however, an entity with S corporation status can limit employment taxes for owners to the salary paid to the owner (so long as it is reasonable).

While Texas does recognize the federal S election, S corporations are nevertheless subject to the state's franchise tax. An individual shareholder, however, does not owe state tax on whatever portion of the corporation's net income they ultimately receive.

Texas S-Corp Filing Service is one-time $375 and includes: *State filing fees. *Processing of your Texas Articles of Incorporation. *Receive employer identification number. *FREE first year Texas Registered Agent Service (renewal only $49/year)

An S corporation usually does not pay federal taxes at the corporate level. As a result, an S corporation can help the owner save money on corporate taxes. The S corporation allows the owner to report the taxes on their personal tax return, similar to an LLC or sole proprietorship.

You needa separate bank account for the corporation. ?I usually tell clients that it's not worth incorporating unless the business is bringing in at least $100,000.? And unless you're a trained professional, doing the paperwork ? including tax returns ? yourself isn't really an option for a corporation.

Advantages. Limited liability: Company directors, officers, shareholders, and employees are given personal liability protection through an s corp. Pass-through taxation: All owners report their share of profit and loss on their individual tax returns. This is then only taxed at the personal level, similar to an LLC.

One major advantage of an S corporation is that it provides owners limited liability protection, regardless of its tax status. Limited liability protection means that the owners' personal assets are shielded from the claims of business creditors?whether the claims arise from contracts or litigation.

An S corporation may have some potential disadvantages, including: Formation and ongoing expenses. ... Tax qualification obligations. ... Calendar year. ... Stock ownership restrictions. ... Closer IRS scrutiny. ... Less flexibility in allocating income and loss. ... Taxable fringe benefits.

Personally, I think if your business is making more than $60,000 in profit every year, then you should look into forming an S corp. Keep in mind that we're talking about taxable income, not gross revenue. Your gross revenue is all the money you make from your products and services.

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Texas Small Business Startup Package for S-Corporation