Hi everyone! I’ve just filed my first LLC & am planning to open a vintage boutique in my city- I’m completely new to owning a legitimate business of my own. I thought this would be a great question to ask as I know I’ll be making many mistakes in my first year of business.
Please feel free to comment your favorite mistake!
Oh hell!!! I meant to say this. In TX there’s this thing called a franchise tax. It really applies to those bringing in big money, like in the millions BUT you still have to submit that paperwork and filing fee every year. If you don’t, the state can dissolve your LLC. I let that get past me because hell I’m just starting and I’m not aware. Well it got past me and I got the warning letter. I was able to fix it but it was a wake up call. Some of the documentation is just a way to squeeze a few admin fees out of small businesses.
Make sure you don’t have any of those obscure filing requirements out there in your state. That can really mess things up for you!