--- title: "New Business Formation in Southlake, TX | Wallace CPA" description: "Starting a business in Southlake, TX: compare structures, get an EIN, set up your books and learn the Texas tax steps with a CPA from the start." url: https://wallacecpa.multisites.ai/services/business-formation publisher: Wallace CPA phone: +1-877-682-1171 quote: https://wallacecpa.multisites.ai/contact --- Wallace CPA ยท Southlake, TX # New business formation in Southlake, TX New business formation means choosing a legal structure, registering with the state, getting a federal tax ID and setting up books. Wallace CPA helps Southlake, TX owners look at the tax side of each choice and start with records ready for the first return. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact?service=New%20business%20formation) ![A smiling shop owner in an apron, arms crossed, inside a small store](https://wallacecpa.multisites.ai/_astro/shop-owner.D95xbOyy_1pRKjs.avif) ## What's included - A talk about how each structure is taxed - Help getting an employer identification number - A checklist of Texas and federal tax steps - Bookkeeping setup from day one - A first-year calendar of filing and payment dates ## When people call - You are about to open a business - You are deciding between an LLC, an S corporation or sole proprietorship - You do not know which Texas taxes apply - You want records right from the start - You started already and need to catch up ## Which business structure should I choose? The IRS says the most common forms are the sole proprietorship, partnership, corporation and S corporation, and that an LLC is a structure allowed by state statute. Legal and tax considerations both matter. An attorney can advise on liability. We cover tax effects. Read our guide on [S corps, LLCs and sole proprietors in Texas](https://wallacecpa.multisites.ai/guides/s-corp-llc-sole-proprietor-texas) and the entry on [limited liability companies](https://wallacecpa.multisites.ai/glossary/limited-liability-company-llc). ## Do I need an EIN? Many businesses do. The IRS says an EIN is a federal tax ID for businesses and other entities, and that you can get one free directly from the IRS. See [employer identification number](https://wallacecpa.multisites.ai/glossary/employer-identification-number-ein). Be careful of sites that charge a fee. ## Which Texas taxes might apply? Common ones are the franchise tax, sales and use tax, and payroll taxes if you hire. The Comptroller says the annual franchise tax report is due May 15 and that the date moves if it falls on a weekend or holiday. Read the [Texas business taxes guide](https://wallacecpa.multisites.ai/guides/texas-business-taxes) and the entries on [Texas franchise tax](https://wallacecpa.multisites.ai/glossary/texas-franchise-tax) and [sales and use tax](https://wallacecpa.multisites.ai/glossary/sales-and-use-tax). ## What should I set up before my first sale? Open a separate business bank account, choose accounting software and decide how you will track receipts. Our [bookkeeping routine](https://wallacecpa.multisites.ai/guides/small-business-bookkeeping-routine) is a good place to start. See [small business accounting](https://wallacecpa.multisites.ai/services/small-business-accounting) and [QuickBooks setup](https://wallacecpa.multisites.ai/services/quickbooks#setup). ## Where can I read the full steps? Our guide to [starting a business in Texas](https://wallacecpa.multisites.ai/guides/starting-a-business-in-texas) lists the steps in order. A Southlake owner may also like our post on [opening a business in Southlake](https://wallacecpa.multisites.ai/blog/opening-a-business-southlake-steps). General information, not advice for your situation. Talk with a CPA about your own facts before you act. ## Questions about New business formation Ask anything else: call [(877) 682-1171](tel:+1-877-682-1171). [Read the guideStarting a business in Texas: entity, EIN, franchise tax and sales tax](https://wallacecpa.multisites.ai/guides/starting-a-business-in-texas) ### Do I need a CPA before I form a company? Not required. Many owners talk to a CPA first because structure affects taxes and records. ### Is an LLC taxed differently from a corporation? It depends on the election made. The IRS says legal and tax considerations enter into the choice of structure. ### Can you file my state paperwork? State filings are done with the Texas Secretary of State. Ask us what part we can help with, and an attorney can advise on legal structure. ### When is the Texas franchise tax report due? The Comptroller says the annual report is due May 15, or the next business day if that date falls on a weekend or holiday. ## Related services - [Tax planning](https://wallacecpa.multisites.ai/services/tax-planning) - [Small business accounting](https://wallacecpa.multisites.ai/services/small-business-accounting) - [Payroll services](https://wallacecpa.multisites.ai/services/payroll) ## Sources 1. [IRS: Business structures](https://www.irs.gov/businesses/small-businesses-self-employed/business-structures) 2. [IRS: Employer identification number](https://www.irs.gov/businesses/small-businesses-self-employed/employer-identification-number) 3. [Texas Comptroller: Franchise tax](https://comptroller.texas.gov/taxes/franchise/) ## Talk to Wallace CPA Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact) 180 State Street, Suite 225, Southlake, TX 76092