Doing Business Here - 02

Doing Business in Grayson County

Grayson County is a great place to start or grow a business. We have a thriving economy and a supportive community of entrepreneurs. To help you succeed, we have compiled the following list of resources and organizations dedicated to supporting small business owners at all stages.

And, if you decide to become our client, you will have access to the experience of over 100 commercial and residential real estate agents within the Paragon Realtors® brokerage - not only here in Grayson County, but also in Dallas, Fort Worth, Cedar Creek Lake, San Angelo, Longview, and Southern Oklahoma. We’ll even introduce you to other local business owners and governmental employees to help make the process easier for you.

Remember, we’re here to help you, so feel free to contact us when you need assistance.

Anchor Links…
Doing Business at the Federal Level
Doing Business in the State of Texas
Grayson County Resources
Denison Resources
Sherman Resources

Doing Business at the Federal Level

There are a number of federal regulatory requirements that business owners need to be aware of when starting a business. Some of the most important ones include:

Employer Identification Number (EIN): Businesses that have employees or pay estimated taxes need to obtain an EIN from the Internal Revenue Service (IRS). This is a nine-digit number that is used to identify businesses for tax purposes.

Taxes: Businesses must pay federal taxes, including income tax, estimated taxes, and employment taxes. The specific taxes that a business must pay will depend on its structure and activities.

Business licenses and permits: Businesses may need to obtain certain licenses and permits from the federal government, depending on their industry and location. For example, businesses that sell food or beverages may need to obtain a license from the Food and Drug Administration (FDA).

Employment laws: Businesses must comply with a variety of federal employment laws, such as the Fair Labor Standards Act (FLSA) and the Americans with Disabilities Act (ADA). These laws regulate things like minimum wage, overtime pay, and discrimination.

It is important to note that this is not an exhaustive list of all federal regulatory requirements for businesses. There are a number of other requirements that may apply to specific industries or businesses. Business owners should consult with an attorney or accountant to ensure that they are in compliance with all applicable federal regulations.

What New Business Owners Need to Know About Federal Taxes

Listed below are links to basic federal tax information from the Internal Revenue Service for people who are starting a business, as well as information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.

Information about specific industries can be found at
Industries, Professions and Business Tax Centers

Is it a hobby or a business?
Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies.
Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies.

Learn more…
https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide

Select a Business Structure
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file.

Learn more…
https://www.irs.gov/businesses/small-businesses-self-employed/business-structures

Apply for an Employer Identification Number (EIN) if Applicable
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and is used to identify a business entity. Generally, businesses need an EIN.

Learn more…
https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers

Paying Your Business Taxes
The form of business you operate determines what taxes you must pay and how you pay them. The five general types of business taxes are: income tax, estimated taxes, self-employment tax, employment tax, and excise tax.

Learn more…
https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes

Recordkeeping
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

Learn more…
https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

Choose a Tax Year
You must figure your taxable income on the basis of a tax year. A "tax year" is an annual accounting period for keeping records and reporting income and expenses. An annual accounting period does not include a short tax year. The tax years you can use are: calendar or fiscal.

Learn more…
https://www.irs.gov/businesses/small-businesses-self-employed/tax-years

Recommended Reading for Small Businesses
View a comprehensive list of helpful publications for small businesses

https://www.irs.gov/businesses/small-businesses-self-employed/recommended-reading-for-small-businesses

List of Other Federal Resources

How to Start a Food Business
If you are thinking about opening a food business, there are many regulatory requirements that you will need to meet. Some of these requirements apply to all food businesses, and some are specific to the particular food product.

Learn more…
https://www.fda.gov/food/food-industry/how-start-food-business

Small Business Administration (SBA)

SBA’s Business Guide
SBA’s Business Guide lists the requirements needed to start, grow, and expand your business. Since laws and taxes vary by state, here’s what you need to do before starting your business in our area.

Learn more…
https://www.sba.gov/business-guide

Federal licenses and permits
You'll need to get a federal license or permit if your business activities are regulated by a federal agency. Check to see if any of your business activities are listed here, and then check with the right federal agency to see how to apply.

Learn more…
https://www.sba.gov/business-guide/launch-your-business/apply-licenses-permits

SBA District Office for Dallas / Fort Worth
This office provides help with SBA services including funding programs, counseling, federal contracting certifications, and disaster recovery. They can also connect you to our partner organizations, lenders, and other community groups that help small businesses succeed. Their office serves 72 counties in northeastern Texas which includes Grayson County.

Learn more…
https://www.sba.gov/district/dallas-fort-worth

Small Business Development Centers (SBDCs)
The Office of Small Business Development Centers promotes entrepreneurship and small business growth through its national network of centers.

Learn more…
https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-small-business-development-centers

SCORE
SCORE is a national network of experienced executives who volunteer as mentors. They help start-up and established entrepreneurs to grow their businesses. SCORE also provides workshops and courses in business education. The Dallas chapter located in Addison serves entrepreneurs in North Texas which includes Grayson County.

Learn more…
https://www.score.org/dallas

Minority Business Development Centers
Minority-owned firms seeking to expand into new markets — domestic & global — and grow in size and scale, can access business experts at the Dallas Fort Worth MBDA Business Center. Whether it’s securing capital, competing for a contract, identifying a strategic partner or becoming export-ready, your success is their priority.

Learn more…
https://www.mbda.gov/business-center/dallas-mbda-business-center

Office of Veterans Business Development
The Office of Veterans Business Development provides veterans, service members, National Guard and Reserve members, military spouses, and family members with programs and services to start, grow and expand their small business.

Learn more…
https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-veterans-business-development

Association of Women’s Business Centers (AWBC)
The AWBC works to secure economic justice and entrepreneurial opportunities for women by supporting and sustaining a national network of nearly 150 Women’s Business Centers (WBC). WBCs help women succeed in business by providing training, mentoring, business development, and financing opportunities to over 150,000 women entrepreneurs each year.

Learn more…
https://www.awbc.org/

Doing Business in the State of Texas

Texas Secretary of State Resources

Selecting a Business Structure
The decision regarding business structure is a decision that a person should make, in consultation with an attorney and accountant, and taking into consideration issues regarding tax, liability, management, continuity, transferability of ownership interests, and formality of operation.

Learn more…
https://www.sos.state.tx.us/corp/businessstructure.shtml

Employer and Tax Information

Learn more…
https://www.sos.state.tx.us/corp/tax.shtml

Business Information for Texas Veterans
Information for Persons Forming a Veteran-Owned Business from January 1, 2022, thru December 31, 2025.

Learn more…
https://www.sos.state.tx.us/corp/veterans.shtml

Nonprofit Organizations
Not all non-profit organizations are filed with the Secretary of State. Many, but not all, non-profit organizations choose to incorporate. A nonprofit corporation is created by filing a certificate of formation with the secretary of state in accordance with the Texas Business Organizations Code ("BOC"). This link will define the differences in nonprofit corporations and unincorporated nonprofit associations as well as provide information about nonprofit tax issues and other resources.

Learn more…
https://www.sos.state.tx.us/corp/nonprofit_org.shtml

Registered Agents
The Texas Business Organizations Code (“BOC”) requires every domestic or foreign filing entity to maintain a registered agent and office in Texas. The BOC also permits the filing of an appointment of agent for service of process by an unincorporated nonprofit association.

Learn more…
https://www.sos.state.tx.us/corp/registeredagents.shtml

Check Business Name Availability

Learn more…
https://www.sos.state.tx.us/corp/sosda/index.shtml

Business Name Filing FAQ
Review this site for information about name availability, name reservations, name registrations, name changes, and Assumed Name Certificates.

Learn more…
https://www.sos.state.tx.us/corp/namefilingsfaqs.shtml

Other Guides and Resources

This link provides a variety of guides and resources regarding start-up info, small business resources, permits & licensing, patents, trademarks & copyrights, securities issues, and more.

Learn more…
https://www.sos.state.tx.us/corp/related.shtml

Frequently Asked Questions (FAQ)

This link will provide you with several FAQs for businesses.

Learn more…
https://www.sos.state.tx.us/corp/generalfaqs.shtml

Texas Comptroller of Public Accounts

The Texas Comptroller's office serves the state by collecting, processing, administering, or overseeing 100 separate taxes, fees, assessments, and program applications, including local sales taxes collected on behalf of more than 1,700 Texas cities, counties, and other local governments.

Learn more…
https://comptroller.texas.gov/taxes/

Texas Workforce Commission

Texas Workforce Commission (TWC) is the state agency charged with overseeing and providing workforce development services to employers and job seekers of Texas. TWC strengthens the Texas economy by providing the workforce development component of the Governor's economic development strategy. Texas boasts an incredibly skilled workforce ready to attract enterprise to the Lone Star State. By focusing on the needs of employers, TWC gives Texas the competitive edge necessary to draw business here.

Learn more…
https://www.twc.texas.gov/businesses

Texas Economic Development Resources

Start a Business in Texas
Texas offers the best business ecosystem in the nation and has frequently been named the best state to start a business. Our leading business climate and favorable regulatory environment provide the groundwork small businesses and entrepreneurs need to succeed.

Learn more…
https://gov.texas.gov/business/page/start-a-business

Why Texas?
Texas is where liberty lives and business thrives. We believe limited government, low taxes, and a pro-growth regulatory environment create the ideal Texas climate to spark small business success.

Learn more…
https://gov.texas.gov/business/page/why-texas

Texas Wide Open for Business
Texas Wide Open for Business is an aggressive, cost-effective business expansion and relocation incentive initiative for companies of all sizes. Whether you are looking to expand or relocate your business to Texas, this business-friendly guide provides useful information on all the key reasons to make Texas your next business move.

Learn more…
https://businessintexas.com/

Grayson County Resources

Denison Resources

Denison Development Alliance (DDA)

Denison Development Alliance (DDA) serves as the economic development organization for the City of Denison, Texas. D's mission is to promote, assist, stimulate, and enhance economic development and business expansion in the city.

Learn more…
https://www.denisontx.org/

Sherman Resources

Sherman Economic Development Corporation (SEDCO)

The Sherman Economic Development Corporation (SEDCO) is dedicated to ensuring Sherman's continued growth and prosperity. SEDCO is funded by a half-cent sales tax and works closely with the City of Sherman to provide resources and incentives for businesses looking to establish or expand in Sherman.

Learn more…
https://www.shermanedc.com/

Sherman Chamber of Commerce

The Sherman Chamber of Commerce is dedicated to promoting business and commerce in the Sherman area. They offer resources and networking opportunities for businesses of all sizes.

Learn more…
https://www.shermanchamber.us/

Interested in starting a business in Grayson County?
 
If so, you've come to the right place. On these pages, we have collected all 
 
We have collected all the information and resources you need to start doing business in Denison and Sherman. 

If you're looking for a real estate agent and advisor who can help you achieve your business goals, I encourage you to contact me. I'd be happy to discuss your needs and help you find the perfect property for your business.
 
 

Doing Business in Denison

Disclaimer: Our principal is a licensed real estate agent in the state of Texas, and can render professional real estate advice. However, we are not engaged in rendering legal or financial advice. The information presented here is not intended to be a substitute for such advice. Readers are advised to consult with a qualified professional for any legal or financial advice specific to their situation.