Starting a business in Texas is a good decision because of the number of opportunities available. Major cities are considered ideal locations to start the business on the right foot. However, it is important for every new business to obtain Texas Tax ID to legally hire employees, open a bank account and credit line and pay taxes.
The rise in women-owned businesses has become very apparent in Texas. According to the figures released by Texas Comptroller, between 2007 and 2016, the number of women-owned businesses in the United States increased 5 times as fast as the total number of companies. Twenty years ago, the business scenario was different because only a few women were willing to take the risk.
According to Laura Miramontez, co-owner of Republic X in Downtown El Paso, she opened a general construction company in 1999. During her 17 years in business, she had employed 100 workers at one time. She wanted to be Wonder Woman; she had confidence and won.
Miramontez wants to help girls in El Paso to understand that they can also be Wonder Woman. It is crucial for women to help other women. Miramontez’ goals include revitalizing El Paso and creating jobs. She opened a salon, barbershop and spa to create employment opportunities. Next door to her business is healthy Bite that is also owned by a woman.
That certain corner in El Paso is dominated by women entrepreneurs and it is really interesting. There is women’s boutique and a flower shop; both owned by women. It has reached the point where there is complete gender equality in the business segment of society. A new report from the Texas Comptroller’s office revealed that 38% of US firms are now owned by women and employ 8% of the private workforce that earns 4% of the nation’s business revenues.
On the other hand, whether the business is owned by a male or female, it still needs to obtain a Texas Tax ID because it is required by IRS for the payment of taxes. The Tax ID will also be required in several situations related to the running of the business like hiring employees and opening bank accounts.