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welcome back to mabuhay woodworks thanks for joining us today we've got a great video coming up but first i want to ask everyone who's watching to go ahead and like and subscribe to the video and the channel and share this video to your friends family and especially share this one to any veterans especially those in texas that you know because they might find this information helpful especially if they're considering starting a business and with that let's get into the video so what are we talking about today we're talking about an opportunity for texas veterans to have the ability to create a llc for free within the state of texas for a limited time and i'll go into the details on that but it's an opportunity to create an llc for free for texas veterans so what does that mean that means that the benefit is business formation fee is waived for veterans that are creating a new business in the state of texas and throughout this presentation i'm specifically going to talk about how to form an llc but keep in mind i am not a lawyer i am not providing legal advice and i am not providing tax or financial advice this is simply one process that is available to texas veterans and i'll provide where you can find more information as i go through this presentation right quick but it's a they're waiving the 300 dollar normal filing fee that's for the business formation as well as the franchise tax is waived for five years now you still have to go ahead and file your franchise tax no tax due report each year but you're going to check the veteran owned business box on there so that way you can stay in the good graces of the state of texas but anyways so it's open to 100 veteran-owned businesses that are newly formed between january 1st 2022 and december 31st 2025 and those that are previously formed going back january 1st 2016 through december 31st 2019 and if you want more information on this you can go to the texas veteran commission's new veteran-owned business pre-qualification process brochure and there's more information on all of this located there so to get started with this whole process go to the texas veterans commission website on this link right here www.tbc.texas.gov entrepreneurs slash contact bep forward slash and that's the texas veteran commission's website but it's their contact form so you're going to fill out the contact form and on the first page in the reason for contact drop down menu you're going to select veteran verification letter because that's what you need to get this whole process kicked off so you're going to select that fill out the rev relevant parts on the remainder of the rest of the pages of the contact form and then you're going to wait and they're going to email you in a couple of days usually i think it's about 10 days or so they're going to email you so you've received your email from the texas veterans commission it's going to come from someone in the veteran entre per entrepreneur program and basically you're gonna reply to that email with proof of honorable discharge or general discharge from the us military so you're going to either provide your dd214 your ngb 22 your na form 13038 or your veteran benefits letter from the va and be sure that you redact your social security number and date of birth in accordance with the instructions that they provide you in the email they're going to send you and that's how you get your veteran verification letter they're going to email it to you in probably about a week to 10 days business days that is and that's when you're going to get your veteran verification letter so the next step after you get your veteran verification letter you're going to go ahead and go to the texas comptroller's website but they're also going to include this in the email that they send you i believe and or you can download it at this link in the presentation here at thecomptroller.texas.gov forms slash 05-9 and that's going to actually download the pdf when you enter that and so you're going to fill out the certification of new veteran owned business and on the entity name space on there that's the name of the business that you're forming and it if you're forming a llc limited liability company there's certain uh naming parameters that you have to comply with that are in the texas big business organization code and you can find more information about that on the texas secretary of state's website you're also going to have to provide all the names of all of the owners must be 100 veteran owned on this business so when you're filling out the form make sure that all the owners are 100 make sure the all the owners are veterans because it has to add up to 100 veteran owned and you'll see spots on there for percentage of the business and uh you're gonna have to list out what percentage that is but all the owners have to be veterans and they're also gonna have to pro get their veteran verification letters from the state of texas as well so you you're gonna take the number off the veteran verification letter there's gonna be a unique identifier code on there you're going to plug that into the space on the certification of new veteran owned business form and then once you do all that you're going to print it out and have everyone who's going to be an owner in this 100 percent veteran-owned business sign off next to their name on that form so once you do that the next step is the form 205 certification of formation limited liability company form they have to fill out through the texas secretary of state it's also going to be in the email that you get from the texas veterans commission so you don't really have to go and hunt it down on their website but you can just search it it's called the form 205 certification of formation limited liability company and this one is specifically for limited liability companies if you're looking to form some other type of business they do have those forms as well you'll just have to search out on the texas secretary of state's website and figure out which form you need and they have all that information on there so you're going to go ahead and fill up out the form it has instructions on how to fill it out that are attached to the form and if you need additional help you can reach out to some of the resources i'm going to provide you or you can seek legal counsel from a lawyer or from a certified public accountant or a tax professional of some sort so once you do all that you're going to mail your documents you're going to mail the veteran verification letters for all the owners of the business the certification of new veteran owned business form which is the pdf form 05-904 the one where you fill out what percentages of the business are owned by who so the next form is the form 205 that we just went over the certificate of formation limited liability company or whichever type of business entity that you're forming whichever form is associated with that as found on the texas secretary of state's website then you're going to compile all those put them in an envelope and you're going to send it to the secretary of state's p.o box 13697 austin texas 78711-3697 that's th
Thanks for your comment Royal Salaam, have a nice day.
- Shaniqua Pendergraph, Staff Member
are you a veteran looking to start a business or are you an active duty member of the military looking to start a business once you leave military service in this video i'm going to cover some of the resources available to you as an added benefit of serving your country as a side note how many days do you have left to you receive your dd214 post in the comments below along with your branch of service welcome back to my channel mystery money if this is your first time here my name's nick and on this channel i tackle all sorts of financial topics that surround money if you're returning thank you for taking time to check out another video all of the links for all of the resources will be posted in the description below and while you're down there if you could make that like button turn blue for the youtube algorithm i would really appreciate it as it helps out the channel a ton for myself i'm an eight-year veteran of the navy i served on board the uss george washington and the iwo jima from 1998 to 2006. during my time i made two tours of the middle east for a combined 14 months underway the number one resource that you want to get familiar with is the sba.gov website more specifically the office of veteran business development this office is devoted exclusively to promoting veteran entrepreneurship the ovbd facilitates the use of all sba programs by veterans service disabled veterans reservists active duty service members transitioning service members and their dependents or survivors sba programs provide access to capital in preparation for small business opportunities they can also connect veteran small business owners with federal procurement and commercial supply chains if your business needs funding you can use sba tools like lender match to connect with local lenders there are also additional resources for business owners who have reservists that may have been activated the military reservist economic injury disaster loan program or mreidl provides loans of up to 2 million dollars to cover operating costs that cannot be met due to the loss of an essential employee this is for an employee that was called to active duty in the reserves or national guard if you are in the early stages there are also other resources such as veterans entrepreneurship training programs these sba programs feature customized curriculums in-person classes and online courses to give veterans the trainings to succeed these programs teach the fundamentals of business ownership sba resources and small business experts some of these programs are boots to business an entrepreneurial program offered on military installations around the world and a training track for the department of defense the transition assistance program or tap boots to business reboot extends the entrepreneurship training offered in the tap program to veterans and in their community the women veteran entrepreneurship training program the wvetp provides entrepreneurship training to women veterans women service members and women spouses of service members and veterans as they grow their business there's also the service disabled veteran entrepreneurship training program sdv etp this provides entrepreneurship training programs to service disabled veterans this is for disabled entrepreneurs who aspire to be small business owners or currently own a small business the veteran federal procurement entrepreneurship training program vfp etp this delivers entrepreneurship training to veteran-owned and service disabled veteran-owned businesses nationwide this is for businesses that are interested in pursuing or have already engaged in federal procurement outside of the sba there's also the veteran entrepreneur portal this portal is designed to save you time with direct access to resources necessary to guide every step of entrepreneurship for veterans and active duty military it also makes it easier for small businesses to access federal services regardless of its source and it quickly connects veteran entrepreneurs to relevant best practices and information while this is a great resource most of the links direct you right back to the sba's main site when you're looking for information about starting a business make sure you're getting information from legitimate sources there are a lot of so-called businesses out there that will rip you off and charge you a lot of money for things that you could have done yourself i'm not talking about the courses that may cost you 50 bucks to teach you how to write a business plan or 25 fee to attend a workshop about starting a business i'm talking about the 500 to a thousand dollars to write a plan for you or even worse to charge you money to get you a loan to start a business whether we like it or not certain people will prey on the fact that you know little or nothing about starting a business think of all the scumbag dealers selling crappy cars outside of military bases for ridiculous interest rates all of these take advantage of lack of information most of the information you can find right here on youtube for a small price of subscribing or making sure that like button turns blue i hope this video brought you a lot of value and it gave you extra resources to look to help you either start or grow your business thank you very much for taking the time to watch this video if you have any questions about starting or growing a business make sure you post them in the comments below and hopefully the community can answer them and until next time have a great day
Thanks rendezhetV your participation is very much appreciated
- Shaniqua Pendergraph
About the author
I've studied secondary education at University of South Carolina-Upstate in Spartanburg and I am an expert in ordinary differential equations. I usually feel ashamed. My previous job was job printer (graphic arts) I held this position for 31 years, I love talking about frisbee and farming. Huge fan of Willie Nelson I practice artistic swimming and collect disney pin trading.
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