Business owners are allowed to buy business licenses in Texas if they have a qualified business plan, and if the business plan includes retirement plans.
If the business is managed by a retirement plan, it can be purchased only if the plan meets the standards for qualified retirement plans (QPS).
The plan must be registered with the Texas Secretary of State, and a license is required.
The plan is not required to meet all of the requirements of the Texas Business Plan Act.
The Texas Business License and Plan must be renewed annually and must be approved by the Texas Department of State Health Services.
Business owners can also register for the business plans online, but that requires a $500 fee.
For more information on licensed businesses, go to Texas businesses licensing.