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Start a towing company by following these 10 steps: Plan your Towing Company ; Form your Towing Company into a Legal Entity; Register your Towing Company for Taxes; Open a Business Bank Account & Credit Card; Set up Accounting for your Towing Company ; Get the Necessary Permits & Licenses for … See more A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A … See more The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and … See more Using dedicated business banking and credit accounts is essential for personal asset protection. When your personal and business accounts are mixed, your personal assets (your … See more You will need to register for a variety of state and federal taxes before you can open for business. In order to register for taxes you will need to apply for an EIN. It's really easy and free! Learn how to get an EIN in our What is an … See more WebDec 13, 2024 · The tow truck business startup costs are higher than other business types, anywhere from $150,000 to over $1 million. This is mostly due to the initial investment in towing equipment. Here are some of the startup costs you can anticipate. Licenses and permits. Tow trucks or towing equipment. WebFeb 10, 2024 · The Texas towing statute requires most towers to obtain $500,000 in liability insurance and $50,000 in cargo insurance. Additionally, towers that hold or seek private property or consent towing permits must obtain $300,000 in liability insurance. If you own or lease property to store towed or impounded vehicles, you will also need insurance for ... galantis twitter