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No. Half or more may “try” but far less than half will go IPO in 2017.If Uber and Snap IPO in 2017, they will suck most of the IPO cash out of the market because both companies need a lot of cash. This means some other unicorns can’t IPO this year (limited demand).An exception would be if Uber and Snap knock their IPOs out of the park. In that case, FOMO may set in among investors and more will clamor for IPO stock, increasing the number of unicorn IPOs in 2017.If neither Uber nor Snap IPO in 2017, the chances of half of unicorns IPOing in 2017 is higher if another tech unicorn IPOs early and kills it, far exceeding expectationsHere are some high-profile private unicorns besides Snap and Uber:cloud-storage provider Dropbox Inc.home-rental service Airbnb Inc.music-streaming service Spotify Ltd.Chinese drone maker DJI Ltd.youth-focused digital media company Vice Media LLConline student loan refinancing company Social Finance Inc.Chinese smartphone giant Xiaomi Inc.co-working-space provider WeWork LLC.Can IPO market Snap out of its doldrums in 2017?Snap may have a disapppointing IPO — Instagram has arguably stunted Snap’s growth for now and, perhaps in reaction, Snap is making Snapchat much easier to use for older adults. Source: Ben Thompson, StratecheryWill tweens and teens who make up Snap’s core audience start fleeing to Instagram once they see their parents on Snapchat? Many teens and tweens are already on Instagram. If their parents join Snapchat but not Instagram, guess where the teens and tweens are going.The IPO market can not absorb roughly 92 unicorns going public in 11 months (CB Insights reports 185 current unicorns.As of January 29, 2017 we have zero tech unicorn IPOs this year.) Averaging about 8 unicorn IPOs a month is kind of a brutal, semi-insane pace to do for 11 months straight.We’ve had 7 IPOs so far this year. None in tech.Source: Last 100 IPOs | IPOScoopThe two companies that IPO’d this year but are not listed with an industry in the chart above are:Jagged Peak Energy, an oil and gas E&P operating in the Delaware Basin in West Texas. Take a peek: Jagged Peak files for a $100 million IPOKeane Group, a shale fracking firm. Shale Fracking Firm Keane Group's $FRAC First IPO in 2017Many institutional investors that would invest in IPOs may be way too busy focusing on other things, given all that can and is changing in Year 1 of the Trump administration.Which sectors and specific companies will outperform?Which will underperform?What tax, tariff and other changes are coming?Is the tax rate of carried interest going way up as Trump sort of suggested or not?Is the corporate tax rate getting cut?What’s the plan to repatriate all this cash corporate America is holding outside the U.S.?Harvard Management laid off half their employees. Am I next?Etc.Many startups that achieved unicorn status are subprime unicorns or crapicorns. Some achieved their $1B+ valuation by giving up a lot — including probably agreeing to anti-dilution, super pro rata rights, 1.5X+ liquidation preference, minimum IPO price guarantees, investor put rights, cram down of employee and earlier investor stock, and otherwise structured the deal as senior, unsubordinated, possibly secured debt legally dressed up as preferred stock with lots of warrants and protections.Corporate acquirers may make offers unicorns can’t refuse, causing some unicorns to sell instead of going IPO.Some big public companies are repatriating a lot of cash back into the U.S. and getting a big corporate tax cut. This means they will be flush with cash. Shareholders will pressure companies to return cash unless such companies can rationalize using the cash. One such use is to buy tech unicorns (most are in the U.S.) so those unicorns will not IPO.Note: In light of Cisco’s purchase of AppDynamics while AppDynamics was doing its IPO road show, more companies may try to IPO to create corporate acquirer FOMO and jack up the price. But some are likely to fail to get bought out or IPO. This is a really risky strategy built more on hype and psychology than merit.We are now almost 8 years into a long bull run from the market low of March 2009. Smart money will admit they don’t know when the party will end but will agree it will end because neither the private nor the public tech markets are based on fundamentals right now. It is largely just growth, momentum and hype.Image source: CB Insights

I am not a lawyer, and none of the below should be construed as legal advice. If you feel you have been wrongfully terminated in the State of Texas, you should consult the Texas Workforce Commission and/or a private lawyer skilled in the area of employment law.First off, with Texas being an ”at-will employment” state and a “right to work” state, there are very few situations constituting “wrongful termination”. Your employer, unlike in more union-friendly states, is not required by state law to give you notice, nor to have your union rep present during disciplinary/termination meetings, nor to provide cause, and is not required to provide severance benefits, unless any or all of these are required by contract (which then makes it a purely civil matter not involving the TWC). Your employment is contingent on the good humor of your employer, there are very few reasons to fire an employee that are illegal, and your employer doesn’t have to give a reason at all.The primary situations in which it is generally unlawful for an employer to terminate your employment are:Being one of a number of protected statuses of Federal Civil Rights Acts. You cannot be fired because of your gender, race, religion, national origin, or the color of your skin. In Texas, however, you can still be fired for being gay, or a divorcee, and you can be fired from a religious nonprofit for being the “wrong” religion or for doing something that is legal but against the teachings of that religion (such as drinking alcohol, violating kosher/halal standards, having sex out of wedlock, etc).Failure on your part to perform an illegal action as instructed by a supervisor/superior while in course and scope of business. This is generally protected by case law (Sabine Pilot Serv., Inc. v. Hauck, 687 S.W.2d 733, 1985 Texas Supreme Court) and is specifically protected by the Alcoholic Beverage Code in the case of an employee whose duties include serving alcoholic drinks failing to serve a person whom the ABC would prohibit serving (under 21, obviously intoxicated, etc).Filing a report with a law enforcement or regulatory agency alleging a breach of law or regulation on the part of your employer (“whistleblowing”). This is specifically protected in Texas Government Code Chapter 554, the Texas Whistleblower Act.Taking leave under the Federal Family and Medical Leave Act. Provided you fulfill any requirements made of you under this Act, you may take up to 6 weeks unpaid leave without being terminated.Jury duty or other federal service including military deployment. You cannot be fired from a job you hold for participating in a jury pool or for being activated and deployed as a member of the United States Armed Forces, including reserve branches. They don’t have to pay you for this time away, but they have to keep your job waiting for you.Use of employer or government-provided benefits. If you claim restitution for expenses or damages under worker’s compensation or an employer-provided health insurance plan, and are then terminated because of the costs to your employer under said plan(s), that is generally protected “in the interest of the public good”. If employers were allowed to fire employees for filing compensation claims, especially under government programs, then these programs would have no value because nobody would dare try to use them. There are no specific cases I know of that provide precedent; this is just a legal theory that would be tested case-by-case.If you find yourself having been disciplined, penalized or terminated from your employment as a result of any of the above, your first stop should be the Texas Workforce Commission. File a report claiming unlawful termination, providing as much documentation as you can. It is also recommended that you hire your own lawyer if you can.

You have a few options when it comes to forming a business in Texas. You can structure your business in any of the following ways:Limited liability companySole proprietorshipPartnershipCorporationWe go into detail on all the different business structures and their implications in our complete guide on structuring your startup for success. The process you'll follow in Texas will depend on the business structure you choose, but there are a few steps you'll need to take regardless of your business structure.Every company in Texas needs an Employer Identification Number (EIN) to operate. The Texas Department of Taxation and Finance is your best friend here.It’s always a great idea to check facts with local lawmakers and financial policymakers when you’re setting up a business. For the best registration and tax advice in Texas, visit the site.If your new business is going to sell anything in the state of Texas, you’ll need to register for Sales Tax. You can do that here.When your business needs to hire employees, it’s essential you’re registered for Unemployment Tax. You can sign up for that on the following link.Getting the right permits for your specific business activities and premises is an important aspect of business in Texas. You can’t operate legally or safely without them.Luckily, the process is made simple by excellent online guidance provided by Texas state government agencies. In fact, the state of Texas has a whole website dedicated to licenses and permits – and it’s easy to use. Check out Texas.gov for all the permit information you’ll ever need.Texas Franchise TaxFinally, if you're starting a Limited Liability Company, a Partnership or a Corporation, you'll need to pay the Texas Franchise Tax. The Texas Franchise Tax is 0.75% on taxable margin, or 0.375% for retail or wholesale businesses.To calculate how much tax you owe, you'll first need to know your total margin. Your margin can be calculated in a few different ways:Total revenue minus cost of goods soldTotal revenue minus wages and employee benefitsTotal revenue times 70%Total revenue minus $1,000,000You'll choose whichever of these methods results in the smallest number. If your total revenue is less than $1,130,000 or your tax due is less than $1,000, you don't have to pay any tax.Once you know your total margin, you'll determine your taxable margin. Your taxable margin is your gross receipts in Texas divided by your total gross receipts everywhere you do business.If your total revenue is less than $20 million, you can use the EZ Computation method for figuring out your tax liability. You'll just deduct your taxable margin from your total margin and multiply the result by 0.00331. Easy, right? Right.How to start a Limited Liability Company (LLC) in TexasBeing an LLC limits, as the name suggests, your personal liability for debts. LLCs also get better taxation terms from the state.The owners of an LLC are called members. A member can be an individual, a partnership, a trust, a corporation or any other legal entity. An LLC is governed either by a designated manager or managers, or by members.To start an LLC in Texas, you'll first have to pick a business name. As an LLC, your business name must include the words "Limited Liability Company," "Limited Company" or an abbreviation of one of those phrases.You'll need to make sure your business name isn't already taken. You can search registered businesses in Texas on the Secretary of State's website, or email the Secretary of State's office directly to enquire if your business name is available.Once you've found an available business name, you'll fill out Form 205, the Certificate of Formation for a Limited Liability Company.The form will ask for your business name, the full name and address of any managers (if the LLC is governed by members, you'll need to fill out the names and addresses of each initial member) and the name and address of the person organizing the LLC.You'll also need to include the name and address of the LLC's registered agent. A registered agent is the individual or organization nominated to receive any legal documents on behalf of the LLC. You can choose an individual who resides in Texas, or a business that provides registered agent services and is authorized to operate in Texas. You can act as your own registered agent, but just remember you need to be available at all times to receive legal documents on behalf of the business.While it's not a legal requirement, you'll probably also want to draft an operating agreement. This document sets out the ownership and management of your LLC, as well as what happens if the LLC is dissolved. We go into operating agreements in detail in our guide on structuring your startup.Once you've filled out Form 205, you can submit it electronically, mail it or deliver it to the Secretary of State's office for filing. There's a $300 filing fee.Taxes for LLCsLLCs are pass-through entities, which means the tax liability is passed through the business to the personal income of the owners. While you'll need to report profits and losses on your Federal income tax return, there is no personal income tax in Texas.You will, however, need to file a Texas Franchise Tax Report the year after your business is formed, and every year thereafter.Starting a sole proprietorship in TexasA Sole Proprietorship is the simplest business structure. Under this structure, you operate as the sole owner of the business. Sole Proprietorships are pass-through entities, meaning you'll report any profit or loss on your individual income tax return. Since Texas has no state income tax and Sole Proprietors don't have to pay the Franchise Tax, this is an attractive structure.The downside of a Sole Proprietorship is that you'll be personally liable for any business debts or legal complications.Starting a Sole Proprietorship in Texas is incredibly simple. You don't have to file any documents with the state government. You'll simply have to choose a business name (you can use your own name for this if you'd like). If you choose a fictitious business name, you'll be required to register it at the local county clerk’s office in the county where your business is located. The Texas Secretary of State website is a mine of useful information. You should check it out here if you don’t plan to incorporate.If you plan to employ anyone, it's a good idea to register for an EIN. You'll also need to check to see if you need a license or permit to operate your business. You can find out on the Texas state government website.Starting a Partnership in TexasA Partnership is a business formed by two or more parties. These parties are most often individuals, but can also be businesses. It's similar to a Sole Proprietorship in that it serves as a pass-through entity. This means profits and losses are reported on the partners' individual income tax returns.There are three types of Partnership structure in Texas: General Partnership, Limited Partnership and Limited Liability Partnership.Starting a General Partnership in TexasThe process for forming a General Partnership in Texas is similar to forming a Sole Proprietorship. You aren't required to file any forms with the state.To form a General Partnership, you'll choose a business name. If you choose a name other than the surnames of the partners, you'll need to register your trading name with the county clerk's office in the county where your business is located.You should also draft a Partnership Agreement. While this isn't legally required, it's still a very good idea. A Partnership Agreement sets out the rights and responsibilities of each partner. You can read about them in detail in our guide to structuring your business.General partnerships typically aren't subject to the Texas Franchise Tax. The exception is if one or more of the entities in the partnership is a business. General partnerships formed by individuals don't have to pay the tax.Limited PartnershipA Limited Partnership is a structure where one or more entities serve as General Partners and one or more serve as investors in the business who don't take an active role in the business' operation. The Limited Partner's financial liability is limited to their investment, but they also can't withdraw their investment without consent of the General Partners.A Limited Partnership is slightly more complicated to form than a General Partnership. As with a General Partnership, you'll first have to choose a business name. It must include the initials "L.P." to designate it a Limited Partnership.Next, you'll need to file Form 207, the Certificate of Formation for a Limited Partnership. This form will require you to fill out your business' name, the name and address of your registered agent, the name and address of each General Partner and the address of your business' principal office.Once you've completed Form 207, you'll file it with the Secretary of State's office. You can file online, mail the form or file it in person. There's a $750 filing fee.While it's not a legal requirement, you'll also want to draft a Partnership Agreement.Limited Partnerships serve as pass-through entities, meaning the business' income will be reported on the Partners' personal Federal income tax returns. They're also subject to the Texas Franchise Tax.Limited Liability PartnershipA Limited Liability Partnership is a structure that limits each partner's liability to the amount they invest in the business. It also legally protects partners from any legal liability for the actions of other partners. Unlike a Limited Partnership, all partners in a Limited Liability Partnership can participate equally in operating the business.To form a Limited Liability Partnership in Texas, you'll first choose a business name. Your name must include the phrase "Limited Liability Partnership" or an abbreviation thereof.Next you'll need to complete Form 701, the Registration of a Limited Liability Partnership. You'll provide your business name, your EIN if you've already received one, the number of General Partners in the business, the address for the business' principal office and a statement of what type of business the Limited Liability Partnership conducts. Unlike other business structures, you won't need a registered agent.Once you've completed the form, you'll file it with the Secretary of State's office, either online, by mail or in person. The filing fee is $200 per partner.A Limited Liability Partnership's income is reported on each partner's individual Federal income tax return. LLPs are subject to the state's Franchise Tax. They're also required to annually file Form 713, the Annual Report of a Limited Liability Partnership. This form requires the same information as Form 701. There's a $200 filing fee.Starting a Corporation in TexasCorporations are more complex business structures, serving as entities separate from their owners. This means they're taxed as entities rather than passing through their tax liability to their owners. They also have the ability to issue shares to investors.There are several different types of corporations, each with their own Federal tax and liability implications. We walk you through all of them in our guide on structuring your business.To start a corporation in Texas, you'll first choose a business name. Your business name must include one of the following:CorporationIncorporatedLimitedCompanyCorp.Inc.Ltd.Co.Next you'll need to take care of some internal business. You'll need to draft corporate bylaws. There's a great guide on that here.After you draft your corporate bylaws, you'll need to choose a board of directors and hold your first board meeting to accept your bylaws.Next you'll complete Form 201, the Certificate of Formation for a For-Profit Corporation. This form requires:Your business' nameThe name and address of your registered agentThe names and addresses of the company's directorsThe total number of shares the corporation is authorized to issueThe par value of each share (the face value)The name and address of person organizing the corporationOnce complete, you'll file Form 201 with the Secretary of State either in person, by mail or online. There's a $300 filing fee.As we mentioned before, corporations are taxed as entities. That means you'll pay Federal corporate tax. Texas doesn't have a state corporate tax, but your corporation will be subject to the Franchise Tax.http://www.freelancer.com/starting-your-business/texas