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TEXAS ANNUAL REPORT

Each state has specific laws for filing of a variety of documents by different business entities registered in that particular state. One such document is the Texas Annual report or biennial report that is meant to provide updated entity information to the state. In Texas, however, the annual report is known as the “Public Information Report” for all types of businesses except Non-profit Corporation and Limited Partnerships for which it is known as a “Periodic Report”.

What is an Annual Report (Annual List)?

There are some states that don’t require the filing of the annual report or annual list by business entities. If you are forming an LLC or a profit corporation in Texas then instead of filing an annual report you will be required to file the “Texas Franchise Tax Public Information Report”.

What does the Texas annual report or Texas Franchise Tax Public Information Report contain? It is a document that contains specific information related to a business entity registered in the state and on which a franchise tax has been imposed. Let’s get an insight into the information it contains:

Limited Liability Company

Every domestic limited liability company registered under the laws of the state as well as every foreign limited liability company that has obtained the right to transact business within Texas state and pay franchise tax will be required to file Texas annual report also known as “Texas Franchise Tax Public Information Report” with the comptroller. The statement includes:

  • The name of each limited-liability company that owns a 10 percent or greater interest in the LLC
  • The file number of your limited-liability company, if you know it
  • The name, title, and mailing address of each person who is a manager or officer in the LLC.
  • The name and street address of a registered agent in Texas like us as designated under Texas Tax Code – TAX § 171.354, upon whom the service of process against the LLC may be served.
  • To file annual list, ensure the location or registered address of the principal place of LLC business is mentioned. This should include the street, number, city, state or foreign country.

The above is governed by Texas Tax Code – TAX § 171.203

Corporation (Domestic)

Every domestic stock corporation registered under the laws of the state as well as every foreign profit corporation that has obtained the right to transact business within Texas state and pay franchise tax will be required to file the Texas annual list or “Texas Franchise Tax Public Information Report” with the comptroller. The statement includes:

  • The name of each domestic or foreign business corporation that owns a 10 percent or greater interest in the corporation
  • The Secretary of State file number for your corporation, if you know it
  • The name, title, and mailing address of each person who is the director or chief executive officer in the corporation.
  • The name and street address of a registered agent like us as designated under Texas Tax Code – TAX § 171.354, upon whom service of process against the corporation may be served
  • To file annual lists, ensure the location or registered address of the principal place of business of the corporation is mentioned. This should include the street, number, city, state or foreign country.

The above is governed by Texas Tax Code – TAX § 171.203
Note: It is important to ensure that the information contained in the Texas Franchise Tax Public Information Report is true and correct to the best of the person’s knowledge.

Is there a Filing Due Date or Deadline?

As governed by Texas Tax Code – TAX § 171.203, Business Corporations and LLC’s there are specific dates for filing an annual report or Texas Franchise Tax Public Information Report on time.

Limited Liability Company

It is important to know that every domestic and foreign LLC registered in the state of Texas will be required to file the Texas Franchise Tax Public Information Report annually with the Comptroller. Let’s look at the filing deadlines or due dates to file the annual list in Texas:

The Texas Franchise Tax Public Information Report annually by May 15 in the year following the year of the registration of your Limited Liability Company in Texas.

Example: If you registered your Limited Liability Company on April 15, 2019, then your Public Information Report will be due on May 15, 2020.

ORDER ONLINE

You can file an the annual list or Public Information Report with the Texas Comptroller but it takes a long time to process and this includes preparing paperwork that is information intensive and then filing it. Is there a way to file it faster and on time?

Yes, SIMPLY HIRE US and we will take care of the filing!

Corporation (Domestic)

It is important to know that every domestic and foreign corporation, professional corporations and S corporations registered in the state of Texas will be required to file the Texas Franchise Tax Public

Information Report annually with the Comptroller. Let’s look at the filing deadlines or due dates to file the annual list in Texas:

Example: If you registered your corporation on April 15, 2019, then your Public Information Report will be due on May 15, 2020.

ORDER ONLINE

You can file annual list or Public Information Report with the Texas Comptroller but it takes a long time to process and this includes preparing paperwork that is information intensive and then filing it. Is there a way to file it faster and on time?

Yes, SIMPLY HIRE US and we will take care of the filing!

Is there a Late Filing Penalty of Annual Lists?

If you are unable to submit the Texas Franchise Tax Public Information Report to the Comptroller by the due date as mentioned then will there be any penalty for LLC and Business Corporations? Let’s take a look at what late submission entails:

Limited Liability Company

If a Texas Franchise Tax Public Information Report is filed late then the LLC or taxpayers will be penalized $50. This penalty will be assessed even if filing an annual report by an LLC is done on a later date or if any tax is due for the period covered after which the report is filed. The $50 penalty is in addition to other penalties that the LLC may be assessed for during the reporting period.

An additional penalty of 5% of the total tax due will be imposed on the limited liability company if they fail to file the Texas Franchise Tax Public Information Report on time. If the LLC is unable to pay the tax within 30 days from the due date then this 5% penalty will be imposed.

In the scenario, wherein, an LLC is unable to file the Texas annual report or pay its taxes even after 30 days then the delinquent tax will accrue an interest starting from 60 days after the due date.

If an LLC is unable to file the Texas Franchise Tax Public Information Report and/or does not pay tax or the penalty or interest due within 45 days from the due date, then its right to transact business in Texas may be forfeited.

Corporation (Domestic)

If a Texas Franchise Tax Public Information Report is filed late then the business corporation or taxpayers will be penalized $50. This penalty will be assessed even if filing an annual report by a business entity is done on a later date or if any tax is due for the period covered after which the report is filed. The $50 penalty is in addition to other penalties that the business corporation may be assessed during the reporting period.

An additional penalty of 5% of the total tax due will be imposed on the business or professional corporation if they fail to file the Texas Franchise Tax Public Information Report on time. If the business entity is unable to pay the tax within 30 days from the due date then this 5% penalty will be imposed.

In the scenario, wherein, a business corporation is unable to file the Texas annual report or pay its taxes even after 30 days then the delinquent tax will accrue an interest starting from 60 days after the due date.

If a business corporation is unable to file the Texas Franchise Tax Public Information Report and/or does not pay tax or the penalty or interest due within 45 days from the due date, then its right to transact business in Texas may be forfeited.

What is the cost to file Texas Annual List?

The annual filing fee is different for different types of businesses. Let’s take a look at the fee for LLC’s and Corporations:

Domestic and Foreign Limited Liability Company – $0
Domestic Business Corporations – $0
Foreign Business Corporations – $0

How to File Annual Lists with IncParadise?

The filing process of a Texas annual report or Franchise Tax Public Information Report will require extensive paperwork as you will have to provide every possible detail right from business name to principal business address, name of registered agent, partners, chief financial officer or managers, and also calculate the amount of franchise tax due.

Is there a way to make the process easier? Let IncParadise file the annual report on your behalf!

Your Benefits are:

  • We will send you a due date notification and all you have to do is to order on time, so that we can ensure filing on time!
  • We will ensure you receive “Reminders” regarding the due date
  • We will file it directly with the Texas Comptroller
  • We will help save you from late filing fees

AVOID HUGE PENALTY! AVOID FORFEITURE!

We at IncParadise, are one of the respected registered agents in Texas and will be responsible towards initiating the filing of Texas annual report for domestic and foreign professional and business corporations and limited liability companies in the state. We have access to the Texas Online System for filing Public Information Report – SOS Direct!

GET ADVANCE NOTICE OF DUE DATE

AVOID FORFEITURE OF YOUR COMPANY THROUGH TIMELY FILLING OF PUBLIC INFORMATION REPORT