How do I reinstate a forfeited LLC in Texas?
How do I reinstate a forfeited LLC in Texas?
An entity forfeited under the Tax Code can reinstate at any time (so long as the entity would otherwise continue to exist) by (1) filing the required franchise tax report, (2) paying all franchise taxes, penalties, and interest, and (3) filing an application for reinstatement (Form 801 Word 178kb, PDF 87kb).
How much does it cost to reinstate an LLC in Texas?
How Much Will It Cost To Reinstate? LLC – The filing fee for reinstating an administratively dissolved LLC in Texas is $75. Expedited service requires an additional $25. Corporation – An administratively dissolved corporation in Texas has to pay $75 in order to be reinstated.
How long does it take to reinstate a LLC in Texas?
How long does it take the Texas SOS to reinstate an LLC? The Texas Secretary of State’s office typically processes filings in 5-7 business days. Expedited filings are usually processed in 1-2 business days.
Can a Texas entity be forfeited by the state?
Tax Forfeiture of an Entity. In Texas, a business that is lawfully formed may do business so long as the entity’s charter remains intact. Under the Texas Tax Code, Section 171.301–.3015, the State Comptroller may cause the involuntary forfeiture of an entity for failure to pay its franchise tax.
What happens when an entity is terminated in Texas?
When an entity is terminated, Section 11.356 of the Texas Business and Organizations Code allows for an entity to engage in certain actions for a period of three years. These acts include:
What happens if an Entity / LLC has a tax forfeiture with?
However, Section 171.255, “Liability of Director and Officers,” applies to the forfeiture of a taxable entity’s right to transact business in Texas.
What happens when a company is forfeited its existence?
More often than not, forfeiture of a company’s existence is discovered during some critical moment, such as the purchase or sale of the business or the filing of a lawsuit, resulting in owners and attorneys scrambling to reinstate the business entity’s privileges.
Tax Forfeiture of an Entity. In Texas, a business that is lawfully formed may do business so long as the entity’s charter remains intact. Under the Texas Tax Code, Section 171.301–.3015, the State Comptroller may cause the involuntary forfeiture of an entity for failure to pay its franchise tax.
What happens to a legal entity in Texas?
In Texas, a business that is lawfully formed may do business so long as the entity’s charter remains intact. Under the Texas Tax Code, Section 171.301–.3015, the State Comptroller may cause the involuntary forfeiture of an entity for failure to pay its franchise tax.
However, Section 171.255, “Liability of Director and Officers,” applies to the forfeiture of a taxable entity’s right to transact business in Texas.
What does forfeited existence mean for a corporation?
Forfeited Existence – An inactive status indicating that the corporation or limited liability company failed to file its franchise tax return or to pay the tax due thereunder. Status is changed by secretary of state when certification of the delinquency is received from the comptroller of public accounts.