If you own a company in Texas, you might be concerned that your Limited Liability Company (LLC) will eventually come to an end. In Texas, an LLC does not expire, so the answer is no. To keep your LLC’s legal status, however, there are a few conditions that must be satisfied.
The Texas Comptroller’s Office must receive an Annual Texas Franchise Tax Report as one of these criteria. Failure to file this report by the deadline of May 15 each year could result in fines or possibly the loss of your LLC’s legal registration.
Maintaining current business files with the Texas Secretary of State is another crucial obligation. This entails modifying the details of your registered agent, filing any alterations to the name or location of your LLC, and submitting an annual report.
Let’s move on to the questions that are relevant now: In Texas, is it Possible to Work as a Real Estate Agent Without a Broker? No, you cannot work as a real estate agent in Texas unless you are employed by a licensed real estate broker. The Texas Real Estate Commission established this regulation, and failing to abide with it may result in fines and legal repercussions. Should I Form an LLC in Texas to Manage My Rental Property? In Texas, forming an LLC for your rental property helps protect your personal assets in the event that there are disputes with the renters or property damage. Additionally, it may provide tax advantages and facilitate the management of numerous properties by a single corporation. However, it’s crucial to seek advice from a legal and tax expert to ascertain whether this is the right course of action for your particular circumstance. Even if your LLC did not generate any revenue during a given year, you are still obligated to submit tax returns to the IRS and the Texas Comptroller’s Office. This involves submitting the previously mentioned Annual Texas Franchise Tax Report. Which is preferable, a DBA or an LLC?
The response to this query is based on the particular demands and goals of your company. If a sole proprietor wants to conduct business using a different name than their own, a DBA (Doing Business As) is a more straightforward and cost-effective choice. An LLC can give tax advantages and extra legal protection for your personal assets, but it also needs to be maintained with more paperwork and formality. The best way to decide which choice is best for you is to speak with a legal and tax expert.
Finally, to keep your LLC in good legal standing in Texas, you must submit yearly reports, pay franchise taxes, and keep your business files current with the Secretary of State. It’s crucial to take into account the particular requirements for your industry, such as the need to work as a real estate agent for a certified real estate broker. Last but not least, determining whether to form an LLC or DBA relies on your company’s objectives and goals. Consulting with experts can help you make the best choice.