You must submit a Certificate of Termination to the Texas Secretary of State in order to dissolve your Texas LLC. The legal status of your LLC is formally ended by this document. A Certificate of Termination can be filed easily by filling out a form, paying a fee, and delivering it to the Texas Secretary of State.
Get ready to submit your Certificate of Termination form. On the website of the Texas Secretary of State, you can download the Certificate of Termination form. You must fill out the form with basic information about your LLC, such its name, address, and creation date. The reason for dissolving your LLC must also be stated, along with the members’ or managers’ names and addresses.
2. Pay the necessary fee.
In Texas, submitting a Certificate of Termination costs $40. This cost can be paid with a credit card, money order, or cheque. Make checks and money orders payable to the Secretary of State if you choose to pay this way.
3. Send the Texas Secretary of State your completed form along with the required payment. You must send your Certificate of Termination form to the Texas Secretary of State after filling it out and paying the necessary cost. Both the form and the cost can be turned in in person or by mail. You must mail your completed form and payment to the following address: P.O. Box 13697, Texas Secretary of State, Austin, TX 78711-3697
In light of this, what takes place to debt when an LLC is dissolved?
The assets of an LLC are distributed to settle its liabilities upon dissolution. Members are typically not held personally accountable for the LLC’s debts if it has more liabilities than assets. However, if the members personally guaranteed the LLC’s debt, they might be held accountable.
You must write to the IRS in order to cancel your EIN number if you have one. The following details ought to included in the letter: The following information must be provided:
– Your LLC’s full legal name
– Your LLC’s EIN number
– The reason you want to cancel your EIN number
– The date your LLC ceased operations
In Texas, do I need to renew my LLC annually?
No, Texas LLCs are not required to renew their registration on an annual basis. However, the Texas Secretary of State requires LLCs to submit a Public Information Report once a year. A Public Information Report can be filed for free.
No, LLCs do not expire in Texas. However, the Texas Secretary of State may revoke your LLC’s status if you fail to submit a public information report for three years in a row.
The fact that an LLC can cost more to establish and manage than a sole proprietorship or partnership is one of its drawbacks. In addition, self-employment taxes on LLC members’ portions of the business’ profits may apply.