A number of variables, including the length of the suspension, the cause of the suspension, and the type of LLC, affect how much it will cost to reinstate an LLC in Texas. A domestic LLC typically pays $200 in reinstatement fees while a foreign LLC (from another state) pays $750. Additionally, if you have any unpaid taxes or filings, you might have to pay penalties, interest, and other expenses.
Several variables can affect how long it takes to revive an LLC in Texas. The Texas Secretary of State will handle your request after receiving the required paperwork and payment, which might take up to ten business days. However, if there are any problems with your submission, you could need to supply further information, which could cause the procedure to be delayed. What could cause an LLC to be suspended? Texas law permits the suspension of an LLC for a number of infractions, including failing to submit yearly reports, pay franchise taxes, or keep a registered agent current. If you don’t take care of these problems right away, the state can suspend your LLC, which would mean you’d lose your legal protection and possibly incur more fees.
A unique identifying number given to firms by the IRS for tax purposes is called an EIN (Employer identifying Number). If your LLC has been put on hold, you might need to reactivate your EIN in order to carry on with your business. However, you must apply for a new EIN; an EIN cannot be reinstated on its own. If you are beginning a new LLC with the same members and structure, you may utilize the same EIN.
You have the option to formally dissolve your LLC if you are not interested in reviving it. However, if you leave a suspended LLC before the right procedures have been followed, you can still be responsible for any unpaid taxes, bills, or legal matters. To avoid any potential repercussions, it is imperative to get legal advice and take the required actions.
In conclusion, it is important to carefully analyze the expenses, timeline, and legal requirements before reinstating a suspended LLC in Texas. It is advised to get expert advice if you are unfamiliar with the procedure to make sure you adhere to all rules and prevent any potential problems.