The Texas Secretary of State must receive an annual report from LLCs in Texas. The date for filing the Annual Report is dependent on the anniversary month of the LLC’s incorporation, and there is no filing cost. The Annual Report is required each year by the end of March, for instance, if your LLC was established in March. The Annual Report should include fundamental details regarding the LLC, such as the name and address of the registered agent, and can be submitted online or by mail. What if My LLC Doesn’t Make Any Money? It is still necessary to submit an Annual Report to the Texas Secretary of State even if your LLC is not making any money. Although the LLC might not owe any taxes, it must nonetheless file an annual report in order to keep its legal existence. Sole proprietorship vs. LLC
In a sole proprietorship, the owner is held solely responsible for all firm debts. An LLC, on the other hand, offers its owners limited liability protection. The LLC owner’s personal assets are protected from accountability if it accrues debts or has legal challenges. Due to the extra security it offers, an LLC is generally a preferable option for enterprises.
In Texas, am I permitted to act as my own registered agent? In Texas, you are allowed to act as your own registered agent. Being your own registered agent does have certain drawbacks, though. For instance, receiving legal paperwork requires that you be accessible during regular business hours, which may not be practicable if you have a hectic schedule. Additionally, since your name and address will be made public, acting as your own registered agent may jeopardize your privacy.
Yes, bylaws are a requirement for Texas corporations. The internal policies that govern how a corporation will be governed are called bylaws. The procedures for choosing directors, holding meetings, and making decisions should all be outlined in the bylaws. Bylaws assist in establishing a distinct organizational structure for the corporation and guarantee that everyone is aware of their duties.
Finally, although though Texas LLCs are not required to be renewed annually, they must nevertheless submit an Annual Report in order to keep their legal existence. It’s crucial to submit the Annual Report on time and to maintain the LLC’s records current. Additionally, choosing an LLC over a single proprietorship gives business owners more liability protection. Although it is legal in Texas for you to act as your own registered agent, it might not be the ideal option for everyone. In Texas, corporations must have bylaws that specify their operational methods.