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If the Texas Comptroller forfeits an entity's ability to do business in the state, the entity will not be able to sue, and the entity's director and officers can be personally liable for the debts of the entity, including taxes.

What does that mean? The Comptroller will consider issuing a private letter ruling when taxability guidance in statutes, rules or other controlling authorities does not exist or is not clear. The person requesting the private letter ruling needs to explain why such guidance is lacking.

If the Texas Comptroller forfeits an entity's ability to do business in the state, the entity will not be able to sue, and the entity's director and officers can be personally liable for the debts of the entity, including taxes.

A statement of termination is a document that must be signed by both partners of a domestic partnership to dissolve their partnership in court. The notice of termination, once filed with the court, will trigger the start of termination proceedings for a domestic partnership.

What does that mean? The Comptroller will consider issuing a private letter ruling when taxability guidance in statutes, rules or other controlling authorities does not exist or is not clear. The person requesting the private letter ruling needs to explain why such guidance is lacking.

within 120 days of the date of notice of forfeiture of privileges. § 171.252(1) states that a taxable entity that has forfeited its right to transact business is denied the right to sue or defend in a court in this state. Pursuant § 171.252(2) each officer and director is liable for the debts of the corporation.

A statement of termination is a document that must be signed by both partners of a domestic partnership to dissolve their partnership in court. The notice of termination, once filed with the court, will trigger the start of termination proceedings for a domestic partnership.

"Certificates of Account Status," previously called "Certificates of Good Standing," provide the status of an entity's right to transact business in Texas. Franchise tax account status may be required in order to conduct real estate or financial transactions.

within 120 days of the date of notice of forfeiture of privileges. § 171.252(1) states that a taxable entity that has forfeited its right to transact business is denied the right to sue or defend in a court in this state. Pursuant § 171.252(2) each officer and director is liable for the debts of the corporation.

A Certificate of Account Status for Dissolution/Termination is a certificate issued by the Texas Comptroller of Public Accounts indicating that the entity has paid all taxes under Title 2 of the Tax Code, and that the certificate must be filed with the secretary of state to legally end the entity's existence.

"Certificates of Account Status," previously called "Certificates of Good Standing," provide the status of an entity's right to transact business in Texas. Franchise tax account status may be required in order to conduct real estate or financial transactions.

In Texas, does an LLC have an expiration date? A limited liability company's articles of organization may allow its members to designate the duration of the company. An LLC's expiration date can be specified but if no expiration date is specified, the LLC might continue indefinitely.

A Certificate of Account Status for Dissolution/Termination is a certificate issued by the Texas Comptroller of Public Accounts indicating that the entity has paid all taxes under Title 2 of the Tax Code, and that the certificate must be filed with the secretary of state to legally end the entity's existence.

If the Texas Comptroller forfeits an entity's ability to do business in the state, the entity will not be able to sue, and the entity's director and officers can be personally liable for the debts of the entity, including taxes.

In Texas, does an LLC have an expiration date? A limited liability company's articles of organization may allow its members to designate the duration of the company. An LLC's expiration date can be specified but if no expiration date is specified, the LLC might continue indefinitely.

Do I need to tell the Comptroller's office I am closing or selling my business? Yes. You can notify the Comptroller's office that you are closing your account by entering the information on the Close Business Location webpage and selecting “Close all outlets for this taxpayer number.”

If the Texas Comptroller forfeits an entity's ability to do business in the state, the entity will not be able to sue, and the entity's director and officers can be personally liable for the debts of the entity, including taxes.

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.

Do I need to tell the Comptroller's office I am closing or selling my business? Yes. You can notify the Comptroller's office that you are closing your account by entering the information on the Close Business Location webpage and selecting “Close all outlets for this taxpayer number.”

"Certificates of Account Status," previously called "Certificates of Good Standing," provide the status of an entity's right to transact business in Texas. Franchise tax account status may be required in order to conduct real estate or financial transactions.

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.

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), ...

"Certificates of Account Status," previously called "Certificates of Good Standing," provide the status of an entity's right to transact business in Texas. Franchise tax account status may be required in order to conduct real estate or financial transactions.

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), ...