This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Of A Corporation For Federal Income Tax In San Antonio
Category:
State:
Multi-State
City:
San Antonio
Control #:
US-00444
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Business Taxes in Texas While Texas state business income taxes do not exist, the state does levy a franchise tax, which is calculated on a company's margin for all entities with revenues above $1.23 million. The tax rate in 2022-23 is 0.375% for retail and wholesale businesses, and 0.75% for other businesses.
Corporate bylaws are legally required in Texas. Don't mess with Texas—skipping this step could have serious consequences.
Corporate bylaws are a company's foundational governing document. They lay out how things should run day-to-day and the processes for making important decisions. They serve as a legal contract between the corporation and its shareholders, directors, and officers and set the protocol for how the organization operates.
They are necessary. Your nonprofit does not need to file bylaws with the Texas Secretary of State, but they are required to obtain tax-exempt status with the IRS.
The Texas Business Organizations Code requires that for-profit corporations and professional corporations have at least one director, one president, and one secretary. A single person can be the president, secretary, sole director, and sole shareholder.
The secretary of state does not maintain the bylaws or tax exempt filings of any nonprofit organization. Some organizations that have obtained tax-exempt status from the Internal Revenue Service are required to make certain documents available to the public.
171.001. TAX IMPOSED. (a) A franchise tax is imposed on each taxable entity that does business in this state or that is chartered or organized in this state. (b) The tax imposed under this chapter extends to the limits of the United States Constitution and the federal law adopted under the United States Constitution.
A passive entity is a partnership or trust that earns at least 90% of its income from certain passive sources. Passive entities are exempt from paying Texas franchise tax and can file a No Tax Due Report.
It is an essential part of filing taxes for your corporation. The Texas franchise tax rate depends on the amount of revenue your business generates and a few other factors. In fact, if your revenue is below a certain threshold (which increases every two years), you won't owe any franchise tax at all.
Entities Not Subject to Franchise Tax sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships); entities exempt under Tax Code Chapter 171, Subchapter B; certain unincorporated passive entities;