Business Status Forfeited In Travis
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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.
Once a taxable entity's charter, certificate, or authority is forfeited, the entity becomes what's known as a “terminated entity.”15 The designation means that the taxable entity is prohibited from continuing its existence for the purpose of continuing its business or affairs unless the entity is reinstated.
In order to reinstate an entity, the Texas Secretary of State requires evidence that the entity has met all franchise tax requirements. To provide this evidence, the Comptroller's office issues a Tax Clearance Letter, Form 05-377.
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), ...
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), ...
Texas statutes do not specifically define "transacting business;" however, section 9.251 of the BOC lists 16 activities that do not constitute "transacting business." Generally, a foreign entity is transacting business in Texas if it has an office or an employee in Texas or is otherwise pursuing one of its purposes in ...
If the right to transact business is forfeited, the entity will be denied the right to sue or defend itself in a Texas court and each director or officer will be liable for the debt of the entity.
If the right to transact business is forfeited, the entity will be denied the right to sue or defend itself in a Texas court and each director or officer will be liable for the debt of the entity.
Right to transact business in Texas indicates an entity's franchise tax account status. If Right to Transact Business is... Then... Active. The entity's right to transact business in Texas is intact.
