Texas Business Opportunity Voluntary Termination Statement
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How to fill out Texas Business Opportunity Voluntary Termination Statement?
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FAQ
How long does it take the Texas SOS to reinstate an LLC? The Texas Secretary of State's office typically processes filings in 5-7 business days. Expedited filings are usually processed in 1-2 business days.
Involuntary Dissolution of an LLC in Texas The state of Texas may pursue the involuntary dissolution of an LLC for failure to comply with state law. The most common reason is for failing to file an annual franchise tax return or to pay the franchise tax.
Certificates of termination processing time could vary but in most cases it is 3-5 days. The hard work is done at the Texas Comptroller's office. A form 05-359, Request for Certificate of Account Status, takes 4-6 weeks to process and receive your tax clearance.
The entity must: Take the necessary internal steps to wind up its affairs.Submit two signed copies of the certificate of termination.Unless the entity is a nonprofit corporation, attach a Certificate of Account Status for Dissolution/Termination issued by the Texas Comptroller.Pay the appropriate filing fee.
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),
Complete and submit Form 05-359, Request for Certificate of Account Status to Terminate a Taxable Entity's Existence in Texas or Registration (PDF), or request the certificate online using Webfile.
Franchise Tax Involuntarily Ended. The entity's registration or certificate was ended as a result of a tax forfeiture or an administrative forfeiture by Texas Secretary of State.
Penalties and Interest A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.
