Texas Statement of Operation As A Close Corporation is a document that outlines the operations and management of a close corporation in the state of Texas. This document is required by the Texas Business Organizations Code for close corporations and must be filed with the Texas Secretary of State. The document outlines the name and address of the close corporation, the designation of officers, the authority and duties of the officers, the requirements for meetings and voting, the ownership of the corporation, the authorized capital of the corporation, and the procedures for dissolving the corporation. There are two types of Texas Statement of Operations As A Close Corporation: the Form 205 and the Form 206. The Form 205 is used if the close corporation has no more than ten shareholders, and the Form 206 is used if the close corporation has more than ten shareholders.
Texas Statement of Operation As A Close Corporation
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How to fill out Texas Statement Of Operation As A Close Corporation?
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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.
It is a legal entity with its own legal personality and perpetual succession and must register as a taxpayer in its own right. A CC has no share capital and therefore no shareholders. The owners of a CC are the members of the CC. Members have a membership interest in the CC.
The easiest definition of a close corporation is one that is held by a limited number of shareholders and is not publicly traded. The company is run by the shareholders and is generally exempt from many requirements of other corporations, including having a board of directors and holding annual meetings.
Like any corporate entity, your statutory close corporation has the option of electing to be taxed as an S-Corporation, a corporate taxation status that is relevant only when it comes to federal taxes.
Unlike general corporations where management of the business operations of the corporation is reserved for the board of directors or the officers, shareholders in close corporations may enter into agreements that give them authority to run the company.