LLC Business Owners - Question For Ya

[sosoe]

Anyone here an LLC Business Owner for the state of Texas? If so, Please send me a PM.


Thanks,
Dirty Sanchez

[Strychnine]

Why not just post the question?


On principle I will not send a PM, but you can PM me

[stephen4785]

I am. Ask away.

[fitzwell]

What's up?

[BoostedD1]

Que paso.

[Nash B.]

[Sean88gt]

Why not just post the question?


On principle I will not send a PM, but you can PM me

Yeah, this.

[Stephen]

My company is an LLC shoot me a pm ..

[sosoe]

PMs replied to.


But this is my reply to the PMs.

So, I converted my Business to LLC on 12/31/2014-

The last day of 2014- Well I cheeked the SOS site the other day and it says "Forfeited" next to the box that says "Right to Transact Business in the state of Texas"

So, I called them up and they said I did not file / pay the franchise Taxes for the year of 2014, which is why it was forfeited- Since I was in business for one day in the 2014 year. I've never been aware of this so called franchise taxes. I was told if I dont make over $1-million, I don't need to pay the franchise Tax,but I still need to file and input $0.00

This true?

I was told I need to create a new Webfile log in for the Comptrollers site under "franchise Tax" and file there, the same as when I file for Sales Taxes for the state.

Thanks and i greatly appreciate any info thrown at me, since this is my first rodeo under the LLC, was prior DBA.

Manuel,

[Silverback]

don't worry about it, take cash only and don't file!

[sosoe]

don't worry about it, take cash only and don't file!

I wish it was that easy. Majority of our work is insurance work, so it's all a paper trail and reportable income.

[jakesford]

PMs replied to.


But this is my reply to the PMs.

An LLC registered in TX even if it is operating as a sole proprietorship is required to file an annual franchise tax return. Depending on your gross receipts, you may owe some tax but if you are under $1mm you won't owe any money. If you lost your status you will have to file any missed franchise tax returns and get a tax clearance letter from the TX comptroller. Once you have that complete you can file for reinstatement with the SOS. There is a fee to be reinstated but if you keep up your annual franchise tax filings you will be good going forward.

[GE]

What was the point/intention of converting it on the last day of the year?

[War Machine]

anything under 1 million no franchise tax but you still have to report

[sosoe]

An LLC registered in TX even if it is operating as a sole proprietorship is required to file an annual franchise tax return. Depending on your gross receipts, you may owe some tax but if you are under $1mm you won't owe any money. If you lost your status you will have to file any missed franchise tax returns and get a tax clearance letter from the TX comptroller. Once you have that complete you can file for reinstatement with the SOS. There is a fee to be reinstated but if you keep up your annual franchise tax filings you will be good going forward.

I talked to the state and they said I will owe some money, mostly due to late fees, collection fees, etc. She didn't say I will have to file for a missed franchise tax returns and get a tax clearance letter from TX (comptroller I'm assuming) -
Ill be going on line this week to pay the reinstatement, once done ill call the Comptroller back and ask them for a reinstatement letter to send to the SOS to reinstate.

Thanks!