Don’t forget to file your annual Texas Franchise Tax Annual Report this year. The due date is coming up on May 15th. Corporations, limited liability companies, professional corporations, partnerships, trusts, associations, and joint ventures are all subject to the tax and required to file an annual report.
You can find information about the Texas Franchise Tax by visiting the Comptroller’s website here. You can find forms and e-file your report on that website as well.
Failing to file your annual report could result in significant penalties including forfeiture of the right to transact business, the entities charter, and personal liability for officers and directors.