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Overview
- A limited liability company (LLC) allows owners to have limited personal liability for debts or lawsuits against the company.
- LLCs in Texas can continue perpetually.
- LLC profits and losses pass through to the owners.
- Husbands and wives can own an LLC together.
- LLCs can have two or more owners called members. Members can be individuals or businesses.
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Leaving an LLC
- Members must notify the remaining membership.
- Assets must be handled properly per withdrawal provisions for each LLC.
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Basic Requirements
- Filing a Certificate of Formation.
- Appointing a registered agent.
- Paying fees.
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Looking Up an LLC in Texas
- Go to the Secretary of State website.
- Select business search, enter the company name and search.
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Tax and Financial Aspects
- LLCs do not pay taxes.
- Members pay taxes.
- Texas charges LLCs a franchise tax.
- Most LLCs need a separate business bank account.
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Formation Cost and Process
- Costs to file a Texas LLC are a $300 formation fee plus a 2.7% convenience fee.
- Requirements to form an LLC yourself involve reserving a business name, appointing an agent, filing the Articles of Organization, obtaining an EIN, and opening a bank account.
- Time and money needed depend on the state.
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Renewal
- LLCs in Texas do not have an expiration date stated in their articles of organization.
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