Before you form an LLC in Texas or incorporate a business in Texas, it’s important that you know what your responsibilities will be in reporting on your business in future years. If you’ve already formed an LLC or corporation, you need to be aware of an important deadline on May 15.
That’s the date your Annual Report — also called Franchise Tax Report — is due. Here’s what you need to know to ensure that you stay compliant with the state of Texas.
The Rules are Different For Your First Year
When you first incorporate in Texas or file an LLC, you have one year and 89 days from your start date to file your initial report. After that, your Annual Report is due May 15 each year.
What Goes on a Texas Annual Report
When you fill out this document, either online through the Texas Secretary of State website or on paper, you will fill out some basic information about your company. If anything has changed in the past year, it’s essential that you update that information in the report, whether your business changed addresses or you made any alterations to your Board of Directors.