Pay Franchise Taxes Online in the State of Texas using this service!
A family limited partnership is a taxable entity in Texas unless it meets the criteria of a passive entity under TTC 171.0003.
The annual franchise tax report is due May 15. If May 15 falls on a weekend or holiday, the due date will be the next business day.
The following penalties apply if Franchise taxes are paid after the due date:
A sole proprietorship that is not legally organized in a manner that limits its liability is not a taxable entity. A single-member limited liability company filing as a sole proprietor for federal income tax purposes is a taxable entity. TTC 171.0002(d).
Yes. A royalty interest in an oil or gas well is considered an interest in real property. Therefore, a non-Texas entity that owns a royalty interest in an oil or gas well in Texas is considered to own real property in Texas and is subject to the franchise tax unless it is a nontaxable entity.
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