Tax Forfeitures

Most entities established pursuant to the Texas Business Organization Code are subject to the Texas Franchise/Margin Tax laws and are required to submit tax returns to the Texas State Comptroller’s office. The State Comptroller is authorized under Section 171.302 of the Texas Tax Code to instruct the Secretary of State to revoke a filing entity’s charter if that entity fails to submit the required returns timely. If your charter is revoked for failing to file a tax return, certain rights will be waived and the principals of the entity may become personally liable for the debts of the entity.

Mooney Law Firm, PLLC can assist you with seeking a reinstatement of your charter following forfeiture to ensure your entity’s continued existence and reinstate the principals’ personal liability protection provided by the Texas Business Organizations Code. Alternatively, the firm can assist in the preparation of necessary documentation to formally dissolve an entity which is no longer operational.

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