Texas Tax Talk

Texas Tax Talk

Category Archives: Texas State and Local

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How failing to file franchise tax returns causes personal liability

Posted in Texas State and Local
A central purpose for creating a corporation or an LLC is for asset protection.  These companies shield owners from liabilities that accrue during the life of the business. In Texas, failure to file your franchise tax returns or pay your franchise tax liability will cause you to lose your limited liability protection. The Texas Tax Code provides for personal liability for… Continue Reading