Everything You Need To Know About Filing a Texas Statement of Information
Introduction
Filing a Texas Statement of Information is one of the essential requirements for doing business in Texas. It is a legal document that needs to be filed by all corporations, limited liability companies, and limited partnerships present in the state. The statement provides updated information on the governing persons, such as officers, managers, directors, and partners, and other crucial pieces of information related to the business. Failure to file the statement on time may result in financial penalties and, in some cases, even the dissolution of the organization.
What is a Texas Statement of Information?
A Texas Statement of Information is a document that a corporation, limited liability company, or limited partnership has to file with the Secretary of State of Texas. It serves as an update on the organization’s most vital information, such as changes in the governing persons, business address, and registered agent, among other things. The statement is a way for the state to keep track of the current happenings of the organization and to maintain its official records.
Who should file a Texas Statement of Information?
All corporations, limited liability companies, and limited partnerships registered to do business in Texas are required to file a Statement of Information. The statement must be filed every year, and the filing date is based on the anniversary month of the organization’s formation.
When to file a Texas Statement of Information?
The Texas Secretary of State needs to receive the Statement of Information within the entity’s anniversary month every year. For instance, if your organization was formed in March, you must file the statement in that month every year. Organizations that do not file by the due date and within the six-month grace period will face financial penalties and/or dissolution.
How to file a Texas Statement of Information?
You have the option to file your Texas Statement of Information online or by mail. The online method is recommended since it’s faster and less prone to errors. To file online, you need to go to the Secretary of State’s website and look for the “File a Form” section. On that page, you will find the “Statement of Information” option. Select the option, fill out the form, and submit it with the required payment.
Alternatively, you can file by mail by downloading the Statement of Information form from the Secretary of State’s website, filling it out completely, and mailing it to their registered office with the required payment.
What are the consequences of not filing on time?
Failure to file the Texas Statement of Information on time or within the grace period can result in significant financial penalties and, in some cases, organization dissolution. The penalty for filing late is $25, and if the filing is more than 30 days overdue, the fee increases to $200. In situations where the organization does not file its statement after the six-month grace period, the State can dissolve the company and revoke its certificate of authority.
Conclusion
Filing a Texas Statement of Information is an essential requirement for all corporations, limited liability companies, and limited partnerships in Texas. The statement provides updated information on the governing persons and other important details about the organization. It is important to file the statement on time to avoid penalties, fines, and possible dissolution. By following the guidelines provided by the Secretary of State, you can ensure that your organization stays compliant with all legal requirements and continues to operate smoothly.
