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There are a variety of circumstances that could lead your business towards the decision to terminate your Texas LLC. For the purposes of this article, we are referring to a voluntary termination.
In order for the required Certificate of Account Status (discussed below) to be issued, your business needs to have up to date franchise tax filings in the State of Texas. These include the Public Information Report, and the No Tax Due Report. If you are unsure whether your business is up to date on its franchise tax filings, please reach out to your Lloyd & Mousilli attorney to assist you. Once these tax filings have been verified, it is time to formally request your Certificate of Account Status.
In order for a Certificate of Termination to be issued by the State Of Texas your business must attach a formal Certificate of Account Status to Terminate a Taxable Entity’s Existence in Texas. This form is referred to as 05-359 from the Texas Comptroller’s office. It is possible to make the formal request for a Certificate of Account Status by fax or regular mail, and generally has a relatively quick turnaround.
Once a completed Certificate of Account Status has been verified through the Texas Comptroller’s office, it is ready to be attached to the Certificate of Termination. This document is known as the 651 from the Texas Secretary of State’s office. This can be filled out online. Once submitted online, the IRS estimates roughly a 48-hour processing time.
If all of the tax reports are up to date, the process of termination is relatively painless. If you need help filing the appropriate paperwork or making sure you're following the law, book a no-cost consultation with Lloyd & Mousilli and we will make sure that your business fully and completely terminates existence under Texas law.
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