Texas Franchise Tax Definition
Texas Franchise Tax
DEFINITION
A Texas Franchise Tax is a privilege tax imposed on each entity registered in the state of Texas. An entity could be a Corporation, Limited Liability Company or Partnership. Domestic or Foreign. Form 05-359, Request for Certificate of Account Status to Terminate a Taxable Entity's Existence in Texas, if needed to terminate the entity with the Secretary of State. Texas, businesses with $1.18 million to $10 million in annual receipts pay a franchise tax of 0.575%. Businesses with receipts less than $1.18 million pay no franchise tax. The maximum franchise tax in Texas is 1%.
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Terri J Lee S.
Arizona Member
I originally joined LegalShield because I wanted to get my will completed. However, I have kept my membership because of the value it provides. I feel good knowing that if I have a legal question or if I need help with a legal document, I can contact LegalShield. I would highly recommend this company, and in fact, I have referred some of my friends and family members
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Anthony L.
Texas Member
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