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How to prepare Form 05 102

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About Form 05 102

Form 05-102, also known as the Texas Entity Information Report, is a document required by the State of Texas for certain business entities. This form is typically needed by limited liability companies (LLCs), corporations, partnerships, and other types of registered entities operating in the state. The purpose of Form 05-102 is to provide the state with updated information regarding the entity's operations and ownership. It asks for details such as the entity's legal name, principal office address, registered agent details, and the names and addresses of all officers, directors, partners, or managers of the entity. The state uses this information to maintain accurate records, facilitate communication, and ensure compliance with various laws and regulations. The Form 05-102 is typically filed on an annual basis, and failure to submit it may result in penalties or the loss of legal status for the entity. In summary, Form 05-102 is a required report for business entities in Texas, and its purpose is to provide the state with updated information about the entity's operations and ownership.

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Video instructions and help with filling out and completing Form 05 102

Instructions and Help about Form 05 102

Hey, deb Evans here. I'm going to give us a little training today on franchise tax. If you are an LLC, a corporation, a partnership, or a non-profit, you will need to be aware of franchise tax. It sounds like another scary tax, but most of you are exempted from it. I'll talk about that in a minute. If you are a sole proprietor who does not have a legal formation for your business, this does not apply to you. You don't have to do anything. If you are an LLC or any other entity registered with the state of Texas, you are responsible for a franchise tax and this is a Texas tax. Texas versus federal this is not the IRS. This is Texas, so Texas is responsible for sales tax and franchise taxes plus employment taxes. So if you are one of those entities I mentioned, and you made over a million dollars, it's a little million and change. You have to pay a Texas franchise tax if your revenue is under 1 million dollars this year. 1 million 110 this year, 1 million 180 000 for next year, or for 2021. I want to get 2020 right now. Then you do not have to pay any tax. You are exempted from tax. You do have to file the report. So you do have to file the form. If you don't file it, you will get hit with the penalty. So it's super easy to do. I'm going to walk you through it. When you uh this form is usually due in May, May 15th this year, like so many other deadlines, the Texas franchise tax deadline was extended to June 15th. So you have a little less than a month before you have to file this report. If you don't file...