Form 05 167 2015-2026

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The document is a Texas Franchise Tax Ownership Information Report that must be filed by entities other than corporations, limited liability companies, or financial institutions to meet franchise tax requirements. It requires detailed information about general partners, trustees, and any owners with a 10% or greater interest in the entity, as well as details about owned subsidiaries. The report must be signed and submitted to the Texas Comptroller of Public Accounts.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your Taxpayer number and Report year at the top of the form. Ensure these details are accurate as they are crucial for processing.
In the Taxpayer name section, provide the full name of the entity. If your mailing address has changed, blacken the circle provided.
Fill in your mailing address, including City, State, and ZIP Code. Make sure all information is current to avoid any delays.
Proceed to Section A where you will enter details for each general partner or trustee. Specify their name, type of owner (blacken one option), mailing address, FEI number, and percentage of ownership.
If applicable, move to Section B to list any entities owned by this partnership or trust. Include their names, state of formation, FEI numbers, and ownership percentages.
Complete the registered agent information section accurately and ensure you declare that all information is true before signing and dating the document.

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How to avoid franchise tax in Texas?

Entities Not Subject to Franchise Tax sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships); entities exempt under Tax Code Chapter 171, Subchapter B; certain unincorporated passive entities;

What happens if I dont pay TX franchise tax?

Failure to pay your franchise taxes can also result in your Charter or Certificate of Authority being lost. If you do not revive your corporate privileges by paying the franchise taxes that you owe, the name of your entity will be sent to the Texas Attorney General and Secretary of State.

What happens if I dont pay my taxes in Texas?

Please be aware that failure to file or pay a tax report may result in collection actions including, but not limited to, additional late filing penalties, liens and criminal charges.

What is Texas form 05-167?

Each taxable entity, other than a legally formed corporation, LLC, limited partnership, professional association or financial institution, that is organized in Texas or has nexus in Texas is required to file Form 05-167, Franchise Tax Ownership Information Report (OIR) annually to satisfy their filing requirements.

Who needs to file a Texas franchise tax return?

Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax.

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What form do I need to reinstate my franchise tax in Texas?

Complete and submit Form 05-391, Tax Clearance Letter Request for Reinstatement (PDF), via mail or online using Webfile. Then, submit these items to the SOS (see Connecting with the Secretary of State section below). Step 4. Submit Form 05-377, Tax Clearance Letter, once you receive it from the Comptrollers office.

Who is exempt from Texas franchise tax?

Sole proprietorships and certain types of general partnerships are exempt from the tax. Corporations and LLCs are subject to the tax. Businesses with revenue under $1,230,000 qualify for an exemption, which acts as one of the available tax credits for qualifying businesses.

What happens if you dont pay franchise tax in Texas?

Besides the loss of your corporate privileges within the state of Texas, legal entities will also face fines, penalties, and interest for not paying Texas franchise tax. If you do not file your franchise tax report, you will face a $50 fine.

Form 05 167 2015-2026

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