Keep Your LLC in Good Standing
Franchise annual report preparation for LLCs operating in Midland and throughout Texas.
Every LLC in Texas is required to file an annual franchise tax report with the Texas Comptroller, even if the business owes no tax for the year. In Midland, missing this filing can result in your LLC being forfeited, which means you lose your legal protections and the ability to conduct business under that entity. The report includes revenue information, ownership details, and the calculation of any franchise tax owed based on your business income.
On Track Bookkeeping LLC prepares your franchise annual report by gathering the required financial information, calculating your tax liability using the appropriate method, and submitting the report to the Comptroller before the deadline. The service ensures that all required fields are completed accurately and that your LLC remains in good standing with the state. This includes reminders about upcoming deadlines and organized submissions so you do not have to track filing dates yourself.
If you need help filing your franchise annual report for your Midland LLC, contact On Track Bookkeeping LLC to discuss your filing requirements and schedule.
What the filing process covers each year
The process begins with reviewing your revenue and expense records to determine your total revenue for the reporting period. On Track Bookkeeping LLC uses this information to calculate your franchise tax liability, which is based on either total revenue or a margin calculation, depending on which method results in a lower tax amount. For LLCs in Midland, most small businesses qualify for the no-tax-due threshold, but the report still must be filed.
After the report is prepared, you receive a summary of the information being submitted, including your revenue figures and tax liability if applicable. Once you approve the filing, it is submitted electronically to the Texas Comptroller.
This service includes preparing and filing the report, along with timely reminders so you do not miss the May 15 deadline. It does not include accounting for complex revenue streams or legal advice regarding tax liability disputes, but it does ensure your LLC meets its annual compliance obligations and avoids penalties or forfeiture.
Questions LLC owners ask before filing
Common concerns include whether the report is required if no tax is owed, how revenue is calculated, and what happens if the deadline is missed.
The report is due by May 15 each year. On Track Bookkeeping LLC sends reminders well in advance so you have time to provide the necessary information and review the filing before submission.
You need your total revenue for the reporting period, which is usually the previous calendar year. On Track Bookkeeping LLC can pull this from your financial statements if your bookkeeping is current.
Missing the deadline can result in penalties and eventually forfeiture of your LLC, which means you lose legal protections and cannot legally operate. On Track Bookkeeping LLC helps you avoid this by managing the filing timeline.
LLCs in Midland that have missed filings or struggled to remember the deadline often find that working with On Track Bookkeeping LLC removes the administrative burden and keeps their business compliant year after year. If you want timely, accurate franchise annual report preparation, reach out to schedule your filing.