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Texas is a state in the South Central Region of the United States. It is the second largest U.S. state by both area (after Alaska) and population (after California). Texas shares borders with Louisiana to the east, Arkansas to the northeast, the Gulf of Mexico to the southeast, Oklahoma to the north, New Mexico to the west , and Mexico, across the Rio Grande to the southwest.
Texas has a total area of 268,596 square miles (695,662 km2).
Texas has a population of 28.996 million people as of 2019.
The most common accent or dialect spoken by natives throughout Texas is sometimes referred to as Texan English, which itself is a sub-variety of a broader category of American English known as Southern American English. 34.2% (7,660,406) of Texas's population aged five and older spoke a language at home other than English.
Texas legislature has a senate with 31 members and a house with 150 representatives. The state elects 2 senators and 36 representatives to the U.S. Congress and has 38 electoral votes.
Texas has a plural executive branch system limiting the power of the governor, which is a weak executive compared to some other states.
According to The Bureau of Economic Analysis, Texas had a gross state product (GSP) of $1.9 trillion in 2019, the second highest in the U.S to California. Its per capita personal income in 2019 was US$52,504
Mineral resources compete with industry for primary economic importance in Texas. The state is the leading U.S. producer of oil and gas. Texas also manufactures an enormous variety of products, including chemicals, food, transportation equipment, machinery, and primary and fabricated metals. Electronic equipment manufacturing, such as computers, has in recent decades become one of the state's leading industries. NASA is located in Houston, Texas.
United States Dollar (USD)
Texas has been hailed as one of the best states for small businesses and startups for its low business taxes, nonexistent income taxes and a generally friendlier state economy. The corporate laws of Texas are familiar to many lawyers both in the US and internationally. Texas has a common law system.
One IBC supply incorporation in Texas service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
Company Information privacy:
No public register of company officers.
Just 4 simple steps are given to start a business in Texas:
* These documents required to incorporate a company in Texas:
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How to start a business in Texas
There is no minimum or a maximum number of authorized shares since Texas incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Financial statement
Texas law requires that every business have Registered Agent in the State of Texas who may be either an individual resident or business that is authorised to do business in the State of Texas
Texas, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Texas taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
The overall cost to incorporate a business in Texas depends on several factors. A certificate of formation for a Texas for-profit corporation, for instance, has a $300 filing fee.
Texas is among only five states that do not levy any business tax, personal income tax or fee on sole proprietors, allowing them to invest more of their profits back into their businesses.
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Payment, Company return due date:
The State of Texas imposes a franchise tax on taxable entities that are doing business in the state. The annual franchise tax report is due on May 15th. You may request a 3-month extension to file that Texas annual franchise tax report by filing Texas Form 05-164. Texas is one of the few states that allows for a second extension so if you are unable to file your Texas franchise tax report by the extended due date of August 15th, you may again file Texas Form 05-064 and extend your final filing deadline to November 15th.