Texas businesses have long been familiar with the annual requirement of filing franchise tax reports. However, recent changes in regulations have eliminated this obligation for many businesses. Despite this, one crucial document that continues to hold significance is the Public Information Report (PIR).
Maintaining Transparency
The Public Information Report serves as a tool for upholding transparency and accountability in Texas businesses. It requires companies to disclose essential information such as registered agents, directors, officers, and other pertinent details. By providing this information, businesses ensure that stakeholders, including customers, investors, and government agencies, have access to accurate and up-to-date information about their operations.
Simple Compliance
Filing a PIR is a legal requirement in Texas, irrespective of whether a company is subject to franchise tax or not. The Texas Business Organizations Code mandates that all companies, including corporations, limited liability companies, and partnerships, submit an annual PIR to the Texas Secretary of State. Non-compliance can result in penalties, including fines, loss of good standing, or even dissolution of the entity.
How to stay compliant
The process of submitting a PIR on the Texas Comptroller site is pretty straightforward. Here’s a downloadable step by step guide to understand the process in detail.
If filling out forms isn’t your strength, reach out to us for help. Wellness Fi does this all day long for the therapists, counselors, psychologists, and other wellness providers we work with.
You can reach us at [email protected] or by booking a free 20 min consult above.