LLC Formation in Texas

LLC Formation in Texas

12th Grade

15 Qs

quiz-placeholder

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LLC Formation in Texas

LLC Formation in Texas

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Kendall Phillips

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step to forming an LLC in Texas?

Choose a Registered Agent

Apply for an EIN

Create an Operating Agreement

File the Certificate of Formation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost of filing the Certificate of Formation in Texas?

$400

$200

$100

$300

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Registered Agent in the context of forming an LLC?

A person who provides financial support to the LLC

A person who manages the LLC

A person who accepts all legal papers for the business

A person who files the annual report for the LLC

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of an Operating Agreement in an LLC?

To apply for an EIN

To file with the Secretary of State

To dissolve the LLC

To define the roles and responsibilities of LLC members

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an EIN?

A certificate of formation for LLCs

A tax return form for LLCs

A document required to open a business bank account

A nine-digit number assigned by the IRS to identify taxpayers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the annual revenue threshold for LLCs to owe franchise taxes in Texas?

Below $2 million

Below $500,000

Below $1 million

Below $1.5 million

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a No Tax Due Report in Texas?

To file the annual report for the LLC

To dissolve the LLC

To claim tax exemptions for the LLC

To report no tax liability for the LLC

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