Quoted:
Quoted: I already went ahead and filled in the 205 and I think I have that part pretty well figured out, but my question is what do I do after the paper work clears?
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If you have filled out the 205, sent it in with $300, and you are the sole member of the corporation - you do nothing, until you get your paperwork back from the sec. of state. Once you paperwork comes back on the LLC (~2 weeks) you are good to go.
Then, you simply start any NFA paperwork you want, put down the corp, and that is it.
As far the the LLC is concerned, the hardest part is just filling out the 205. It is simple. Once per year there is a tax form you must fill out, to show you had no sales during the tax year and therefore pay no tax.
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(This is what I was told by an attorney, but it could be wrong)
I believe Texas charges a minimum annual franchise tax for corporations whether or not you make a profit. Not sure about Limited Liability Companies, but I would think its similar.
Not only do you have to file with Texas each year (call them to find out what day you have to first file, since its different), you have to file with the IRS by March 15th (for corps), at least the first year.
Edited to add:
INSTRUCTIONS FOR FILING A CERTIFICATE OF FORMATION FOR A LIMITED LIABILITY COMPANY
(Forms
205/206)
...
Please note that under the provisions of the Texas Tax Code, a LLC and a PLLC are subject to state franchise tax.
...
Franchise Taxes: State franchise tax information may be obtained from the Comptroller of Public Accounts, Tax Assistance Section, Austin, Texas, 78774-0100, (512) 463-4600 or (800) 252-1381. The Corporations Section home page provides links to the
IRS and Texas Comptroller web sites.
link: https://direct.sos.state.tx.us/help/help-corp-filing-205.html
link on Franchise tax info:
http://www.window.state.tx.us/taxinfo/taxpubs/tx96_114.html