Business 101 Flashcards
What is a PIR?
Public Information Report
- Annual report filed w/ the TX Comptroller of Public Accounts
What is the Texas Notice of Forfeiture of Right to Transact Business?
It’s issued by the Texas Comptroller of Public Accounts for non compliance and finalized/recorded by the TX Secretary of State
TSI
Transworld systems Inc
- A third party debt collection agency
LLC
Limited Liability Company
- A business structure that provides personal liability protection for its owners (members)
What is Form SS-4?
An application used to apply for a Federal Employer Identification Number (EIN), for corporations, partnerships and LLCs.
Who processes and manages Form SS-4 and oversees its administration?
The IRS processes and manages Form SS-4 while the Department of the Treasury oversees the IRS.
SOS
Secretary of State
What is FinCEN?
Financial Crimes Enforcement Network
- A bureau of the US Department of the Treasury that combats money laundering, terrorism & financing.
What is the form number for the Public Information Report (PIR) in TX?
Form 05-102
What is Form 8832?
Entity Classification Election
- A form used by businesses to change their tax classification with the IRS
Which IRS office handles and processes Form SS-4?
The IRS office in Cincinnati, OH
What is the website for the TX Comptroller of Public Accounts?
Comptroller.Texas.Gov
Who accepts the Certificate of Formation in TX?
TX Secretary of State
Should your bank and checking accounts reflect your LLCs name?
(COF)
Yes
What is Section 6.201 of the TX Business Organization Code?
It’s a unanimous written consent provision, allows businesses to take action without a meeting, as long as all members agree in writing.
Which Secretary of State approved your Certificate of Filing?
John B. Scott
What is the Federal Trademark Act of 1946?
A U.S. law that helps protect business names, logos, and brands nationwide
What is the Trademark Law?
A Texas law that protects business names and logos used only within the state
What is the Assumed Business or Professional Name Act?
A law that requires businesses to register names they use so the public knows who owns them
What was the date your EP LLC started?
Nov 30, 2022
What do the billing rates in the Scope of Engagement for the EP LLC represent?
Paralegal’s work is $125/hr
Lawyer’s work is $400/hr
What is the Scope of Engagement?
A legal document that explains what the lawyer will do for you, how much it will cost, and the rules for working together
What is the filing fee for a Certificate of Formation for a Texas entity (except for nonprofit corporation, cooperative association, professional associations (PA) or limited partnerships (LP)?
The filling fee is $300
How many articles are in the Certificate of Formation for EP LLC?
11 articles
What does “Business Day” mean in the EP LLC Company Agreement?
Any day other than Saturday, Sunday, or a holiday when national banking associations in Texas are closed
TBOC
Texas Business Organization Code
What is the title of Article 1 in the COF and what is included in it?
- Entity Name and Type
- LLC and EP LLC
What is the title of Article 2 in the COF, and what is included in it?
- Registered Agent and Registered Office
- T Mark Blakemore, Attorney, PC
What is the title of article 3 in the COF and what does it state?
- Governing Authority
- The LLC is to be managed by managers
What is the title of Article 4 in the COF and what does it state?
- Purpose
- EP is organized for the transaction of any and all lawful business under the TBOC
What is Article 5 of the COF about?
Article 5 outlines the types of contributions members can make and how those contributions are converted into membership units.
What is Article 6 of the COF about?
Article 6 outlines how voting rights are allocated based on the number of membership units a member owns.
One vote per membership unit.
What is Article 7 of the COF about?
Article 7 outlines the adoption of the initial Company Agreement and the members’ authority to alter, amend, repeal, or adopt a new Company Agreement.
