Limited PartnershipUnited States · Texas
What it takes to form, own and run a limited partnership in United States · Texas, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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A limited partner is not liable for the obligations of a limited partnership unless
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An association of two or more persons to carry on a business for profit creates a partnership
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The filing fee for a certificate of formation for an LP is $750
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A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax.
Form it
Who registers it
- Registry
- Formed without visiting
- Yes
- Formed online
- Yes
What it takes to form
- A notary
- Not required
- A resident director
- Does not apply
- Paying up the capital
- Not in our records
Own it
Who may own and run it
- Directors
- Does not apply
- Shareholders
- Does not apply
- Members
- At least 2
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An association of two or more persons to carry on a business for profit creates a partnership
- A local company secretary
- Not required
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Officers of a domestic entity may be elected or appointed in accordance with the governing documents of the entity or by the governing authority of the entity
- A local registered agent
- Required
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Note: An LP is required to maintain a registered agent and a registered office address in Texas.
Each year, at the registry
Not in our records Annual registry fee, Accounts on the public record, Audit for a small company, Audit: none of these is in our records for the Limited Partnership.
Important dates
When each obligation falls due, as the authority states it.
Not in our records No dates for the Limited Partnership are in our records.
What is public
- Directors
- Public
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Officer and director information on the Comptroller’s website is obtained from the most recent PIRs processed by the Texas Secretary of State (SOS).
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Through owners+1 regime
Federal: a partnership files an information return and does not pay income tax; profit passes through to the partners. State: a limited partnership is itself a taxable entity for the Texas franchise tax.
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A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax.
Special regimes that may apply
- Qualified opportunity zones free zone
Taxpayers with eligible gains who invest them in a Qualified Opportunity Fund holding property in a designated zone 26 U.S.C. § 1400Z-1 (designation) and § 1400Z-2 (deferral and exclusion), enacted by the Tax Cuts and Jobs Act of 2017, Public Law 115-97
Whether a company qualifies depends on its activity and conditions set in each statute.
- CFC rules in United States
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
- Route
- Certificate of Termination of a Domestic Entity (Form 651) filed with the Secretary of State; the Comptroller requires a final franchise tax report before termination.
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Form 651 - Certificate of Termination of a Domestic Entity
- Statutory fee
- USD 40 (about €35)
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Certificate of termination for a Texas entity (except nonprofit corporation or $40 cooperative association) (Form 651)
Every business in United States · Texas
Sales and consumption tax
- The tax
- Sales tax (state and local)
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you can elect to deduct state and local general sales taxes
- Standard rate
- Set by the states or provinces
There is no national VAT or sales tax; rates are set by each state and locality.
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you can elect to deduct state and local general sales taxes
- Registration threshold
- Not in our records
- A foreign company
- See the note
Sales tax is administered by state and local authorities, not the federal government, so there is no national registration rule to record.
- Tax authority
- Internal Revenue Service (IRS) at federal level; sales tax is administered by state and local authorities
Portals and registers
- Business registerNone — state-level business registries; no single national registry
- Tax authorityInternal Revenue Service (IRS)
- Tax treatiesUS Department of the Treasury - Tax Treaties
Payment and banking services
6 services name United States on their own list: Paysera, Airwallex, Stripe, Revolut, Brex, Mercury. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Limited partnershipDerived our grouping, the same words in every country
- Name in law
- Limited Partnership
- ISO 20275 code
- FE1LSecondary GLEIF, Entity Legal Forms code list