New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
We are an internet based insurance business incorporated in the State of California. Some states require us to register with their Secretary of State prior to obtaining our corporate insurance license in their state. Some states do NOT require us to register with their Secretary of State prior to obtaining our insurance license. At one time, Texas had this requirement but they then lifted it.
What are the pro’s and con’s for our business if we opt NOT to file our corporation with the Texas Secretary of State?
Dear Laura,
I’m not sure I completely understand the question, but from your description and current law changes in Texas that you mentioned it seems like registering your company in Texas, without real physical presence in that state, is kind of redundant.
Registering your company as a foreign entity in a state means spending money for registration, for annual maintenance such as annual reports or whatever taxes the state might levy, and the cost of maintaining a registered agent. If you don’t have to register then you save all those costs, which is definitely a pro.
Whether or not there are any cons of not being registered in Texas with your line of business, the best person to consult would be a TX licensed attorney, who is knowledgeable in the tate’s insurance related laws and regulations.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
