Business 101

Question 1

What is a PIR?

Answer 1

Public Information Report

• Annual report filed w/ the TX Comptroller of Public Accounts

Question 2

What is the Texas Notice of Forfeiture of Right to Transact Business?

Answer 2

It’s issued by the Texas Comptroller of Public Accounts for non compliance and finalized/recorded by the TX Secretary of State

Question 3

TSI

Answer 3

Transworld systems Inc

• A third party debt collection agency

Question 4

LLC

Answer 4

Limited Liability Company

• A business structure that provides personal liability protection for its owners (members)

Question 5

What is Form SS-4?

Answer 5

An application used to apply for a Federal Employer Identification Number (EIN), for corporations, partnerships and LLCs.

Question 6

Who processes and manages Form SS-4 and oversees its administration?

Answer 6

The IRS processes and manages Form SS-4 while the Department of the Treasury oversees the IRS.

Question 7

SOS

Answer 7

Secretary of State

Question 8

What is FinCEN?

Answer 8

Financial Crimes Enforcement Network

• A bureau of the US Department of the Treasury that combats money laundering, terrorism & financing.

Question 9

What is the form number for the Public Information Report (PIR) in TX?

Answer 9

Form 05-102

Question 10

What is Form 8832?

Answer 10

Entity Classification Election

• A form used by businesses to change their tax classification with the IRS

Question 11

Which IRS office handles and processes Form SS-4?

Answer 11

The IRS office in Cincinnati, OH

Question 12

What is the website for the TX Comptroller of Public Accounts?

Answer 12

Comptroller.Texas.Gov

Question 13

Who accepts the Certificate of Formation in TX?

Answer 13

TX Secretary of State

Question 14

Should your bank and checking accounts reflect your LLCs name?
(COF)

Answer 14

Yes

Question 15

What is Section 6.201 of the TX Business Organization Code?

Answer 15

It’s a unanimous written consent provision, allows businesses to take action without a meeting, as long as all members agree in writing.

Question 16

Which Secretary of State approved your Certificate of Filing?

Answer 16

John B. Scott

Question 17

What is the Federal Trademark Act of 1946?

Answer 17

A U.S. law that helps protect business names, logos, and brands nationwide

Question 18

What is the Trademark Law?

Answer 18

A Texas law that protects business names and logos used only within the state

Question 19

What is the Assumed Business or Professional Name Act?

Answer 19

A law that requires businesses to register names they use so the public knows who owns them

Question 20

What was the date your EP LLC started?

Answer 20

Nov 30, 2022

Question 21

What do the billing rates in the Scope of Engagement for the EP LLC represent?

Answer 21

Paralegal’s work is $125/hr

Lawyer’s work is $400/hr

Question 22

What is the Scope of Engagement?

Answer 22

A legal document that explains what the lawyer will do for you, how much it will cost, and the rules for working together

Question 23

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)?

Answer 23

The filling fee is $300

Question 24

How many articles are in the Certificate of Formation for EP LLC?

Answer 24

11 articles

Question 25

What does “Business Day” mean in the EP LLC Company Agreement?

Answer 25

Any day other than Saturday, Sunday, or a holiday when national banking associations in Texas are closed

Question 26

TBOC

Answer 26

Texas Business Organization Code

Question 27

What is the title of Article 1 in the COF and what is included in it?

Answer 27

1. Entity Name and Type 2. LLC and EP LLC

Question 28

What is the title of Article 2 in the COF, and what is included in it?

Answer 28

1. Registered Agent and Registered Office 2. T Mark Blakemore, Attorney, PC

Question 29

What is the title of article 3 in the COF and what does it state?

Answer 29

1. Governing Authority 2. The LLC is to be managed by managers

Question 30

What is the title of Article 4 in the COF and what does it state?

Answer 30

1. Purpose 2. EP is organized for the transaction of any and all lawful business under the TBOC

Question 31

What is Article 5 of the COF about?

Answer 31

Article 5 outlines the types of contributions members can make and how those contributions are converted into membership units.

Question 32

What is Article 6 of the COF about?

Answer 32

Article 6 outlines how voting rights are allocated based on the number of membership units a member owns. One vote per membership unit.

Question 33

What is Article 7 of the COF about?

Answer 33

Article 7 outlines the adoption of the initial Company Agreement and the members’ authority to alter, amend, repeal, or adopt a new Company Agreement.