|
Corporations in Texas pay only a 1% gross receipts franchise tax, retailers
pay half of that. Texas also does not charge a personal income tax. However
Texas ranks 47 on the Tax Foundation's Corporate Tax Ranking Index. Texas,
like Nevada, is also one of the few states that use charging orders as creditor's
sole remedy for LLC and corporations. Nevada corporations get better asset
protection than Texas however. Nevada also allows Series LLC incorporations
and has a business court, among others. For a complete comparison of incorporating
in Nevada vs. Texas see the table below:
| |
Nevada |
Texas |
|
State Corporate Income Tax ? |
None |
1% |
Tax Foundation's, Corporate Tax Ranking Index ? |
1 |
47 |
Personal Income Tax ? |
None |
None |
Tax Foundations, Personal Income Tax Ranking Index |
1 |
7 |
Franchise Tax ? |
|
|
Tax on corp shares ? |
|
|
Gift Tax ? |
|
|
Unitary Tax ? |
|
|
Estate Tax ? |
|
|
Statutory Indemnification of Officers, Directors & Employees ? |
|
|
Charging Order Protection for Corporation ? |
|
|
Charging Order is Creditor's Sole Remedy for LLC or Corporation ? |
|
|
Highest Standard of Corporate Veil Protection ? |
|
|
Series LLC Allowed ? |
|
|
Business Court* |
|
|
|
Glossary of terms
|
|
|
|
