What Texas Form 05-167 (2025) Is For
Texas Form 05-167 (2025), known as the Ownership Information Report, applies to all taxable entities, including LLCs and limited partnerships, operating in Texas, statewide filing. You file it so the Texas Comptroller can collect ownership details and enforce Texas Franchise Tax requirements under the Texas Tax Code for business entities.
Ownership data from this report helps verify control, manage tax reports, and support oversight by the Texas Secretary of State and other agencies across Texas. Submitting 05-167 supports compliance with the Texas Business Organizations Code and assists the Office of the Texas Attorney General and the Financial Crimes Enforcement Network.
When You’d Use Texas Form 05-167 (2025)
Texas Form 05-167 (2025) is required when your business entity, including an LLC or limited partnership, is required to disclose ownership information to Texas regulators annually. This obligation commonly arises during Texas Franchise Tax filing and applies to domestic or foreign reporting companies with multiple beneficial owners under state law requirements.
The Ownership Information Report fulfills beneficial ownership reporting requirements and ensures accurate details reach the Texas Secretary of State and Texas Comptroller for enforcement purposes. Use Texas Form 05-167 for Corporate Transparency Act compliance and to report a veteran-owned LLC designation when applicable to your entity during required reporting periods.
Key Rules or Details for 2025
For the 2025 filing, businesses must ensure their ownership information is accurate and up-to-date. Texas Franchise Tax regulations, including the filing deadlines for Form 05-167, are established to comply with the Texas Administrative Code. The form requires a declaration statement, principal office address, and the full legal names of all beneficial owners.
Additionally, businesses must meet all filing deadlines for ownership information as required by Texas law. Failing to submit the Ownership Information Report on time may result in penalties or suspension. Follow the rules specified by the Texas Comptroller to avoid complications.
Step-by-Step (High Level)
- Step 1 - Prepare Ownership Information: Gather the legal names, residential addresses, and beneficial ownership details of your company’s owners. This includes information like the Texas taxpayer number, date of birth, and ownership percentages. Ensure all ownership details, including those for beneficial owners, are accurate and complete.
- Step 2 - Complete the Form: Complete Form 05-167 using your Texas Comptroller e-systems, ensuring all required ownership details, NAICS codes, and total revenue information are included. Include any applicable public information, such as a Public Information Report, and other relevant data.
- Step 3 - Review Supporting Documents: Verify your form against documents such as Form 05-102 or any other applicable supporting records. Ensure that all ownership information matches your filings with the Texas Secretary of State.
- Step 4 - File the Form: Submit the completed form electronically through the Texas Comptroller’s online system before the filing deadline. Follow the Texas Business Organizations Code and filing requirements.
- Step 5 - Confirm Filing: After filing, please confirm receipt of a confirmation of your submission and retain a copy for future reference.
Common Mistakes and How to Avoid Them
This section outlines common mistakes made when filing Form 05-167 and provides clear steps to avoid them. Addressing these mistakes ensures a smoother filing process and prevents unnecessary delays.
- Missing Ownership Information: This mistake occurs when beneficial owners are not fully listed with their details. You must ensure that the names, residential addresses, and Texas taxpayer numbers of all beneficial owners are included.
- Incorrect or Incomplete Filing: This error occurs when forms are submitted with missing or inaccurate data. You must verify that all fields, especially the NAICS codes and ownership information, are complete and accurate.
- Failure to Meet Filing Deadlines: This mistake occurs when the filing deadline is missed. You must set reminders and submit the form on time to comply with Texas law.
- Incorrect NAICS Codes: This mistake occurs when the wrong NAICS code is used for the business. You must check and confirm your business’s correct NAICS code to ensure accuracy.
- Failure to Report Changes: This mistake occurs when ownership information is not updated after changes. You must promptly update the report if any changes occur to ownership details.
What Happens After You File
Once you file Form 05-167, the Texas Comptroller and Secretary of State will review the information. If everything is in order, your filing will be processed, and your business will remain in satisfactory standing with the Texas Franchise Tax. The Texas Comptroller may also use this information to issue tax reports and monitor business activities for regulatory compliance.
After filing, review the filing status and keep your confirmation for future reference. If issues arise, you may be asked to correct discrepancies or submit additional documents. Regularly update your Ownership Information Report to stay compliant with Texas law.
FAQs
What is Form 05-167 used for?
Form 05-167 is used to report ownership information for taxable entities, including LLCs and limited partnerships, in Texas. It ensures compliance with the Texas Franchise Tax and provides ownership details to the Texas Secretary of State.
Who needs to file Form 05-167?
All taxable entities, such as limited liability companies (LLCs) and limited partnerships, must file this form. Businesses are required to report ownership information as mandated by the Texas Tax Code and the Texas Business Organizations Code.
What are the filing deadlines for Form 05-167?
The filing deadlines for Form 05-167 coincide with the Texas Franchise Tax deadlines. It is essential to review the specific year’s filing deadlines set by the Texas Comptroller to ensure timely submission.
Can I file Form 05-167 online?
Yes, Form 05-167 can be filed electronically through Your Texas Comptroller e-systems. This is the most efficient way to submit the form and ensure on-time filing.
What happens if I make a mistake on Form 05-167?
The Texas Comptroller may request corrections or additional documentation to ensure accuracy if an error is found. Ensure accuracy before submitting to avoid delays or penalties.
