Texas Franchise Tax return initial period


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Below is what I found on the Texas website:

"The privilege period for the initial report extends from the corporation's beginning date through the day before the corporation's first anniversary date (first privilege period); and from the anniversary date through December 31 of that calendar year (second privilege period). Corporations with a beginning date of October 4 through December 31 pay the first annual privilege period (i.e., the calendar year following the second privilege period) as part of their initial report.
The privilege period for the annual report is the calendar year in which the report is due."

Does this mean that if a corporation was incorporated in Texas on October 3rd 2014, it does not have to file a Franchise return by May 15, 2015 and that the first Texas Franchise Return would be filed for the period October 3, 2014 to December 31, 2015?
 
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Awesome. I think we need more franchise assistance like this in the U.K Utilising the franchise business model can provide great monetary and economic stability and growth, sadly, it isn't being used to its full potential.
 

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