Franchise tax is a corporation's privilege. It allows you to do business in any state for as long as you are willing to pay for the cost of this privilege. Depending on the state's franchise tax laws, there would be separate processes if you are identified as a bank or corporation. In Texas, if a business is set up, it would be given an allowance of a year plus 89 days for the
annual business report to be submitted, i.e., May 15. In Texas, a corporation where a franchise tax is imposed has a wide scope - it may be a bank, SnL association, professional corporation, or an LL company.
