Forfeited franchise tax simply means that the entity’s right to conduct or transact business has been forfeited. Note that a franchise tax has nothing to do with whether or not a business is a franchise. Instead, it is one of the state levies businesses are expected to pay just for doing business in that state….
The Franchise Tax Board operates in the United States and it is usually a state-operated tax agency for both personal and business taxes. Franchise taxes allow corporations to do business within a state, though states have varying tax rates for the corporations based on their legal filing and gross income levels. It is important to…
The term franchise tax refers to a tax paid by certain enterprises that want to do business in some states. In some quarters, franchise tax can also be referred to as a privilege tax, it gives the business the right to be chartered and/or to operate within that state. Please note that a franchise tax…