Company Information

[adesupport]

Hi there,

I have owned and operated my business for about 2 years now and have recently filed as an LLC. Now this has raised a question in my mind that I haven't found an answer for.

I have seen on websites like manta that they post financial information about a company. Is an LLC's financials public information? (in Texas)

What's the best way to protect my information from being posted on websites like that?

Thanks everyone!

[vangogh]

Welcome to the forum adesupport.

I could be mistaken and know this isn't my area of expertise, but I believe a public company is only one that sells shares of the company on the public market. The companies listed on the stock market are public companies and because they have a responsibility to their shareholders they are required to make financial information publicly available.

I don't believe an LLC is by definition a public company.

There are a couple of members here who can give you a more definitive answer and hopefully one or all will see this thread in the next day or two and drop in.

[adesupport]

Thanks,

My father told me that he thinks the state will sell/give information on registered businesses based off of their Franchise Tax form.

Any truth to this, anyone?

[Business Attorney]

States usually do make some information available about the businesses in their jurisdiction. The extent to which such disclosures include financial information differ from state to state. For example, where the franchise tax is based on a concept such as "paid in capital" some states have historically disclosed the reported paid in capital on which the franchise tax is computed. Often, however, that information is not publicly disclosed.

I can't state specifically what Texas discloses, but the website of the Texas Comptroller of Public Accounts provides some information. Since an LLC must file, along with its franchise tax report, a form called the Public Information Report that discloses the names of officers, directors and members but no financial data, I would infer that the information on the franchise tax report itself is NOT public information. however, I suggest that you contact the Comptroller's offce and ask them point-blank.

[adesupport]

Thank you for the reply. I will definitely call.

One other question about business structure. I want to make sure I can do this legally. Once I form my LLC, can I run multiple businesses under that LLC just as a DBA? Then for taxes I would report each company separately but still under the LLC?

Thanks.

[Business Attorney]

If the activities are just DBAs and not separate entities, you would report them as an aggregate number on the LLC's report, not separately.

[thebizinator]

As long as you're the primary owner of the LLC and don't have anyone else involved the information that will be available to the public will only be whatever your state shows on any legal business entity in their public records. If you go through a company like LegalZoom and designate them as the filing company then it'll be more difficult to associate things like your name and address associated with your company. As long as your company doesn't go public on the stock market the information that's available to the public should be very limited.