Texas Business Organizations Code 22.354 – Failure to Maintain Financial Record or Prepare Annual Report; Offense
Current as of: 2024 | Check for updates
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(a) A corporation commits an offense if the corporation fails to maintain a financial record, prepare an annual report, or make the record or report available to the public in the manner required by § 22.353.
(b) An offense under this section is a Class B misdemeanor.
Attorney's Note
Under the Texas Codes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class B misdemeanor | up to 180 days | up to $2,000 |
Terms Used In Texas Business Organizations Code 22.354
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002