Hi everyone, I am new to the accounting tax and have some confusion, could you please help me out? your comment is appreciated! below is the article that I found and please see my question at the end. "The Comptroller is required by law to forfeit a company's right to transact business in Texas if the company has not filed a franchise tax report or paid a franchise tax required under Chapter 171... If the corporate privileges are forfeited, the entity will be denied the right to sue or defend itself in a Texas court and each director or officer will be liable for the debt of the entity" question: 1. what DEBT is referring to in this paragraph? the unpaid franchise tax?
