NEW ORLEANS – A business co-owned by U.S. Rep. Vance McAllister has lost its right to do business as a Texas corporation after missing deadlines to pay state franchise taxes.
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Chris Ryan with the Texas Comptroller's Office said Tuesday that Texas Coastal Energy Co. LLC could have its corporate charter reinstated if it complies with the state tax code by Nov. 17.
The company can keep operating. However, the loss of the charter means the corporation cannot sue or defend against a lawsuit. And each director of the corporation becomes liable for the corporation's debt.
McAllister, a Republican, said he had no information on the corporation's current operations because he placed his business interests in a blind trust after taking office. No one answered the telephone at the corporation Tuesday evening.