This form package provides the forms necessary to form a professional corporation for the practice of a state-licensed profession in the State of Tennessee.
Professional Corporation Package for Tennessee
Category:
State:
Tennessee
Control #:
TN-00INC2
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PDF;
Word;
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How to fill out Professional Corporation Package For Tennessee?
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Choose a corporate name. File your Articles of Incorporation. Appoint a registered agent. Start a corporate records book. Prepare corporate bylaws. Appoint initial directors. Hold first Board of Directors meeting. Issue stock to shareholders.
Tennessee, however, is different: it does not recognize the federal S election, and instead treats S corporations like traditional corporations, including requiring them to pay the same taxes as traditional corporations.In addition, individual shareholders who receive dividends will owe tax to the state.
What Businesses Are Subject to the Business Tax? The business tax is imposed generally on anyone delivering goods or services to Tennessee customers, but a number of activities and entities are specifically exempted. For example, taxpayers are exempt from the business tax if they generate less than $10,000 in sales.
A Tennessee PLLC is a limited liability company (LLC) formed specifically by people who will provide Tennessee licensed professional services.Like other LLCs, PLLCs protect their individual members from people with claims for many (but not all) types of financial debts or personal injuries.
The Tennessee excise tax on S corp.The same income taxed at pass-through rates is 29.6 percent federal; 6.5 percent Tennessee excise; and three percent Tennessee Hall dividend tax - provided the owner takes a distribution equal to what would have been a bonus.
What Businesses Are Subject to the Business Tax? The business tax is imposed generally on anyone delivering goods or services to Tennessee customers, but a number of activities and entities are specifically exempted. For example, taxpayers are exempt from the business tax if they generate less than $10,000 in sales.
Some jurisdictionsthe District of Columbia, Louisiana, New Hampshire, New York City, Tennessee, and Texasdo not recognize the federal S corporation election and, for the most part, tax S corporations like other business corporations.
While each business is different, some states simply stand out as good choices for incorporation. Wyoming, Nevada, and Delaware are ideal choices for incorporating your business due to their business-friendly rules, enhanced privacy, and knowledgeable courts.
Tennessee charges a low $20 for corporations, and hits LLCs with a $300 filing fee for businesses with 1-6 members, and then tacks on an extra $50 per member. So if you have an 8 member LLC, you'll pay $400 per year to file your annual report, whereas a giant corporation pays $20.