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Overview. If you are a corporation, limited partnership, limited liability company, or business trust chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.
An obligated member entity (OME) entails unlimited liability protections and exemption from state taxes. Tennessee levies excises and franchise taxes on all legal entities, unless a company can gain exemption.
Tennessee corporate bylaws are internal rules and procedures established by a corporation and compiled into a legal document. Corporate bylaws cover everything from finances and stock to the voting process to plans for handling emergencies.
You can file the document online, by mail or in person. The Articles of Organization cost $300 to file for up to six members. Beyond that there is a $50 per member charge, and add 2.35% to pay online with your credit card and $0.95 to file with an eCheck.
Immediately in-person. Choose a Corporate Structure. Incorporating means starting a corporation. ... Check Name Availability. ... Appoint a Registered Agent. ... File Tennessee Articles of Incorporation. ... Establish Bylaws & Corporate Records. ... Appoint Initial Directors. ... Hold Organizational Meeting. ... Issue Stock Certificates.
How to Start an LLC in Tennessee in 5 Easy Steps Step One: Choose a Name for Your Tennessee LLC. ... Step Two: Name a Registered Agent for Your Tennessee LLC. ... Step Three: File Articles of Organization for Your Tennessee LLC. ... Step Four: Secure an IRS Employer Identification Number. ... Step Five: Prepare Your Business for Operations.
Immediately in-person. Choose a Corporate Structure. Incorporating means starting a corporation. ... Check Name Availability. ... Appoint a Registered Agent. ... File Tennessee Articles of Incorporation. ... Establish Bylaws & Corporate Records. ... Appoint Initial Directors. ... Hold Organizational Meeting. ... Issue Stock Certificates.
One main difference is that C-corp owners pay a corporate tax to the federal, and sometimes state, governments, while S-corps don't. S-corps owners are limited to 100 shareholders and must file a special form with the IRS to elect S-corp status.