How do I start a LLC in TN?
- To start an LLC in Tennessee, you must file Articles of Organization with the Tennessee Secretary of State, pay a minimum filing fee of $300, and get an EIN from the IRS. The complete steps to forming a Tennessee LLC are as follows: File Tennessee LLC Articles of Organization.
- 1 How do I create an LLC in Tennessee?
- 2 How long does it take to get an LLC approved in Tennessee?
- 3 Can I file an LLC by myself?
- 4 What taxes does an LLC pay in Tennessee?
- 5 Do I need a business license in TN?
- 6 What is better LLC or sole proprietorship?
- 7 How do you start an LLC?
- 8 How do I get an EIN number in Tennessee?
- 9 Is LegalZoom a good way to start an LLC?
- 10 What documents do I need for LLC?
- 11 Do I need a registered agent for my LLC?
- 12 Do I need an EIN for my LLC?
- 13 Do I have to renew my LLC every year?
- 14 Should I pay myself a salary from my LLC?
How do I create an LLC in Tennessee?
How to Start an LLC in Tennessee
- Choose a Name for Your LLC.
- Appoint a Registered Agent.
- File Articles of Organization.
- Prepare an Operating Agreement.
- Comply With Tax and Regulatory Requirements.
- File Annual Reports.
How long does it take to get an LLC approved in Tennessee?
How long does it take to form an LLC in Tennessee? Filing the Articles of Organization takes 24 hours online, 3 to 5 business days by mail.
Can I file an LLC by myself?
To form an LLC by yourself, you need to reserve a business name, appoint a registered agent, file the Articles of Organization, obtain an Employer Identification Number, and open a business bank account. The time and money you need to file an LLC yourself depend on the state where you are filing.
What taxes does an LLC pay in Tennessee?
By default, LLCs themselves do not pay federal income taxes, only their members do. Tennessee, however, imposes a franchise tax and an excise tax on most LLCs. You must register for this tax through the Department of Revenue (DOR). You can register by mail or in person at a DOR location.
Do I need a business license in TN?
If you are located in Tennessee and are subject to the business tax you must obtain a Business License. If you have an in-state location with sales of more than $3,000, you must obtain either a minimal activity license or a standard business license from your county and/or municipal clerk.
What is better LLC or sole proprietorship?
One of the key benefits of an LLC versus the sole proprietorship is that a member’s liability is limited to the amount of their investment in the LLC. Therefore, a member is not personally liable for the debts of the LLC. A sole proprietor would be liable for the debts incurred by the business.
How do you start an LLC?
Steps to Form an LLC
- Choose a name for your LLC.
- File Articles of Organization.
- Choose a registered agent.
- Decide on member vs. manager management.
- Create an LLC operating agreement.
- Comply with other tax and regulatory requirements.
- File annual reports.
- Out of state LLC registration.
How do I get an EIN number in Tennessee?
If applying online isn’t an option, you can also complete an EIN application by mail or fax by sending Form SS-4 to the IRS fax number 855-641-6935. You can even get an EIN over the phone if the company was formed outside the U.S. by calling 267-941-1099. If filing by phone, note that it isn’t a toll-free number.
Is LegalZoom a good way to start an LLC?
LegalZoom may be a decent option to form an LLC if you: Want to work with an established brand to start your LLC. Are willing to pay extra for better premium services and features, such as an EIN and registered agent services.
What documents do I need for LLC?
The 7 documents you need to create an LLC
- Internal Revenue Service (IRS) Form SS-4.
- Name reservation application.
- Articles of organization.
- Operating agreement.
- Initial and annual reports.
- Tax registrations.
- Business licenses.
Do I need a registered agent for my LLC?
No matter where you’re starting your business, if you’re forming an LLC or corporation, you’re required to have a registered agent and a registered office.
Do I need an EIN for my LLC?
An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.
Do I have to renew my LLC every year?
Do I need to renew my LLC every year? The renewal fee for a limited liability company, or LLC, has to be paid every one or two years, with the frequency varying by state. The LLC business entity is created at the state level. It has the qualities of both corporations and partnerships.
Should I pay myself a salary from my LLC?
Do I need to pay myself a salary? If you’re a single-member LLC, you simply take a draw or distribution. There’s no need to pay yourself as an employee. If you’re a part of a multi-member LLC, you can also pay yourself by taking a draw as long as your LLC is a partnership.