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How To Start An Llc In Tennessee? (TOP 5 Tips)

How to Start an LLC in Tennessee

  1. Choose a Name for Your LLC.
  2. Appoint a Registered Agent.
  3. File Articles of Organization.
  4. Prepare an Operating Agreement.
  5. Comply With Tax and Regulatory Requirements.
  6. File Annual Reports.

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.

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.

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Are LLC expensive to start?

The main cost of forming a limited liability company (LLC) is the state filing fee. This fee ranges between $40 and $500, depending on your state.

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.

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.

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.

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.

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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 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.

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.

How do you get a LLC license?

How to Get an LLC License

  1. Choose a state.
  2. Choose a name for the new LLC.
  3. Appoint a registered agent in the state of formation.
  4. Draft and file formation documents.
  5. Pay the required filing fees.
  6. Draft an operating agreement.
  7. Obtain an employer identification number (EIN).
  8. Open a bank account for the LLC.

How can I get a free LLC?

How to Create and File an LLC for Free

  1. Six Steps to Forming an LLC for Free.
  2. Gather Information.
  3. Get a Business Name and Address.
  4. Get the Formation Document From the Secretary of State Website.
  5. Get a Registered Agent.
  6. Look at Other LLC Formation Options.
  7. LLC Paperwork: Fill Out and File the Formation Document.

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.

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