Professional Corporation Package for Tennessee
What is this form package?
The Professional Corporation Package for Tennessee includes the essential forms required to establish a professional corporation for licensed professions in Tennessee. This package is specifically tailored for those pursuing state-licensed practices, ensuring compliance with Tennessee's unique regulations governing professional corporations.
Forms provided in this package
- Tennessee Corporate Charter for Professional Corporation
- Application of Name Reservation
- Annual Minutes for a Tennessee Professional Corporation
- Sample Bylaws for a Tennessee Professional Corporation
- Sample Corporate Records for a Tennessee Professional Corporation
- Organizational Minutes for a Tennessee Professional Corporation
- Sample Transmittal Letter for Corporate Charter
- Election of 'S' Corporation Status and Instructions - IRS 2553
- I.R.S. Form SS-4 (to obtain your federal identification number)
When to use this document
This form package is vital in various real-world scenarios, including:
- When forming a professional corporation for a state-licensed business.
- When needing to reserve a corporate name before filing articles of incorporation.
- When applying for a Federal Tax Identification Number for new businesses.
Who should use this form package
- Individuals planning to form a professional corporation in Tennessee.
- Licensed professionals, such as doctors, lawyers, or accountants, seeking to establish their business legally.
- Entrepreneurs looking for a structured way to operate a licensed service business.
Instructions for completing these forms
- Download the forms included in the package from your account.
- Complete the Application for Reservation of Entity Name to secure your desired corporate name.
- Fill out the Charter for your Professional Corporation, specifying the profession you will practice.
- File the completed Charter with the necessary state department, along with the required fees.
- Obtain a Federal Tax Identification Number using the IRS Form SS-4.
Notarization guidance for this package
Forms in this package usually don’t need notarization, but certain jurisdictions or signing circumstances may require it. US Legal Forms provides a secure online notarization option powered by Notarize, accessible 24/7 from anywhere.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to check name availability before reserving a corporate name.
- Neglecting to confirm compliance with state regulatory boards before filing.
- Not including the profession to be practiced in the Charter document.
Why complete this package online
- Convenience of downloading and completing forms at your own pace.
- Editability allows for easy adjustments as needed before final submission.
- Access to forms written by licensed attorneys, ensuring legal accuracy.
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FAQ
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.
