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Tennessee LLC Taxes The franchise tax imposed on LLCs is 0.25 percent of the real and tangible worth or net worth of a property in the state of Tennessee (whichever is greater). The minimum payment for the state franchise tax is $100.
The annual report fee for LLCs is $300 minimum up to a maximum of $3000. The fee increases by an additional $50 per member for every member over 6 members up to a maximum of $3,000. An officer is not listed. If the business is a Tennessee for-profit corporation, the corporation must list at least one officer.
Each Business Entity and each Trust is treated as a separate legal entity for purposes of Tennessee's franchise, excise taxes.
A Limited Liability Company (LLC) is an entity created by state statute. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owner's tax return (a disregarded entity).
Doing business in Tennessee" or "doing business within this state" means any activity purposefully engaged in, within Tennessee, by a person with the object of gain, benefit, or advantage, consistent with the intent of the general assembly to subject such persons to the Tennessee franchise, excise tax to the extent ...
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.
LLCs taxed as C-corp C-corps will pay the 21% federal corporate income tax as well as Tennessee's 6.5% corporate income tax.