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We'll walk you through it. Consult your Tennessee LLC operating agreement. ing to TN Code § 48-249-501, the members (owners) of an LLC get to decide whether and how they will admit new members. ... Amend your operating agreement. ... Issue membership certificates. ... Contact the IRS. ... File your Tennessee annual report.
Annual report and franchise tax. Tennessee requires LLCs to file an annual report and pay a franchise tax. The annual report is due on or before the first day of the fourth month following the close of the LLC's fiscal year. The filing fee is $50 per member, with a minimum fee of $300 and a maximum fee of $3000.
How can a member be removed from a TN LLC? Giving written notice of their intention to withdraw. Determination by a judge. Termination due to causes specified in the LLC's operating agreement or other documents.
Filing Your LLC Paperwork Tennessee charges $50 for each existing LLC member, with a minimum fee of $300 and a maximum charge of $3,000. There is also a processing fee for online filings.
Tennessee requires LLCs to file an annual report and pay a franchise tax. The annual report is due on or before the first day of the fourth month following the close of the LLC's fiscal year. The filing fee is $50 per member, with a minimum fee of $300 and a maximum fee of $3000.
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.
To form a Tennessee S corp, you'll need to ensure your company has a Tennessee formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
How much does it cost to start a Tennessee Series LLC? The minimum fee for filing Articles of Organization is $300 for a Series LLC with six or fewer members. If your Series LLC has more than six members, you'll pay $50 for each additional member, up to a maximum fee of $3,000.