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How to start a business in Tennessee in 8 steps 1) Think about the type of business you want to start. ... 2) Set up your legal structure. ... 3) Name and register your business. ... 4) Apply for business licenses and permits. ... 5) Choose a location. ... 6) Open a bank account and prepare for future taxes. ... 7) Purchase business insurance.
Obtain a Business License The licenses vary based upon gross sales thresholds, which are as follows: No business license: Under $3,000 in gross sales. Minimum activity license: Between $3,000 and $100,000* in gross sales. A business tax account and filing are not required with a minimum activity license.
Tennessee requires an initial LLC filing fee of $300. This fee grants you the privilege of officially establishing your limited liability company. Additionally, Tennessee mandates an annual report filing, accompanied by a $50 fee.
Is Tennessee a good state to start a business? Tennessee has relatively low housing and labor costs and a competitive corporate tax rate of 6.5%. However, its sales tax rate, which averages 9.55% when combining state and local rates, is among the highest in the country.
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.
The cost to file articles of organization for a new LLC in Tennessee is minimum $300 ($50 per member, minimum $300 and maximum $3,000). You need to provide basic information about your LLC, including: Primary business address. Business name.