What taxes does an LLC pay in Tennessee?

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?

Costs to form a Tennessee LLC The minimum state fee for forming an LLC in Tennessee is $300 for 1-6 members and $50 per member after the first six, with a maximum fee of $3,000. Approval for the LLC is made instantly when filing online and typically take 5-7 business days when filing by mail.

How do you apply for LLC in Tennessee?

To start an LLC in Tennessee, you must file Articles of Organization with the Tennessee Secretary of State . You can file the document online, by mail or in person. The Articles of Organization cost $300 to file. Once filed with the state, this document formally creates your Tennessee LLC.

What are the benefits of forming a LLC?

The primary benefit of forming an LLC is right there in the name: it limits your personal liability, or in other words, protects your personal assets. This means that lawsuits against your company cannot target assets that you own as an individual.

How do I start a business in Tennessee?

How to Start a Business In Tennessee 1. Register your business name. 2. Select a business structure. 3. Register your business. 4. Open a Business Checking Account. 5. Find out about taxes, hire an accountant. 6. Get Liability Insurance.

How do you register a business in Tennessee?

Every business must register with the Tennessee Department of Revenue. Through the state’s online tax registration website you can register a new business, register a new location you are opening, and change your address. This is where the state keeps record of how to get in touch with your business,…

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…