Starting an LLC in Tennessee is a great way to protect your personal assets and establish your business as a separate legal entity.
Here’s a step-by-step guide on how to obtain an LLC in the state of Tennessee, including the rules, requirements, fees, and tools and resources available to help you through the process.
- Choose a Business Name: Your LLC’s name must be distinguishable from other business names already on file with the Tennessee Secretary of State. You can check the availability of a name by searching the business name database on the Secretary of State’s website.
- File the Articles of Organization: This is the document that officially establishes your LLC. The articles must include the name and address of your LLC, the name and address of the registered agent, and the name of the incorporator. You can file the articles online, by mail, or in person. The filing fee is $50.
- Appoint a Registered Agent: Your LLC must have a registered agent in Tennessee who will accept legal documents on behalf of your LLC. The registered agent can be an individual or a business entity.
- Obtain an EIN: An EIN, or employer identification number, is a unique number assigned to your LLC by the IRS. You will need an EIN to open a business bank account, file taxes, and hire employees. You can apply for an EIN online, by mail, or by fax.
- File an Annual Report: All LLCs in Tennessee are required to file an annual report with the Secretary of State by the end of the anniversary month of the LLC’s formation. The annual report must include the name and address of the LLC and the name and address of the registered agent.
- Keep Accurate Records: It is important to keep accurate records of your LLC’s financial transactions and other important documents such as articles of incorporation, annual reports, and minutes of meetings.
Tools and Resources:
- Tennessee Secretary of State’s website: https://sos.tn.gov/business-services/business-filings
- IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
If you want to avoid the hassle of setting up an LLC on your own, Millennial Minds can help you set up your LLC for a small fee. Contact us today to learn more about our LLC formation services